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Kac5208
Level 2

Non Inventory Expense

NON-INVENTORY Question
We order a part from Vendor that is Non Inventory to repair customers vehicle. When placing this item ordered into QB as non-inventory then checking the box "This item is purchased and sold to a specific customer:job" what would the expense account fall under??
When speaking to QB Reps they had me add an expense that stated "Non inventory purchase" but QB auto defaults to Cost of Goods Sold. i just want to make double check whats best so i can fix my errors on prior non inventory items.
Solved
Best answer December 07, 2022

Best Answers
DHeraV
Moderator

Non Inventory Expense

Welcome to the Community, @WreckditFab,

Let me share some information about tracking non-inventory expenses in QuickBooks Desktop (QBDT) for Mac. 

To track any non-inventory expenses, you can choose any expense account that you want. You can also create a new one if needed. 

As for the specific account, I recommend consulting your accountant to help you decide on what to use for your non-inventory expenses.

On the other hand, the Cost of Good Sold (COGS) is generally used for inventory, but it can still be used for others. 

To learn how to compute the average cost and know which report will help with inventory management, you may want to read this article: Understand inventory assets and cost of goods sold tracking.


Let me know if you require further assistance with tracking non-inventory expenses by leaving a reply below. The Community team is here to help anytime. Have a great day!

View solution in original post

5 Comments 5
DHeraV
Moderator

Non Inventory Expense

Welcome to the Community, @WreckditFab,

Let me share some information about tracking non-inventory expenses in QuickBooks Desktop (QBDT) for Mac. 

To track any non-inventory expenses, you can choose any expense account that you want. You can also create a new one if needed. 

As for the specific account, I recommend consulting your accountant to help you decide on what to use for your non-inventory expenses.

On the other hand, the Cost of Good Sold (COGS) is generally used for inventory, but it can still be used for others. 

To learn how to compute the average cost and know which report will help with inventory management, you may want to read this article: Understand inventory assets and cost of goods sold tracking.


Let me know if you require further assistance with tracking non-inventory expenses by leaving a reply below. The Community team is here to help anytime. Have a great day!

Kac5208
Level 2

Non Inventory Expense

Thank you for the fast reply! Very Helpful

JamesAndrewM
Moderator

Non Inventory Expense

Hello there.

 

We're glad that the posted recommendation was helpful for you. 

 

If you require further assistance working on specific tasks in QuickBooks, the Community is always here to assist you. Have a good one!

Eleanor Cleverence
Level 1

Non Inventory Expense

You're not alone in dealing with this in QuickBooks! When you’ve got non-inventory parts marked for a specific customer, Quickbooks kinda nudges you to put them under Cost of Goods Sold (COGS), which is not always spot-on for every situation.

If it's just an expense for repairs and not something you're selling directly (like raw materials for production), you’d probably wanna use an expense account specific to repairs or services rather than COGS. This matters ‘cause using the wrong account can mess up your reports, showing higher costs related to sold goods that ain't right.

You can fix this by going to yer item list, finding the part, and editing it. Under the expense account section, pick something more fitting, like Repairs & Maintenance or whatever service-related account you've got. Just remember, changing stuff from the past affects previous reports, so be careful. You might wanna chat with an accountant to check these changes. Yeah, it can be kinda tricky, and QuickBooks doesn’t make it's logic super clear here sometimes.

It’s all about making sure your accounting tells the real story of what you're spending on, and trust me, having clear financials gives you a better view of how well your business is doign.

Clara Cleverence
Level 2

Non Inventory Expense

Oh, I've been there. The connection issue you've got between Fishbowl and Quickbooks can be kinda tricky. You mentioned an XML parsing error, right? That's usually a sign Fishbowl's struggling to communicate with Quickbooks. It can't read your Quickbooks file properly.

First, make sure both are up-to-date. Sometimes one gets an update, and uhh, they just fall out of sync. If updates ain't the problem, check the Quickbooks company file. These parsing errors can come from a corrupted file. Use QuickBooks' Verify and Rebuild Data functions to see if the file's okay.

And hey, double check your access rights in Quickbooks too. If Fishbowl's connection settings got altered somehow, that might mess up the link. Also, make sure the QuickBooks file isn't in multi-user mode during your connection attempt. That can cause issues too.

If that still doesn't do it, check the QBXML permissions on the Fishbowl side. Make sure it's good to read/write the QuickBooks data. Sometimes you need to resave those network settings in Fishbowl to give it a nudge.

If all else fails, you might need to disconnect QuickBooks from Fishbowl and set it all up again. Yeah, it's a hassle, but sometimes starting fresh is the best way out. And don't forget those error logs; they can really help pinpoint the issue.

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