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fny
Level 1

Multiple Transactions for Inventory

Hi there!

 

We ordered 14 cases of a certain product for $19,600 ($1.4k each) We payed for this in two separate transactions, one for $10K the and the second for $9.6K.

 

Right now I'm trying to input the item details for this transaction so that COGS can be tracked appropriately when we sell, however the mismatch between the cost per transaction and the total cost is a headache.

 

For example, the $10K order is approximately 7 cases ($9.8K) but falls short by $200 which causes Quickbooks to complain. What's the right way to handle this?

Solved
Best answer February 06, 2022

Best Answers
Rainflurry
Level 13

Multiple Transactions for Inventory

@fny 

 

The best way is to create a bill for the 14 cases and then record the two payments against the bill.  That way, the creation of the bill puts the items into inventory and the payment amounts reduce the amount due on the bill.

 

Creat the case item with cost and retail. 

Add a quantity of 14 to a bill from the vendor.

Make the two payments against the bill.

View solution in original post

4 Comments 4
JonpriL
Moderator

Multiple Transactions for Inventory

I'm here to help share information about your inventory, @fny.

 

In QuickBooks Online, you can enter any number of entries as long as the total amount is equal to the said transaction. Therefore, I recommend recording your inventory based on the cost of each case.

 

I'm adding this article to learn more about inventory tracking: Set up and Track your Inventory in QuickBooks Online.

 

However, I suggest contacting your accountant for guidance in handling your inventory tracking. If you haven't yet, use this link to find someone near you: Business is Better with a ProAdvisor.

 

I'm also adding this reference with the guidance that'll help you track the status of your inventory items: How to see the Best Sellers, What’s on Hand, the Cost of Goods, and more about your Inventory in Qui....

 

It'll always be my pleasure to help if you've got additional questions about QuickBooks inventory. Use the Reply option below and surely I'll be here ready to assist you. Take care and stay safe

Rainflurry
Level 13

Multiple Transactions for Inventory

@fny 

 

The best way is to create a bill for the 14 cases and then record the two payments against the bill.  That way, the creation of the bill puts the items into inventory and the payment amounts reduce the amount due on the bill.

 

Creat the case item with cost and retail. 

Add a quantity of 14 to a bill from the vendor.

Make the two payments against the bill.

fny
Level 1

Multiple Transactions for Inventory

Thank you! This is amazing.

FritzF
Moderator

Multiple Transactions for Inventory

Hi again, @Rainflurry.

 

Thanks for sharing your ideas here in the Community. This will definitely help users as well.

 

Keep safe!

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