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stemcell1
Joined: 15 May 2008
Posts: 3
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| Posted: Thu May 15, 2008 8:58 am Post subject: Transfering a Fixed Asset to Inventory and selling |
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We have a fixed asset that we have sold, and I'm trying to work through all the correct entries.
A key difference that makes this more difficult of a transaction than I'm used to is that the asset is also an inventory item. So in order to create an invoice to bill the customer, I have to adjust the inventory on hand so that we have this item in stock to sell.
Any help? Thanks!! |
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irsfixer
Joined: 24 Jul 2007
Posts: 82
Location: Houston
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| Posted: Thu May 15, 2008 9:25 am Post subject: Re: Transfering a Fixed Asset to Inventory and selling |
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stemcell1 wrote: We have a fixed asset that we have sold, and I'm trying to work through all the correct entries.
A key difference that makes this more difficult of a transaction than I'm used to is that the asset is also an inventory item. So in order to create an invoice to bill the customer, I have to adjust the inventory on hand so that we have this item in stock to sell.
Any help? Thanks!!
It cannot possibly be a fixed asset on your books and inventory. It is one or the other. If it is a fixed asset - then inventory has already be relieved at some point. If it is inventory - it is a simple sales transaction. What account is the original purchase transaction in? |
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stemcell1
Joined: 15 May 2008
Posts: 3
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| Posted: Thu May 15, 2008 9:41 am Post subject: Not both FA and Inventory |
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| This item is NOT both a FA and an Inventory asset. It was an FA, and now I have to transfer it to an Inventory item in order to sell it. |
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stemcell1
Joined: 15 May 2008
Posts: 3
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| Posted: Thu May 15, 2008 9:43 am Post subject: Original purchase transaction |
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| The item is currently classified as a Fixed Asset. My question is how to properly transfer it to Inventory. I need to increase the Inventory for that item so that I can sell it. I also need to dispose of the FA and book the gain on the sale. |
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