How should I account for internal use inventory adjustments?
I want to be able to make inventory adjustments to an expense account that I use to track these things, and I use for use tax reporting since we have to pay tax when we use inventory internally.
I thought a customer General Posting Setup would make this easy -I use the Item Journal and select the posting group that makes the cost move to my expense account vs COGS.
What I discovered is that the Posted Setup requires the COG category be a COGs account -not expense.
So, how are others accounting for inventory that is used internally, and as a result has a tax obligation due to use vs resale?
Thank you for your reply! To ensure a great experience for everyone, your content is awaiting approval by our Community Managers. Please check back later.
854
Share
Report
All responses (
Answers (
