We bought a group of heifers this spring and added them to our inventory, which is showing as a Current Asset. How do we move them over into term assets as they are meant to be a cow herd.
Hey Luke, there's no need to move those cattle. For accounting purposes, all inventory is considered a current asset. If you really wanted to move them to a different inventory account then you would need to enter one inventory adjustment to reduce the account where the cattle are currently, and then a second inventory adjustment to add the cattle to the account that you want them to be recorded on. You may also want to edit the expense account so that future purchases go into the right inventory account.