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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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#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 […]
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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) […]
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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 […]
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How to handle a refund to a customer for merchandise not received?
Refund to a customer for PAID merchandise not received? Select “Refund Receipt” as one step process to refund a customer Create + sign > Customers > Refund Receipt Select Customer Select Payment method Select “Refund From” = Bank account if refund by Check (choose Undeposited Funds account if refunded by credit card that will show up in a batch deposit […]
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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 […]