[GNC] Create entry for vendor

[Adrien Monteleone]

So your line item in the bill would be an Inventory account of type asset. (Inventory is generally not an expense until you sell it, then you expense a special account called ‘Cost of Goods Sold’)

The result will debit (increase) the Inventory asset and credit (increase) your Accounts Payable account. (you should post the bill to Accounts Payable)

Regards,
Adrien


> On May 6, 2019, at 4:29 PM, Kebcoinc <ken at collectorsonlinemarket.com> wrote:
> 
> I just cannot remember
> I need to create a transaction for one of my vendors
> I know I need to increase the liability for this vendor
> but what would I decrease to balance?
> 
> I am actually increasing my inventory and increasing the liability
>