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ShalaneB
October 10, 2023
Question

Selling Business Equipment

  • October 10, 2023
  • 1 reply
  • 0 views

We bought shop supplies through a vendor and have been making monthly payments on these items. The vendor has now bought back these items and we will now be leasing them. I understand how to enter the lease payments but I have no idea how to enter that the supplies (I've entered the supplies as bills, as I was advised by an accountant) have been purchased to show that we no longer owe money on these items or how to enter the money we received as payment.

Thank you.

1 reply

A
Alex M
October 10, 2023

Hi there ShaleneB,

 

It's important that all your transactions are entered correctly for your books to be correctly balanced. QuickBooks Online is a great tool able to help you keep track of sales and expenses so that your books are well balanced. I can provide some information about supplier credits and refunds.

 

In order to enter this into your books, I recommend reaching out to your accountant. They'll be able to use their expertise to assist you in choosing the transaction type and accounts to affect, as well as making sure your supplier account is correctly affected so your books are well balanced.

 

If you have any other questions, feel free to reach out here.

S
ShalaneBAuthor
October 11, 2023

Hey Alec,

 

If I had a reliable account, I would be asking them. And from my basic knowledge, I'm pretty confident that the supplies entered should not have been entered as bills, but rather a short term liability? Or loan of some sort? But an accountant said enter them as bills, though we've been making payments on it since 2021.

 

Soo if I had an accountant that got back to me, I wouldn't be wasting time on here because I have never received an answer to any of the questions I've asked.

J
JamesM4
October 11, 2023

I hear you on this, ShalaneB. You can also search for accounting specialists on our site using this link here. This thread is also available for other accounting professionals in the Community to chime in and share their expert advice. In the meantime, feel free to ask other questions, I'm here to steer you in the right direction so you can achieve your QuickBooks goals with ease. 

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