Handy reference to inventory item fields

Here is a handy reference on how to fill out fields in an inventory item screen you are creating. You might not see some of these fields in your inventory item screen depending on your choices in Company Gear icon (upper right corner). You will need to enable Quantity on Hand (QOH) inventory tracking in […]

Why are inventory purchases showing up as COGS instead of Inventory Asset?

I entered several POs yesterday, entered bills and paid the bills. All of these items are now showing up in COGS on my Income Statement rather than as Inventory Asset in my Balance Sheet. I have not sold them to any customers. What did I do wrong? Answer: It may be due to several company […]

How to delete posted transaction to Inventory Shrinkage (COGS) account in new QuickBooks Online?

From the home page screen Go the Company “Gear” upper right corner Select the Chart of Accounts under Settings heading Select “Inventory Asset” account Double click “ Inventory Asset” and the Asset Register for Inventory Asset will open Locate “Inventory Qty Adjust” posted to “Inventory Shrinkage” account to delete Double click the transaction line and […]

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 […]

How to handle trade-in inventory accounting in QuickBooks Online Plus?

First aspect is dealing with how to provide credit for the trade-in item in the sales receipt. Easy answer is to say just add line for trade-in item show amount as negative. Well how to setup that item in product/service? If you set it up that trade-in item as Inventory item, it will not work. […]