How would I get Inventory and Cost of Goods Sold on my Income Statement and Balance Sheet reports?

Question

In Quicken can I so beginning inventory, cost of goods sold and ending inventory on my reports?
How do I do that?

NotACPA · Answer

I depreciate several assets, by manually calculating the depreciation amount of the account (not the individual asset) and then inputting a self-referencing transaction into that account.  In particular, my "Personal Assets' (which is Art, furniture, cars, etc) gets "depreciated" each year end.It's a guess, but I figure that such is preferable to claiming that my cars/furniture/etc. are still valued at purchase price.  Some of the art MAY have actually increased in value ... but I'm not THAT a*** retentive. And I wouldn't know how to find that info in any event.

volvogirl · Answer

Quicken also does not do depreciation.

NotACPA · Answer

Quicken H&B doesn't handle inventory.  The best that you can do is record the purchase of the items as expenses, and the sale those items (on an Invoice) as income.Q has no means of tracking "current inventory".  You might want to look at Quickbooks for your business needs.