QuickBooks Online: Inventory Workflow Tutorial

[@derezz000]

What is the best workflow for matching the invoice from the vendor to the bill we entered when we received the items?

[@HectorGarciaCPA]

You need to know which PO it belongs to

[@huzaifahshah3841]

help me sir which software to use for inventory management in store Only we provide service in the store non profit store Just Manage the Inventory with multiple warehouses which software you suggest for me cloud based

[@museahmed6391]

hi Garcia can I make multi stores in another integated apps

[@yubinchang7593]

Hi Hector. Thank you for the thorough video. My drop down doesn't have a reorder option in my dropdown under Edit. Do I need to set it up somehow?

[@HectorGarciaCPA]

Are you on QBO Plus (US version)?

[@RashidHanif-mx4lg]

Hi Gracia, thanks for this very very helpful video, I am facing one problem in creating inventory item in my QBO, I am unable to find the income account when I try to add new inventory item, what could be the possible reasons for that why no income account is displaying there when I tried to add new inventory item. Thanks

[@HectorGarciaCPA]

Its possible you just don’t have any… I doubt it though. Create one called SALES and see if you can find it

[@jafarally55]

Thank you this vedio,helpful. How can I track inventory on two separate stores?

[@HectorGarciaCPA]

Cant.. there is no inventory by site/location

[@CosmicCattails]

Hi Hector, I'm struggling setting up business with inventory already in hand. How can I avoid duplicate inventory items when entering under products & services & the purchases are showing in bank feeds? Am I not suppose to list each inventory item under bank feeds? If I don't, how can I track what was purchased?

[@HectorGarciaCPA]

There are no items under bank feeds. So all item received (purchased) should be on a BILL or expense account.

[@freesoul4eva]

Hi there. I already have a business running for the past 1 month and have many items in inventory. I was doing all manually. Now that I want to use Quickbooks Online, should I put initial qty as per what I have in hand today?

[@HectorGarciaCPA]

If the items do not exist in QuickBooks, you can import them with beginning balances. If they do exist, you need to do a QTY adjustment

[@ladysings2543]

Hi Sir Hector, i have a question regarding the FIFO method in QBO. This is interesting and I hope you will notice this. I recorded two transactions for today they are purchases of the same inventory items from different vendors with different cost . Both transactions happens in the same day. However, when selling some items related to those inventories, the cost of goods sold reflected seems to capture first the item with the lowest cost..not the one that I recorded first. So I'm quite confused if it really follows the FIFO method if the transactions are in the same dates.

[@HectorGarciaCPA]

Interesting… that i was not aware of. Seems to be a logic issue

[@maxevans862]

super helpful, thanks for posting Hector

[@chucktrotter9699]

6.6.21 This is a lot to process how all the parts fit together. Thanks for the video.

[@HectorGarciaCPA]

Tons of moving parts

[@RockingWithToya]

Nice video! Is there a way to set up recurring payments against 1 inventory item? For example, a client reselling land and owner financing it for a 20 year term.

[@HectorGarciaCPA]

No.. inventory gets sold once and thats it

[@sabrinaurio365]

hello I am a new beginner in QuickBooks online, we are establishing a new plant for stone crush activities and we are purchasing some materials like concrete, iron, metal for building a base to place the crush plant ,do we treat these materials as expenses or inventory to our company?

[@whiteboardanimation8946]

I have a Question. If I add Opening Inventory so It will reflect on Balance Sheet. If I make sale of Opening inventory so will be reflect in Cost of goods sold?

[@HectorGarciaCPA]

Yes.

[@whiteboardanimation8946]

@@HectorGarciaCPA Is it any procedure to follow after this? I saw in this video that the always opening inventory should be zero. So I just confused. I have to set up my client account he has nearly 150 SKU's and all of them have opening inventory. Should I add them as an opening inventory?

[@Nikayla0525]

Hi Hector, Great video. Few questions I was hoping you can answer. Do we need constant or reliable internet connection for QBO to work? We have a store in a different location with limited internet connectivity. Also we have a retail store in which we do daily cash count for next day deposit, does QBO have this feature? Does thermal receipt paper work? Thank you.

[@prasoonkhanal411]

Hi Hector, great video, We have a use case where we have several pricing tiers for different size customers for the same product. Could we have a Price Level registration where we assign each of the account into, and depending on which account we enter, their corresponding pricing fills in the Order sheet? Thank you.

[@HectorGarciaCPA]

Yes based on customer you can do it

[@tonyturgeon74]

can we put a location for the inventoried items?

[@HectorGarciaCPA]

Not in QB onlime

[@jakeszymanski12]

Hi Hector, we recently pushed into QBO from desktop and I'm trying to clean things up a bit for online. Did QB do away with the product categories since the release of this video? I am not seeing the option to change in the dropdown nor when editing individual items thanks!

[@HectorGarciaCPA]

When the file is converted from desktop, categories cannot be used

[@anacarolinadealbuquerque2148]

Hi Hector, I don't have the option for "more" categories or sub-categories, we have QBO plus. What am I missing here?

[@Alex_tran_23]

Did you ever figure this out?

[@plantsolutions]

Hi Hector. Thank you for the video. Can I sell items that are not in inventory? In other words, will QBO allow me to create an invoice for items that are low in stock. For example: Can I create a invoice for 100 bananas if I only have 75 in stock and make an inventory adjustment later?

