Learn how to track the purchase and sale of inventory in QuickBooks Online Plus and Advanced.
It’s important to record both the purchase and sale of items to maintain accurate inventory tracking. In this article, we’ll show you how.
Record the purchase of items
Here’s how to record the purchase of items:
Select the Plus icon (+) on the Toolbar.
Under Vendors, select Bill.
From Choose a vendor drop-down, select the vendor's name.
Fill in the Bill date field.
In the Item details section, enter the items purchased from the vendor. And also their amounts.
You can also record the purchase as an expense or check. Once the bill, expense, or check is saved, the quantity of the item increases.
Record the sale of items
Record the sale of inventory items on aninvoiceor asales receipt, including quantity sold. After the invoice or sales receipt is saved, you'll see the decrease of quantity reflected in the product's information.
Adjust quantity on hand
Sometimes you might discover that you have either more or fewer of an inventory item than QuickBooks shows. To correct your inventory, you may need to manually make an adjustment. See how torecord a quantity on hand adjustment to learn more.