Does QuickBooks Online Help Keep Track of Inventory?

[@AcuityEcommerce]

Thanks for watching! How are you keeping track of your inventory?

[@yanettebw8754]

Let say we use fishbowl for inventory, what accounting software would you recommend for keeping track of our sales and expenses? Can we transfer the sales that we do from Fishbowl that Accounting software? Thank you so much for your very informative videos

[@AcuityEcommerce]

I'd probably say QuickBooks Online for what you're describing.

[@StahlFirearmsNo2]

So I’ve been getting say 8k in new inventory and been marking it as cost of goods sold. What should I be marking it as?

[@AcuityEcommerce]

It should be classified as inventory. Once it's sold, it should be reclassified as Cost of Goods Sold. (That's why it's not called Cost of Goods Purchased. ;) )

[@jacobi.oberlandercpa2184]

Hope to see you at SNH! I'm coming in on Sunday morning so I'll see what time I get there...

[@AcuityEcommerce]

Make sure you come say hi!

[@SuperFadango]

Can't you use the periodic system of accounting to account for COGS and inventory at the end of the year to make things simple?

[@AcuityEcommerce]

Yep. Many companies do, especially if they only care about filing tax returns. Businesses who use monthly financials in managing their business can't just make an adjustment at year-end, however.

[@brianlandes3096]

Welcome home!

[@AcuityEcommerce]

Thanks, Brian! Will we be seeing you at Xerocon?

[@marisolwendland3149]

how can I change the cost of inventory, the cost changed after 6 months, it went up. When I try to change the cost in starting value, it keeps going back to the first time item was created and changing prior months cost of good sold.

[@AcuityEcommerce]

Yep. Welcome to one of the many reasons why using QBO to keep track of your inventory costs isn't the best idea. You may want to check out a cloud inventory system instead.

[@jasonpower6769]

Thanks for the video. What's a recommendation for a cloud solution that does track inventory well and integrates with QBO please?

[@AcuityEcommerce]

Jason, there is no perfect cloud inventory solution, you and your operations team need to pick it to optimize purchasing and fulfilling orders. Here are my Top 3 for QBO 1. DEAR Systems, www.dearsystems.com 2. Finale Inventory, www.finaleinventory.com 3. Fishbowl, www.fishbowlinventory.com I recommend that you engage www.clearinity.com to implement the optimal solution for you. Note: we don't connect any cloud inventory solutions to Xero or QBO, they push too much and bad information and in many cases corrupt the financials. Make sure you are clear on what is being pushed and pulled between the cloud inventory and QBO and that you have a way to reconcile the data.

[@trinityscott3498]

See you at XeroCon!

[@AcuityEcommerce]

Not long now!

[@marisolwendland3149]

how to change the cost instead of quantity, cost initially was $5 continued to use this cost from starting vale now, cost went up, forgot to put in new cost in PO and new receiving. So now I need to correct the value of the inventory.

[@AcuityEcommerce]

Probably the cleanest way to deal with this is to set up a new item to reflect the new costs. But man... that can get messy fast if you have a lot of SKUs.

[@marisolwendland3149]

@@AcuityEcommerce That what was originally done. I was able to clean it up. by inputting a bill and then adjust the quantity to zero and start new with a bill with a new price.

[@woodentoyscom]

QBO is HORRIBLE for tracking inventory. Inventory mistakes, like entering in 100 units, when you meant to type 10, are charged off to "Inventory Shrinkage", which DESTROYS your COGS calculations. Then you have to spend all your time making entries to correct that mistake.

[@AcuityEcommerce]

I've heard similar feedback from others. Thanks for taking the time to respond.