1200 Inventory Asset
The cost of goods you hold for sale. An asset until the item sells, when its cost moves to cost of goods sold.
In Solo Superstars
Product purchases with tracked stock land here. Inventory valuation on the balance sheet is a planned feature; today the account holds what you post to it.
Example
Buy 100 mugs at $4: debit 1200 Inventory Asset 400, credit 2000 Accounts Payable 400.
Codes shown are the defaults a new workspace starts with. Yours may be renamed or renumbered — check Accounting › Chart of accounts. See the full default chart.
Also called
- inventory
- stock
Related
- Cost of goods sold — What the things you sold cost you to buy or make. Subtracted from revenue to get gross profit.
- 5000 Cost of Goods Sold — The direct cost of the inventory you sold. Subtracted from revenue before operating expenses to give gross profit.
- Chart of accounts — The list of buckets your money can be sorted into: assets, liabilities, equity, revenue, expenses. New workspaces start with a default set you can rename or extend.
- Default chart — The chart of accounts every new workspace starts with, numbered the way QuickBooks users expect. Yours may have been renamed or extended since.