I've got quickbooks online on the plus plan - basically I'm confused because I'm not sure what the best way to set up stock expenses are.
If I've bought say, £300 worth of stock, how do I input that as a transaction and let quicbooks know that was for say 30 products for £10 each? All of my transactions go through paypal. Then when the payment comes in, will I have to manually link that income to the products that were bought?
Basically whats the best way to set up stock purchases and sales as a reseller? Is there a way to link the transactions so the purchases and stock transactions are linked?
You can record your stock purchases by creating a bill, cheque, or an expense transaction in QuickBooks Online. This way, you'll be able to enter the name, quantity, and amount of the stock.
While billsare for payables (received services or items to be paid later), cheques and expenses are for the services or items you paid on the spot. Before diving in, make sure to turn on the Stock Tracking feature. This will allow you to easily manage and track your stock.
Thanks for getting back to us and providing additional details of your concerns, enewton121.
Setting up your stock item, QuickBooks automatically adds two accounts to your company's Chart of Accounts. These are:
12100 - Stock Asset - Other Current Asset
50000 - Cost of Goods Sold (COGS) - Cost of Goods Sold
If you're referring to an income account, you can create your own category for that. If you're unsure of what category to use, I would recommend seeking expert advice from an accountant to ensure your books will be accurate.
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