If an asset is accidentally added (ie. a company vehicle) as depleting stock, the following will allows moving it to an asset.
▪First, move the stock on hand by doing a stock adjustment down.
▪View the stock adjustment general ledger account to obtain the value.
▪Journal this value out of COGS and into the asset account by:
–Crediting from the COGS stock adjustment.
–Debiting the Asset account.
Ensure:
▪the date is correct
▪the tax code is X
▪the BAS type is Purchase,
and record the reason in the Comment field.
