Inventory Setup

Hello ptier, 

Glad to learn you're using QuickBooks to help manage your inventory. I'll be happy to share more info so you're on the right track with achieving your QuickBooks goals. 

It's important to note that you'd need to set up your items as inventory items while having inventory tracking turned on in order to get a cost of goods entry when creating an invoice. I encourage you to check out the following article with helpful info on how to: Track your inventory in QuickBooks Online. 

Let me know if this info helps. I'll be one message away in case you need additional support. 

Hello,

We have a 6-digit value of MSO inventory. At first they were included in Raw Materials but now we know that they are part of MSO supplies and not sure whether to expense all of them as Factory Supplies Expense or do we set up MSO inventory as part of the Other Current Asset? Thanks in advance.

QuickBooks Online lets you set up products and services, but don't need to track.  Click here to learn more about product and service types.  I also suggest reviewing how QuickBooks handles inventory assets, average cost, and Cost of Goods Sold.

If you're not sure about how to proceed, I suggest speaking with an accounting professional for their expertise and best course of action.  If you don't have an accountant, we can help you locate a ProAdvisor in your local area.

Feel free to reach out again, if you have any other questions.  We would be happy to help!