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 […]

Where to enter credit for returned items or purchases in new QuickBooks Online?

(1) Try “Vendor Credit” form (from create “+” sign > Vendor Credit under Vendors header) If you are using “Enter Bill” form to enter vendor bill and returning to the same vendor, you could use Vendor Credit form. It will show negative Vendor balance. (2) For returning credit for Credit Card purchases > use Credit […]