First time inv set up/creation
IF, notice the word if - very important, if you have some inventory items on hand when you go to create an inventory item for the first time in QB you should know (before you create the item) the number on hand and the total value.
When you create the inventory item for the first time, enter the number on hand and the total value as well as all the other things.
When you do that QB will do all the behind the scenes accounting for you. The cost of the item will be determined and the total cost (value) will be posted to two accounts: inventory asset and opening balance equity.
When you have finished entering all inventory that is on hand (creating new items with a quantity on hand) then go the reports menu and print a balance sheet - that will show you the amount in opening balance equity.
In your chart of accounts there should be an owners equity account. If you have more than one owner there should be an equity account for each owner (you may have to create them).
Use the menu item Company>make journal entries - that brings up a screen. First line select the opening balance equity account and as a debit enter the number on the balance sheet, second line select owner equity and enter that number as a credit. That moves the number from opening balance equity to owner equity.
If you have more than one owner you will have to make more than one entry and enter some portion of the opening balance equity to each owner.
I have an entry on equity accounts in the Misc category too.
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