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 […]
#QuickBooks: Can I keep a simple inventory of all shop equipment
Question: Can I keep a simple inventory of all shop equipment in QuickBooks Online? I need to list all shop equipment we have here in the shop. I just need the item and quantity. We do not sell these items so there are no prices involved, its just the equipment we use in the day […]
How does “Inventory in and out” work in QuickBooks Online Plus?
This article will guide you on how to handle inventory step by step. First, let’s start with understanding what “Inventory in and out” means in QBO. It means you will be adding (in) purchased inventories to Inventory Assets account that is current assets type to the chart of accounts and you will be subtracting (out) […]
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 […]
Can I import inventory with quantity on hand from Excel spreadsheet into the new QuickBooks Online?
Yes, you can import inventory with quantity on hand from Excel. To do this task, from the homepage screen Select the Company “Gear” (upper-corner) Select “Import Data” under Tools Select “Products and Services” under Import Data They provide a sample file. Download a sample file. Select “Choose File” under Upload you file Follow the instructions. […]
How to make corrections to items in the Products and Services that will flow through to past income transactions?
Yes, you can make update the products and services item that will also flow through to past transactions as well. Go back to the products and services information form and update the income account link. From the home page screen Select the Company Gear (upper-corner) Select Products and Services under Lists header Locate Name and […]
Can I import Inventory with Quantity on Hand from Excel Spreadsheet in QuickBooks Online?
YES, you can import Inventory with Quantity on Hand from Excel Spreadsheet. Import from Excel spreadsheet (see attached sample spreadsheet format below) GO to the Company Gear (located in the upper right-hand corner) Select “Import Data” under the Tools heading Select “Product and Services” Click the “Choose File” button to import Follow the instructions I […]