I can transfer inventory at the end of last year to inventory at the beginning of this year. I didn't buy anything (business stagnant), so there were no purchases. There was no labor, but there were finance charges since I bought product on credit cards during previous years. Does that cost go here? (Accountant did not do this.)
And then how do I know what current inventory is? I sold some product, so do I go back and find out my original cost for what I sold and deduct that?
Am I supposed to have a record of all my inventory in QuickBooks? (I'm trying to take over from the accountant.)
