How Inventory Works in Quickbooks Online (QBO)

[@sbrown7]

Thank you! I really appreciate this. I’m just trying to manage a vending machine business and inventory mgmt is killing me! Easy to follow and understand with good explanations.

[@saraalnuwaigi]

please keep going, the lessons are so good thank you!

[@ClaraCFO]

Glad you like them!

[@joelnelson1682]

Another great video Hannah!

[@MindSnax-jw8bi]

Thank you for the video! When you track inventory with invoices and POs, does this create double transactions when a bank is connected and the transactions are categorized?

[@RichieRichIIII]

Clara, i work in accounting for a small business & just wanted to say i learned Quickbooks because of your channel. Thanks & Best Regards!

[@rod5380]

Great overview! I just wondering how the closing regarding COGS works (LIFO, FIFO, etc). does QB provide tools for the closing?

[@ClaraCFO]

I should have mentioned this! It is FIFO. You can close the books in QBO. What do you mean by “tools”?

[@josephalison1839]

Thank you so much. I have a question here. I entered quantity at hand 50 pieces of battery and there cost being 3000 When I open the inventory asset account I expect an amount of 3000multiplied by 50 to give me 150,000 the whole valuation of my asset. What should I do to see this amount in .my inventory asset

[@FreeLancerTanzina-wp7ev]

I want more such nice videos in the future. Thank you very much for sharing a very nice video

[@annapurna2023]

the video is very helpful, Thank you

[@ClaraCFO]

Glad it was helpful!

[@susannesmelzer2709]

So much great information. I manage inventory between customer location. Items received at price X go into that items inventory, I expense the item to the customer location when they are moved at X price. What happens when I have 5 items in inventory purchased at X, 6 items in inventory purchased at Y, I assign the expense to the location customer for 8 items. The cost of 5 of those is X and 3 of those is Y - QB notes the difference, but where does that value go?

[@pinkgor]

thank you! great details / easily explained. When adding inventory assets - can you create variables for sizes and colors? and can these be edited easily at a later date?

[@walidullahaskarzada-realestate]

Thank you ! i really enjoyed and learned , quick question I am opening Tire shop do you recommend QuickBooks for start if yes which version can help me to inventory in sale and invoice to customers.is this platform solve my issues? Thank you

[@noorulhiraofficial]

Hi, Clara Thank you for the detailed explanation. I just need to answer I have some confusion; Please answer me I will be very thankful. When We purchase the inventory how we enter in QuickBooks online. Please clarify my confusion. Thanks

[@ronihiayevcpa2349]

If you add inventory manually like this, how do you then match the expenses from the bank feed? Do you use a clearing account method for this. I would really appreciate the help!

[@arslanarif1610]

Hi, When QBO is processing COGS from where it is taking the cost ? From the stored cost of the product ? What if I do not want it to take it from stored cost rather from bills from vendors.

[@PreparingForSHTF]

This was a great lesson. I have a wholesale home goods company. I buy bales of home goods and go through them to find suitable items for sale. For example, I'll buy a bale of door mats. The items will likely be something other than those I'll get in the next bale of door mats, so I'm not expecting to sell the same item from bale to bale. I am at a loss for setting up my QBO Inventory system. Do you have any ideas?

[@plumini1275]

Thank you for the video, good stuff. Question; can I adjust the cost of a product manually? without going into the Bill and items details?

[@SuperSpikejack]

How do you track inventory like yardage turned into an item?

[@Stvv875]

can you explain the opening balance equtity on the inventory ? i created inventory to try things now i cant delete them its staying on my balance sheet

[@ellyhall3910]

unit of measure on the invoice / items...any thoughts on a workaround for analysis reasons? for example...we bill customers by the gallon and by the ton...and for transportation by the hour or lump sum. analysis because cumbersome and skewed if you cant filter the u/m thanks!

[@ashleyjohnson5283]

How do you account for rental inventory?

[@ClaraCFO]

What do you mean by rental inventory?

[@ashleyjohnson5283]

@@ClaraCFO I have a client that has a floral arrangement type company. She rents out her vessels (vases) and charges a fee to rent the inventory is obviously more fixed than inventory that is sold. I hope that makes sense. I’m assuming it be more of a service than actual inventory

[@yaniquehall4493]

How do I add inventory that has additional cost like shipping included in the COG

[@AlvinDavis-zk3pt]

Good day. If I am buying inventory from one party and then transferring it to another for processing into a finish product (e.g. converting milk into cheese). Can Quick Books track the cost of sales from the first vendor as well as the second vendor? In other words can it provide the total cost of sales for the finish product.

[@alejandrodeutschmann6330]

Thank you!! I have a question: I have two invoices for one item, the cost of the item and de cost of the freight. How I must register both including the final price of the item?

