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Buying and selling inventory

Learn how to track the purchase and sale of inventory in QuickBooks Online Plus.

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:

  1. Select the Plus icon (+) on the Toolbar.
  2. Under Suppliers, select  Bill.
  3. Select the Supplier from the drop-down list.
  4. Fill in the Bill date field.
  5. In the Item details section, enter the items purchased from the supplier. And also their amounts.
  6. Select Save.

You can also record the purchase as an expense or cheque. Once the bill, expense, or cheque is saved, the quantity of the item increases.

Record the sale of items

Record the sale of inventory items on an invoice or a sales 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 to record a quantity on hand adjustment to learn more.