How can I add a liability to an inventory assembly?

How do I add this known 3rd party fee to an inventory assembly so it automatically shows as a liability? That then disappears if/when the customer uses the product and I am billed by the 3rd party, and pay the 3rd party invoice?

Asked on December 11, 2018 in Account Management.
1 Answer(s)

Greetings Walter!

Thank you for posting on our Community Forum.

The reason it is called Inventory Assembly item is that this is something you Create and is On The Shelf, ready to sell. There is no “potential” labor for inventory, and there is no Invested Cost in the basis of this inventory, in what you described.

And this is Not Liability: “That then disappears if/when the customer uses the product and I am billed by the 3rd party, and pay the 3rd party invoice?”

That is your Cost as Expense. You owe them = enter a Bill. Or, you Pay them. You list Expense because this is a service you incurred from this provider of services or goods. This is part of your Operational expenses.

This idea: “You would then create a ‘group item’ to sell consisting of the assembly and the service.  This way the service is liability is created upon sale – not added into inventory.”

Means you are going to Charge the customer for this income, even if they don’t use that service provider. That means your Service Item is Two Sided.

Hope this helps.

Cheers!

Answered on January 3, 2019.

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