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JULIE LO
Level 1

Inventory Management

Hi,

I started QBO Plus since last year with inventory started from 0 on hand. In this year, my boss would like to change to simplify as sales & purchase instead ? Can I just close the Inventory track quantity & price rate, plus quantity on hand as well for this year ? Will it affect my last year P&L and others report if I just close it in Products & Service ? Please advise ...... 

1 Comment 1
LeizylM
QuickBooks Team

Inventory Management

Thank you for posting here on the Community page, JULIE LO.

 

Allow me to help provide some insights about tracking inventory in QuickBooks.

 

You'll be glad to know that it's possible to stop tracking inventory. However, there will be reports that are affected by this because these reports include the quantity on hand of the item, cost of goods sold of the item, and the inventory asset account values.

 

Here's an article you can check to learn more about this: Impacts of Inventory Tracking on Balance Sheet and Profit & Loss Reports.

 

Please keep me posted on how it goes. Let me know in the comments if you have other concerns about managing inventories in QuickBooks Online. I'm always around to help. Take care,

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