Hi, What is the best way to record a customs invoice for tracked inventory so it reflects in the inventory value?

Hello CJS92,

You can use the inventory tracking feature in QuickBooks Online Plus version to track your inventory and the inventory value. You can also record the purchased inventory items using the expense or bill feature, and the  quantity will be added to your products and services list.

How to enter expense or bills:

1. Click on the + New.
2. Click on Expense or Bill.
3. Fill out the information on each field like the supplier, item name, qty and amount.
4. Click on Save.

Doing this process QuickBooks Online increases your quantity on hand for the specific inventory item.

You can check these articles for more information:

• Add inventory products in QuickBooks Online
• Set up and track your inventory in QuickBooks Online

Furthermore, if you need to capture the GST only for customs transaction. Please check this link on how to record GST only payment made to customs.

Reach out to us if you have more questions. The Community is around to help you.

Thanks for your reply. I do need to capture the GST only for customs plus other GST free duty item on the invoice.

I need to allocate these costs to each inventory item. How would I do this? 

Hi CJS92,

QuickBooks Online has a simple inventory tracking feature. Once you've added the inventory items, you can create an invoice, add it and enter an amount in two lines. Let me show you how to record . 

1. Click on the + New button and select the correct transaction type.
2. On Product Service column, select the inventory item on the first line item.
3. Enter the Amount and appropriate GST.
4. On the second line item, select the same inventory item.
5. Enter the Amount as negative and select tax code as Out of scope.

For more information, you can check on this article: 100% GST - Importing goods.

I'd also recommend consulting your accountant to make sure you're recording your transactions accordingly.

Let me know if you have any other questions and I'd be glad to help.