Opening balances
When you create an inventory item and tell QB how many are on hand, and the total value QB creates what is called an opening balance entry in the inventory asset account and the Opening Balance Equity account. You added value to the company.
If you made a mistake and entered an inventory item as having an opening balance and later the bill comes in, that poses a problem. If you pay the bill you are either doubling inventory, or increasing an expense that shouldn’t be.
Right click on the inventory item in the items list, select Quick Report and set the date range to all. The first entry will be the opening balance entry, double click on it and then use the menu Edit>Delete to get rid of it. Then enter the inventory purchase as you normally would.
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