Adding inventory to Quickbooks

[bradleyandrewdavis]

The company I am now working for kept track of inventory in another program. I was using just the journal entry tool to keep the books for the company and just made various equipment accounts (basically vendor purchases accounts) in Quickbooks just to keep track of everything. Now they want to utilize the inventory tool in Quickbooks. I am creating an excel spreadsheet of the physical inventory count I am doing to import to QuickBooks and begin tracking inventory there. My question is what do I do with the equipment purchases asset accounts I created and still have balances in? Is it as simple as renaming the accounts and adjusting balances until it is right? Or is there some specific way to drain the equipment asset accounts so I don't have double inventory in there?

 

[bradleyandrewdavis]

I can manage that. My problem, however, is in the fact that I have balances in those asset accounts that represented purchases made on credit cards. Now, the company wants to utilize the inventory tracking in quickbooks. If I import an inventory list with costs and counts, will I end up with a vastly overstated inventory number? How can I get rid of the balances in the existing asset accounts without expensing them?