Move Stock from Depleting to Asset |
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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.
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