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Hi folks hope you can help.
I have this year started an business selling online through Shopify and have just invested in QBO Plus as I wanted to ensure that I have a comprehensive view of my business performance in one place, and of course a good set of books.
I hope you can assist me with this example scenario:
I've got detailed spreadsheets with all of this stuff recorded and ready for importing. What are the expert views on how I should go about representing all this in QBO? I have yet to set everything up for fear of making a mistake.
Any help appreciated, thanks in advance.
Solved! Go to Solution.
Hi AnjaliGeneration,
Yes, exactly! This way you won't have any discrepancies with recording these transactions. See this article for a more detailed description on importing your transactions; if you do get stuck importing the CSV, feel free to reply to me with further questions or reach out to our Support Team:
-Kass
Good day, AnjaliGeneration.
I'm here to help and ensure your concerns are addressed accordingly. You can create an expense or bill when purchasing your Widgets.
Here's how:
You can get more details about entering and paying bills in QuickBooks: Enter and pay bills.
To track your inventory, you can create invoices for those Widgets that have been sold. See the steps below.
After that, you can record the payment and deposit the profit to your business bank account. To know more about recording payments depositing process, you can visit these resources:
And lastly, you can pull up some reports to see how many Widgets you have on hand. You can refer to this article in pulling up a report: Use reports to see your sales and inventory status.
Know that you can always visit our Help Articles page for QuickBooks Online in case you need some reference for your future tasks.
If I can be of help while working in QuickBooks, feel free to let me know by adding a comment below. You have a wonderful day!
Thanks for your help, that’s really appreciated.
A ke question is do I need to worry about the fact that when I link my bank account it won’t show my purchase transactions for the widgets as these took place from another bank? I don’t want my profit to date to have no COGS or for my current inventory to look like it cost me nothing.
Hi AnjaliGeneration,
To record the purchases, you can certainly link the account the widgets are purchased through if it is supported for bank feeds. Alternatively, you can import the transactions as a CSV file through your Banking tab, or even record them manually. To import them as a CSV:
-Kass
Ahh ha! Thanks.
So do you think what I could do then is to import my transactions from Bank #1 that I used for the first purchases to match these against my first inventory orders, and then connect to my new bank to use that for future orders and have that upload automatically from a given date onwards?
Thanks.
Hi AnjaliGeneration,
Yes, exactly! This way you won't have any discrepancies with recording these transactions. See this article for a more detailed description on importing your transactions; if you do get stuck importing the CSV, feel free to reply to me with further questions or reach out to our Support Team:
-Kass
Thanks a lot.
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