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Subject Author Date
how do I sell to my self/my company Ted 07-13-2007
Posted by Ted on July 13, 2007, 3:06 pm
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 We sell new and use computer components (mostly new). How do we sell
components from inventory to the company itself? Example: we want to
build a new computer, for company use, from parts we have in
inventory. Do I set up the company as a customer of ourselves? Or just
take the stuff and charge it off as a loss? Or or????


Posted by Joanne on July 13, 2007, 5:17 pm
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> We sell new and use computer components (mostly new). How do we sell
> components from inventory to the company itself? Example: we want to
> build a new computer, for company use, from parts we have in
> inventory. Do I set up the company as a customer of ourselves? Or just
> take the stuff and charge it off as a loss? Or or????

Personally, I would make a journal entry:

Debit - Fixed Asset
Credit - Inventory

for the parts used, all at cost. When you purchased the inventory, you
really purchased your own fixed assets at the same time you purchased
merchandise for resale.

--
Sincerely,
Joanne

If it's right for you, then it's right, . . . . . for you!!!

http://www.jobird.com
Wonders of Western Washington Video collection:
http://www.jobird.com/private/wondersindex.htm




Posted by Allan Martin on July 14, 2007, 10:19 am
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>
>> We sell new and use computer components (mostly new). How do we sell
>> components from inventory to the company itself? Example: we want to
>> build a new computer, for company use, from parts we have in
>> inventory. Do I set up the company as a customer of ourselves? Or just
>> take the stuff and charge it off as a loss? Or or????
>
> Personally, I would make a journal entry:

So would I only after I ascertained that they were not keeping their
inventory using a perpetual system.


>
> Debit - Fixed Asset
> Credit - Inventory
>
> for the parts used, all at cost. When you purchased the inventory, you
> really purchased your own fixed assets at the same time you purchased
> merchandise for resale.
>
> --
> Sincerely,
> Joanne
>
> If it's right for you, then it's right, . . . . . for you!!!
>
> http://www.jobird.com
> Wonders of Western Washington Video collection:
> http://www.jobird.com/private/wondersindex.htm
>
>
>



Posted by Arno Martens on July 14, 2007, 6:44 pm
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>We sell new and use computer components (mostly new). How do we sell
>components from inventory to the company itself? Example: we want to
>build a new computer, for company use, from parts we have in
>inventory. Do I set up the company as a customer of ourselves? Or just
>take the stuff and charge it off as a loss? Or or????

If you were in Ontario I would highly recommend to set up your company
as a new customer (maybe add the word Buyer) so that you could charge
yourself Provincial Retail Sales Tax.
--
Arno


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