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Level 1

New to quickbooks online and I'm trying to add existing inventory.

I sell products on eBay and I have existing products in my inventory that I'm trying to add to quickbooks online. I've imported all of the current inventory from a data file, but I'm not sure how to clear all of the cost associated with the products since they were from the previous months. I'm not sure it will reconcile with my linked bank account since it is a new account for my newly formed LLC and I'm not sure if there is a way to create "dummy" transactions just to get everything balanced or if it would be simpler to just keep the items separated until the products sell?

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Moderator

New to quickbooks online and I'm trying to add existing inventory.

Thanks for trying QuickBooks Online, KB013.

 

I'm here to help you update the cost of your inventory. We'll need to re-import the inventory and clear the cost associated to it. I'll show you how:

 

  1. From the Sales tab, select Product and Services.
  2. In the New drop-down, select Import.
  3. Locate the file and click Open.
  4. Click Next.
  5. Map the data, and then click Next.
  6. In the IMPORT section, clear the PURCHASE COST.
  7. Click Import.

 

With regard to the transaction, we can create a Journal Entry. Then, manually record the current balance for each account. I would also recommend reaching out to your accountant so they can guide you on what accounts are best to used.

 

I've also added these articles for more information about creating a Journal Entry:

 

 

I'm always here if you still need my help. Thank you!

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