[@HectorGarciaCPA]

It will give you warning that you don’t have enough. But i dont remember if it will ket you overrides it

[@bhavaninc195]

Hi Our company is purchasing the product,we have to track the inventory..how to create inventory for purchase??

[@HectorGarciaCPA]

This video didn’t explain that?

[@jojoko3976]

What if the cost of the products fluctuates? Do I keep updating it up and down in price as I receive inventory?

[@HectorGarciaCPA]

It happens via FIFO

[@jojoko3976]

@@HectorGarciaCPA So manually clicking the specific items and editing the cost right?

[@HectorGarciaCPA]

@@jojoko3976 no… QB does it automatically

[@jojoko3976]

@@HectorGarciaCPA Noted. Thanks boss!

[@angelhodgdon1127]

Hi Hector, I ended up with two POs. The first one without shipping costs included, went back to add the shipping cost, and accidentally created a whole new PO. Can I simply delete the first one? If I delete the first PO, will that also delete the excess inventory, or will I need to do an inventory adjustment as well? Thanks so much for all your help.

[@HectorGarciaCPA]

POs don’t affect inventory

[@angelhodgdon1127]

@@HectorGarciaCPA Sorry I meant to say Bills, not POs.

[@HectorGarciaCPA]

Yes, delete any duplicate bills

[@angelhodgdon1127]

@@HectorGarciaCPA That did the trick. Thanks so much.

[@LivingDreamz83]

Im rewatching this again needing clarification. I understand how to do the purchase orders and bills, but i have to pay my vendor with my business debit card at the time i place the order. The inventory usually comes in a week or so. But by that time, the bank transaction has cleared. When i receive the inventory, how can i link that cleared payment to the bill?

[@HectorGarciaCPA]

In this video I don’t cover the mechanics of pre-payments

[@tiannaproctor3681]

Hi, hoping for some help. I am donating my starting inventory to my business. I will be selling/tracking this inventory. I am curious how I would record this correctly in quickbooks plus online. And the steps to do so. Would this be the right approach? (Business is sole proprietor) - create all items In inventory with 0 qty, the cost(fair market value cost), and asking price -make a bill under in-house vendor and add all items I created in inventory, add qty # -save - then make a journal entry to pay the bill: debit the total cost of the bill to accounts payable , Then credit the same amount to owner contribution equity account. Any help is appreciated, thanks 🙂

[@my3407]

very useful ,Thank you Hector

[@shahidmirza585]

Great work !! Can we track Inventory by Location in Quickbooks online? Waiting for early reply

[@HectorGarciaCPA]

No

[@sudheer3234]

Dear Sir Can it be Blank or " 0" Sale price and Pur price while item creation???

[@HectorGarciaCPA]

Yes

[@richardnaylor910]

Excellent as always. What a huge shame not seeing the categorization/class columns in the Excel document for mass upload is.

[@HectorGarciaCPA]

Correct they are not available

[@larrydoll798]

You talked about QBO is not used for Manufacturing inventory, you talked about a third party. Do you have any that you could recommend. I have just switched from QB desktop where this was possible. Love your videos, have learnt so much

[@HectorGarciaCPA]

Locate Inventory

[@lisat1717]

Great video!

[@analovesgarfleld]

I am wondering if there is a Part two ;)

[@HectorGarciaCPA]

Yes, it’s a 8 part series actually; is available for purchase: hectorgarcia.teachable.com/p/default-teachable-homepage

[@juliesotelo3771]

Another Amazing video! thank you

[@FnRockstar85]

Thank you!!

[@HectorGarciaCPA]

:)

[@lorenacruz2737]

Hi Hector, i have an issue in my profit and Loss report shows = -$123,456 negative in my Cost of good Sold.. I purchase the same product from 3 diff vendors to all my (7) customers but I have one of this costumer that its willing to pay my vendor invoice.and i get paid for with a Joint check...for this I have a clearing accounts And this are the only ones that shows under this chart of accounts My boss only pays our vendor $$amounts but doests report me what exactly she paids for it... All others we get Bill and we paid as we can... No sure if the issue its there....its contruction company...

[@normacocks8410]

Thank you 👍

[@wattvisuddhimagga9226]

how to enable unit of measure in quickbooks online

[@HectorGarciaCPA]

That feature doesn’t exist in QB online

[@carmengeschke8446]

How can I ask him a question ?

[@HectorGarciaCPA]

Here is the comments

[@carmengeschke8446]

@@HectorGarciaCPA Thank you, love this tutorial, so very helpful, so on my QB, sales and services, expense account, we have :inventory shrinkage, now I learned it should be CoGs. Can I just go ahead and change it ? Will it retroactively make the necessary changes ? How do I safely correct this please. Thank You Carmen Geschke

[@brandoncampbell3275]

GREAT VIDEO! Thank you for posting and it was exactly what I was looking for

[@shadrackaugustine6695]

THANK YU

[@LivingDreamz83]

So im confused . I have been using qbo simple start for a year and had entered my products as services bcz the inventory tracking wasnt an option. I recently upgraded to Plus for that reason. But now i don't understand how qbo will reduce my inventory asset from the last years sales..

[@HectorGarciaCPA]

It will only work with the inventory items moving forward

[@halalaffirmations]

This does not work for excommerce.

[@HectorGarciaCPA]

Probably not

[@halalaffirmations]

@@HectorGarciaCPA Can you please make a video on inventory, cogs, journal entry for e-commerce? I would really appreciate it as I am over my head this tax season. :(

[@xqbwayqfkhpnoubgdxiu561]

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