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.… Continue reading How to handle trade-in inventory accounting in 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… Continue reading How to add Inventory in new QuickBooks Online Plus?
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!… Continue reading How to make quantity on hand inventory adjustment and how would that affect P&L in new QuickBooks Online?
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… Continue reading How to setup inventory in new QuickBooks Online Plus?
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… Continue reading How to create a purchase order, receive inventory, enter bill and pay bill to vendor?