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Please be patient with me on this question..it is a bit confusing to explain.
When using Quickbooks Desktop Pro 2020, is there a way to have items with a cost & sale price WITHOUT having inventory? Currently, we drop ship products to our customers, but we do not have any actual inventory in our office. We use the inventory part option because we need to assign a cost for the product as well as a sale price. When we do this, it is adding inventory to the inventory asset gl. Is there a way to have products with cost/sale prices without it continuing to accumulate in Inventory Asset? Is there another way we should be recording these items? Any insight would be extremely helpful. If any clarification is needed, please ask.
Thank you!
Solved! Go to Solution.
I appreciate the details you included in your post. Let me help clear things up for you, @VanguardAccounting.
In QuickBooks Desktop (QBDT), you have the option to assign both Cost and Sales Price to a non-inventory item.
Here's how:
See this screenshot for reference:
You can check out this related article as well: Add, edit, and delete items. There's an FAQ section at the bottom of the page that you can refer to, in case you have questions about this process.
Post a reply in the comments below if you have other concerns about items in QBDT. I'll be sure to get back to you. Stay safe!
I appreciate the details you included in your post. Let me help clear things up for you, @VanguardAccounting.
In QuickBooks Desktop (QBDT), you have the option to assign both Cost and Sales Price to a non-inventory item.
Here's how:
See this screenshot for reference:
You can check out this related article as well: Add, edit, and delete items. There's an FAQ section at the bottom of the page that you can refer to, in case you have questions about this process.
Post a reply in the comments below if you have other concerns about items in QBDT. I'll be sure to get back to you. Stay safe!
Thank you so much for your answer. It was EXACTLY what I needed to know!
Hey there, @VanguardAccounting
I'm happy to see that the steps provided by my colleague worked for you.
Please feel free to reach back out anytime you need a helping hand.
Take care and have a great day!
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