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Carissa22
Level 3

Most efficient way to enter inventory expenses?

I have been using inventory tracking but it seems that there are a lot of steps involved in the way I am doing it.  Just wondering if there is a faster way of entering and categorizing transactions of inventory purchases.  Here's what I'm doing now:

 

1. Email the receipt to Quickbooks, go into the receipt and categorize as Inventory Asset.

2. Go into my banking and match the transaction to the expense.

3. Go into Expenses, find the expense previously categorized as Inventory Asset, go into it, open the invoice, and copy all of the inventory items purchased into the Item Details, confirm all is correct and save.

 

I guess my concern is that when I am categorizing the receipts and then matching the transactions, if I am doing a long list of receipts I could easily forget to then go into the Expenses list and find the inventory related ones and then edit them and enter the inventory items.  If there was a way of doing this with the receipt transaction it would eliminate the extra step but I haven't been able to find any way of adding items from that screen, just categorizing the whole thing.  Maybe I am missing something?

1 Comment 1
JamesM
QuickBooks Team

Most efficient way to enter inventory expenses?

Hi Carissa22,

 

I'm happy to learn you're taking advantage f the Receipts feature offered in QuickBooks. The feature is designed to help simplify the way you do your work allowing you to save time for the things you love. I'll be glad to steer you in the right direction with this. 

 

Based on what you've described above, I'd recommend following the steps you've outlined as this ensures accuracy when it comes to categorizing transactions. I know how useful it would be to have a faster way around this and I recommend sending this as feedback to our engineers by clicking the Gear icon and looking for Feedback. New product ideas and improvements are largely based on the valuable feedback we get from users like you. 

 

In the meantime, check out this helpful article with more info on how to: Capture and categorize expense receipts and bills in QuickBooks Online. Feel free to ask other questions by leaving a comment below. I'll be one message away. 

 

Otherwise, enjoy the rest of your week!

 

 

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