Are they charging you shipping separate from the actual inventory? If so it’s a pain in QB to add this to inventory in an easy way since it really is allocated to all goods in that shipment. It’s easy to add to inventory, it’s just hard to have it taken back out in COGS. If they are adding it to the invoice in the shipment you get then generally we would just add it to all items in the shipment pro rata so that the cost of each item goes up
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I use QBO but this was super helpful! I was able to apply your instructions and record the sale. Thank you!
Awesome!
Great turorial!
Thanks!
Question 2, what will be the effect of the loan amortization in the loan manager in QuickBooks?
You would have to satisfy the loan in loan manager
If you have a loss on the sale and you debit the gain of sale account, how to do balance the JE?
Question 3, if the asset is sold without the loan in the General Journal, what is the effect?
Do you mean if there is no loan at all or if it was just never recorded in the GL?
Hi I am facing a problem how to allocate shipping and other cost on item and pay the shipping cost, that it shouldn’t effect wrong profit and loss??
Are you having a problem when you record an expense that has shipping costs?
@@QbuniversityOrg no when receiving item from vendor and I pay for the shipping cost.
@@QbuniversityOrg i want to allocate all freight cost on item in my inventory.
@@QbuniversityOrg you haven’t answered my question yet sir???
Are they charging you shipping separate from the actual inventory? If so it’s a pain in QB to add this to inventory in an easy way since it really is allocated to all goods in that shipment. It’s easy to add to inventory, it’s just hard to have it taken back out in COGS. If they are adding it to the invoice in the shipment you get then generally we would just add it to all items in the shipment pro rata so that the cost of each item goes up
My question is, what will happen to the loan interest payable to the vendor?
You would just break the interest expense out from the principal of the loan
Is it possible to just sell the asset only and continue the amortization of the loan in the QuickBooks, even though the asset is no longer available?
Yes it is. Typically though if the loan secures the asset it needs to be paid off when sold