[@inventorysoftware]

Are you wanting to roll the cost of shipping into the cost of the item when the item is received into inventory? I.e. create a landed cost value and of the item?

[@loladeanne6514]

The company I work for wants to keep track of inventory by quantity, but would like to expense the items when purchasing. When creating a product can I use a cogs account in the inventory field? I'm just wondering if it will force me to use a inventory account.

[@davetinoco]

What about Raw Materials? It seems Quickbooks online only supports Finished product inventory

[@LaserTruckAndTrailer]

IS THERE A WAY TO LOOK UP AN INVENTORY PART TO SEE WHAT INVOICE IT WENT ON?

[@jorgeramirezsaenz7161]

I have a question … ¿what happend When you import your inventory and you have to add to you cost of sales: freigths, storage, taxes? So if i select the vendor my cost of sale has increased and it is not going to match with my Bill in that case how i Can add my inventory?

[@CatherineDowdy-c3l]

I am a new bookkeeper for a shop who uses QB POS 18 desktop, the previous person set up QB online just for the accounting portion so they are not linked at all. I am new to using QB online and not familiar where they aren't linked. I have the bank linked so I can post the deposits into the sales, sales tax, petty cash etc. When I"m entering the Invoices that come in for products purchased do they get categorized as Cost of Goods Sold? The inventory is kept track of in the POS. My next question is do I pull a report at the end of the year to show the cost of the products that are sold and make an entry and if I do what are my entries? Right now the only entries that are showing are the sales and cost of goods sold in the online along with the other items that are categorized. Any help is greatly appreciated!!!!

[@c2ctruckingacc59]

Great video. I also really dislike the modern view in QBO, I wish they would get rid of it

[@dantallman7142]

Can I delete a Master with a part number that has been discontinued with the online system? I can't with the QB we have now.

[@AdatShalomSisterhoodMI]

Just purchased QBO through your company and am trying to figure out how to "invoice". We are a charitable organization with multiple levels of membership. Can you address how to create a multiple choice invoice so that the member can pick a level and pay that amount. Thanks so much, you videos are awesome!

[@samanthamorris5798]

How does it work if I want to keep track of inventory but I'm not selling the product to the customer because its already built in the quote?

[@roxstarfishing4950]

Hi, thank you for your video. Im having an issue when I update my inventory manually it changes my qty on PO to 0. Then then i bill out the PO the inventory does go in however the Qty on PO goes to a negative number. Any ideas on this?

[@suhailhabahbeh8407]

Hi Carla, I hope you're doing well. I have a quick question about [inventory]. Would you be willing to discuss it briefly when you have a moment?

[@MalindaWaller]

how would you record the delivery charge for inventory items

[@inventorysoftware]

Are you talking about the shipping charge from the vendor when you receive the item? Or are you talking about the shipping charge you charge to your customer? Or are you talking about the cost of shipping the carrier charges you?

[@andrewprince503]

Hi Clara you dont mention purchase orders?

[@jiteshkharva-ql1gw]

A name or iteam name in Quickbook takes only 31 characters... SO Can I Increase the number of characters? and if yes so let me know how do i increase? Please guide me...

[@EsperanzaBB]

What if my products are by pounds and each unit weighs difffentr

[@inventorysoftware]

What 3rd party app do you recommend?

[@ClaraCFO]

I don't work with businesses with inventory anymore - so I am not up on the apps! But judging by your channel name....maybe you have some recs!?

[@SmartTV-f6u]

How to add total amount in word?

[@dtnlivinglife6731]

I have watched many of your videos and am always telling my bookie, "Clara said...." LoL How ever this question not inventory related. Tolls equals to a prepaid amount and then debits that prepaid amount. I pass tolls onto my client. What should Indiana ezpass toll be in QBO as? Indiana ezpass charges a deposit for tolls to be debited from. Then when a toll is processed and debited from the balance of ezpass, how should that entry be put in QBO? When the balance gets to a certain point, Indiana ezpass charges the bank or credit card to build its balance. How should that entry be put in QBO? Sorry this wasn't under inventory. I couldn't find another video that would come close. Thanks in advance.

[@ValentinasBoy]

WHICH ONLINE VERSION ARE YOU USING ?? It would help to know that so Viewers dont waste almost 18 minutes after finding out they don't have the Version you're using !!

[@ClaraCFO]

Plus and Advanced versions have the Inventory module - sorry this should have been made clear.

[@jubairop3945]

How to enter purchase without stock creation in Quick book online?

[@Aranarth]

No landed cost in this online version?

[@ClaraCFO]

No. Not yet

[@bradalan7188]

What if you have 5000 different products?

[@gila815]

my invoice doesn't affect the inventory...