Category: Inventory
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What is the right away way to set-up inventory in QuickBooks Online Plus?
Heard it will create a mess if initial setup is not proper. GO to Company Gear (located top right corner) Select Products and Services under Lists Click New New screen will pop out Name = Name of Inventory Checkbox “I track on hand for this product…..” IMPORTANT AND COMMON MISTAKE: If you did not checked…
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How to handle trade-in inventory accounting in QuickBooks Online Plus and Advanced?
QuickBooks Online Inventory Deep Dive The first aspect is dealing with how to provide credit for the trade-in item in the sales receipt. The easy answer is to say just add a line for the trade-in item and show the amount as negative. Well, how to set up that item in product/service? If you set…
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How to add Inventory in new QuickBooks Online Plus?
In current QuickBooks Online, inventory accounting features are very limited. Inventory feature is available in QuickBooks Online Plus only. Inventory feature is not available in QBO Essentials or Simple Start. To turn on Inventory tracking feature: Click on the Company Gear on the upper right hand corner and select Company Settings Click on the Sales…
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How to make quantity on hand inventory adjustment and how would that affect P&L in new QuickBooks Online?
How to make quantity on hand inventory adjustment in new QBO? From the homepage screen, go the Company Gear Select Products and Services under Lists heading Locate and double click on the product need adjustment Click Update button Enter NEW quantity on hand Tab It will automatically show the difference (plus or minus) That’s it!…
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How to setup inventory in new QuickBooks Online Plus?
This inventory tracking/COGS features are available in QuickBooks Online PLUS. It is not available in QuickBooks Online Essentials or Simple Start. Make sure Inventory setup is enabled under preferences settings. From the company gear (from upper right corner), select company settings Select Products and Services Check Quantity/Price Rate and Quantity on Hand (Inventory Tracking) See…
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How to create a purchase order, receive inventory, enter bill and pay bill to vendor?
To create Purchase Order: GO to “+” sign (top middle) Select Purchase Order Create Purchase Order To receive inventory and enter bill: GO to “+” sign (top middle) Select “Bill” under Vendors heading Select “Vendor” from the list (top left) On right side “Purchase Order” add to link pop-up Click “Add” link It will automatically…