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account and sale after one year how to enter in account How to expense
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If you have purchased an item from a vendor and have not sold it for a
year, the item will remain in your inventory until you sell it.
Please folloe the steps to record the purchase and sale of the item:
1. Record the purchase of the item: a. Go to Vendors > Enter Bills.
b. Select the vendor you purchased the item from. c. Enter the
date, reference number, and other relevant information. d. In the
"Items" tab, select the inventory item you purchased. e. Enter the
cost and quantity of the item. f. Click "Save & Close" to record
the bill.
2. Record the payment for the item (if applicable): a. Go to Vendors
> Pay Bills. b. Select the bill you entered for the inventory item. c.
Choose the payment method, date, and account used for the
payment. d. Click "Pay Selected Bills" and then "Done."
During the year when the item is not sold, it will be reflected in your
inventory as an asset. The cost of the item will be recognized as an
expense only when you sell it.

3. Record the sale of the item after one year: a. Go to Customers >
Create Invoices or Customers > Enter Sales Receipts. b. Choose
the customer you are selling the item to. c. Enter the required
details, such as date, invoice number, and terms (if creating an
invoice). d. In the "Item" column, select the inventory item you
are selling. e. Enter the quantity and sales price of the item. f.
Click "Save & Close" to record the invoice or sales receipt.

When you sell the item, QuickBooks will automatically record the
revenue and reduce the inventory quantity. The cost of goods sold
(COGS) will also be recognized as an expense, reflecting the cost of
the inventory item sold.
Please follow the steps to view the expense and other transactions
related to the vendor, you can access the vendor's ledger:

1. Go to Vendors > Vendor Center.

2. In the Vendor Center, select the vendor you want to view
transactions for.
3. In the "Transactions" tab, you can see the list of transactions
associated with the vendor, including bills, bill payments, and
other related entries. You can double-click on a transaction to
view or edit its details.