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Connect with and learn from others in the QuickBooks Community.
Join nowHello,
I am tracking inventory in quickbooks so I have all of my products built out with their appropriate COG. My current stock on hand for these products shows in the 'inventory asset' account.
I usually pay for inventory via cc; I don't know how to categorize these transactions. I was categorizing them under the 'inventory' account but now my inventory is showing as double on my balance sheet (with the transaction classifications and the products & services).
Any help would be greatly appreciated.
If you are a manufacturing company, your transactions would be mixed up between raw materials (AP transactions) and inventories (AR transactions). QBO doesn't offer any feature to manage raw materials. Consider having an additional app to do so and integrate it with your QBO account.
First, make sure that your inventory items have both a revenue (sales) account and a CGOS account in the product set-up. When you buy inventory, use a Purchase Order with a material receiving transaction (this preserves FIFO accounting).
Second, Pay the PO bill via credit card but applied to the PO, otherwise the expense gets doubled.
Check your past transactions and you can see which accounts were expensed and how the condition happened. If it's a manageable number and timeframe, you make be able to adjust this before year end.
Best,
Kevin
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