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Chia Wei
Level 1

Inventory

My organization has a question regarding inventory management on Quickbooks.

 

#1: When inventory is bought, due to market condition prices of inventory may change. However, recording inventory asset currently shown that it is recording inventory sales at its sales price, is it possible to instead record it under cost price of said goods?

 

#2: In a situation whereby under one supplier there is multiple cost price (example: large quantity is bought hence price is reduced), how do we record them without adding in another inventory category?

 

#3: When recording a product's SKU is it possible to set multiple price?

2 Comments 2
RCV
QuickBooks Team
QuickBooks Team

Inventory

Thanks for checking in with us, Chia Wei.

 

For Question 1, we don't recommend recording the investor sales under the cost price of said goods. In this case, I'd suggest consulting your accountant on how to properly handle this one in QuickBooks Online (QBO). If you are referring to Price levels, this feature is unavailable. The workaround is to create multiple versions of the item in your products and services list to reflect the different prices you want to charge. The same goes with recording a product's SKU, we'll need to add them manually per product's SKU. Here's how: 

  1. Go to Sales, then Products and Services.
  2. Click New or Add a product or service. Then select Inventory.
  3. Add a NameSKU, or category for what you're tracking. The categories let you group your products and services together so they’re easier to find.

 

Here are a few articles that go over inventory in QuickBooks Online.

 

Feel free to visit our QuickBooks Article page for more insights about managing your business on your account. 

 

I'm just one post away if you need a hand with modifying reports or any QuickBooks related. Just add the details to your reply and I'll be there to address them for you. You have a good one.

 

Fiat Lux - ASIA
Level 15

Inventory


@Chia Wei wrote:

#3: When recording a product's SKU is it possible to set multiple price?


 

@Chia Wei 

If you are a wholesaler, you may need an additional app to manage multi pricelists for your resellers.