Inventory and Liability

I'll guide you on how you can enter the purchase of the machine, Fabian. 

QuickBooks Online (QBO) lets you create an asset account to track the current value and depreciation of your asset or the things that your company owns. You can set up an asset account. To do so, follow the steps outlined below:

1. Go to the Gear icon, then select Chart of Accounts.
2. Select New.
3. From the Account Type dropdown, select Fixed Assets.
4. From the Detail Type dropdown, select the option that closely describes the asset.
5. Name the account, then select the Track depreciation of this asset checkbox.
6. Enter the current value of your asset in the Original cost field and the as of date.
7. Click Save and Close.

Once done, create a bill. Here's how:

1. Click + New.
2. Select Bill.
3. From the Vendor dropdown, select a vendor.
4. From the Terms dropdown, select the bill's terms. This is when your vendor expects to be paid.
5. Enter the Bill date, Due date, and Bill no. as they're recorded on the bill.
6. Enter the bill details in the Category details section. From the Category dropdown, select the Fixed Asset Account to track expense transactions. Then enter a description like Machine. Tip: You can also enter specific products and services in the Item details section to itemize the bill.
7. Enter the Amount and tax.
8. If you plan to bill a customer for the expense, select the Billable checkbox and enter their name in the Customer field. Learn more about billable expenses.
9. When you're done, select Save and close.

Furthermore, QuickBooks offers different ways how you can pay your bill. To give you enough information about this, go through this article to guide you: Enter and Manage Bills and Bill Payments in QuickBooks Online.

Post your reply below if you have any other concerns about inventory and entering bills. We are always here to help you all the time.