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How to track donated inventory stock items by your business in QuickBooks
NEW!! QuickBooks Online Inventory Deep Dive These are the specific steps you can follow in QuickBooks Online (available in Plus and Advanced plans only) if you are donating or giving away tracked quantity of on-hand inventory items. Create ZERO Value Sales Receipt for Inventory Items: 1. From the Home Page screen > click Create (+) […]
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Inventory Starting Value adjustment from Asset Register for Inventory Asset account
This new update in February 2016 may have resolved the crucial “Inventory Starting Value” adjustment issues. It’s very important to note that they release these new features to users on their incremental plan. Hope all users will see it soon. For adjustment, go to the chart of accounts > select Inventory Asset account > click […]
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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 […]
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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 […]
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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 […]