Quicken & Other Budget/Accounting Software/Accounting for product sold
We are currently closing a business and am selling are remaining stock at a flat rate. I would usually create an invoice, with each individual products quantity and price. But, since we are selling the reaming stock at a flat rate is there an easier way to track the sell of the product?
You could create a new item
List menu > items > right click > select new item
type = Service item
Call the item something like Liquidation sale.
and point it to a revenue account.
When you use that item on an invoice, it will NOT decrease any inventory.
Since you plan on selling out the remaining inventory within the next month or so,
to move the cost of the items sold, you can do a journal entry
Debit Cost of Goods Sold, Credit inventory
for your purchased cost of the items sold.
This work around should only be applied when you are closing your doors as a
the inventory count will NOT get adjusted down to zero. And for businesses who
need the count for reordering and tracking average cost, journal entries to
inventory are a "no no".
Technically the value on your balance sheet today should reflect the total cost of
what is available to sell today. So if you sell out, then making a journal entry
would save you some time.
Linda Saltz, CPA
Advanced Certified QuickBooks Advisor