Rustler’s Quickbooks Tips

Occasionally you have to pay for the item, and then also pay for freight or import taxes or something else that is really part of the cost of the item.

You can use a clearing account, basically an account that has no use except to hold a value until you use it.

When you buy the item, the cost is added to inventory.

When you pay for the added expense use the clearing account to record the expense.  Then find the balance in the clearing account and write it down.  Bring up inventory adjust and mark it as a value adjustment. Find the item  and in the value column enter the new total value (the old value plus the amount from the clearing account. Use the clearing account as the adjusting account when making the adjustment.

That will remove the value from the clearing account and add it to the cost of the item.  Do not increase the number of items on hand when you do this.