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Hello,
I hope someone could please help, I am new to quickbooks :)
I would like to know if the way I am recording a purchase of new items (within my inventory) is correct:
- expenses
-suppliers
-create bill
- add the items with the costs
if this is correct, does the stock got adjusted automatically once I create the bill or do I need to adjust it manually?
Also how do I adjust the stock quantity after receipt of the stock?
Many thanks!
Solved! Go to Solution.
You're on the right track, Fran.
When purchasing an item from your QuickBooks Online (QBO) account, it'll use the default stock asset account.
On the other hand, you have the option to change the account in tracking your product/service item. For more insights about this, you can always check this article: Add product and service items to QuickBooks Online.
In case you want to change the account of your item, I recommend working with your accountant in choosing the right one. This way, we can guarantee the accuracy of your book after making these changes. If you don't have one, you can visit our ProAdvisor page and look for one from there.
I'm also adding this link for reference in case you need to change your product and service item types. This resource can walk you through the process seamlessly.
Tag me in your reply if you have other follow-up questions managing your product/service item. I'll be more than happy to help you. Have a good one!
Hello there, @Adriana10.
I'm glad to know that you're using QuickBooks to help manage your business.
Yes, you're right about recording your purchase of items. Also, QuickBooks will automatically adjust your stock of items when creating a bill.
To adjust the stock quantity, you can follow the steps below:
I've also added this ink to learn more about QuickBooks Online (QBO): Get started with QuickBooks.
Don't hold your back to drop a comment below if you have other questions. I'm more than happy to help. Take care!
When the purchase invoice is processed and the stock adjusted it puts the stock against stock shrinkage is this correct in total of cost of sales.
Hi Fran100 When you use a transaction to purchase items from your supplier it should be the stock asset account that is used. We'd be grateful if you can check what account you have selected within the product that you're using. Select the cog/gear icon > product and services > locate the item and select edit > check what account you have selected in the Stock asset account field.
Thank you it is stock asset account
Also in the purchasing information I have cost of sale
You're on the right track, Fran.
When purchasing an item from your QuickBooks Online (QBO) account, it'll use the default stock asset account.
On the other hand, you have the option to change the account in tracking your product/service item. For more insights about this, you can always check this article: Add product and service items to QuickBooks Online.
In case you want to change the account of your item, I recommend working with your accountant in choosing the right one. This way, we can guarantee the accuracy of your book after making these changes. If you don't have one, you can visit our ProAdvisor page and look for one from there.
I'm also adding this link for reference in case you need to change your product and service item types. This resource can walk you through the process seamlessly.
Tag me in your reply if you have other follow-up questions managing your product/service item. I'll be more than happy to help you. Have a good one!
Dear sir or madam
I like your QB system very much and would like to ask a question about inventory adjustment.
I will check my inventory regularly and find that the real inventory is less than what the QB balance sheet indicates. Maybe some inventories lost or someone forgot to record them properly in the system. So, how can I adjust the inventory in the QB to make it is as same as the real amount?
I tried to +new button, but couldn’t find the Stock Qty Adjustment. Could you help me? How will the adjustment influence my balance sheet and income statement?
Best regards
Don't worry, there's another option to adjust the inventory quantity in QuickBooks, @golden2010. And I'm happy to share the complete steps with you.
I understand how important it is to have accurate numbers of your inventory. I'll make sure that your inventory quantity in QuickBooks Online will match your actual products. This way, you can supervise your sales accordingly.
Proceed as follows:
After saving, QuickBooks Online automatically records appropriate adjustments to your stock Asset and Cost of Goods Sold (under stock Shrinkage) accounts. To access this, follow the steps below:
Furthermore, visit this article below to learn how to see your best sellers, what’s on hand, the cost of goods, and edit previous adjustments:
Drop a line below if you want to know more about the QuickBooks ropes or other processes. I'm happy to help you again. Keep safe, golden2010.
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