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Level 1

Quickbooks online inventory transfers

I'm using Quickbooks Online and managing two companies about 30 miles apart from one another.  These two companies sell the same type of product and often will transfer a piece here to there and visa versa.  How do I reflect this correctly in this version of quickbooks.   Obviously the items need to be added and taken from inventory, but in the background how do I make sure AR/AP and other accounts are being hit accordingly.  There is no "transfer" option I've been able to find, so I've tried to handle it through Invoices and Purchase Orders.  Each location having one another set up as a vendor and a customer as needed for transferring this way.

4 Comments
Level 15

Quickbooks online inventory transfers

There is no transfer operation to do what you want, because those are two different companies, and you do not transfer assets between companies

 

One company sells to the other company

Level 1

Quickbooks online inventory transfers

That is how I've been treating it, generally invoicing from one to the other at cost.  This, however, is causing a false inflation in the Sale of Product account because there's no real exchange of money occurring. Invoicing at $0 presents the issue of AP being hit by the first company and the second company, but only the second company sees the returns in AR from sales.

Level 15

Quickbooks online inventory transfers


@IDEK wrote:

That is how I've been treating it, generally invoicing from one to the other at cost.  This, however, is causing a false inflation in the Sale of Product account because there's no real exchange of money occurring. Invoicing at $0 presents the issue of AP being hit by the first company and the second company, but only the second company sees the returns in AR from sales.


value has to be exchanged, money or other assets and barter.

 

Level 1

Quickbooks online inventory transfers

I have written a guide on how you can record inventory transfer for multiple locations on QuickBooks Online Plus.

See here for guide - https://accountingsoftware.com.ng/inventory-transfer-multiple-location-quickbooks-online/

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