Transfer Inventory to Corporation as Shareholder loan
Hello.
I worked as sole proprietor, and later opened a corporation and transferred the inventory into corporation as shareholder loan.
In QB Online Plus I shown this transfer by two transactions in different times – one is “Inventory Starting Value” and the second is “Bill”. As the result, both added the inventory into QB, but both of them affect on accounts wrong.
I would appreciate for advice how to fix both transactions, so that they should add inventory in items (but not as total amount) and affect on proper accounts:
1) “Inventory Starting Value” affected on the “Opening balance” account and changed it from 0, as it should be, to the amount of goods.
2) “Bill” added cost of goods to “Account payable”, but not to “Shareholder loan” account.
P.S. I know how to transfer Inventory to Corporation through Journal Entry, but it allows to enter the total cost of inventory. However, I need to transfer inventory in separate goods in pieces to use FIFO.
Thank you.
