Importing a list of items to adjust out the Inventory Quantity

How do you record your sales? You can prepare Sales Receipt data and import it in bulk to also adjust your inventory quantities.

Hello there, hideaway. Let me make it up to you by ensuring you'll be able to adjust out of the Inventory Quantity in QuickBooks Online (QBO).

We can create a sales receipt and entering all the items sold at the tradeshow. This is to ensure that the quantity and COGS are adjusted correctly. 

Here's how:

1. Go to + New, then choose Sales receipt.
2. Select a Customer from the dropdown. 
   Note: If you haven’t set up your customer yet, select + Add new.
3. Choose the product/service you sold from the Select a product/service dropdown.
4. (Optional) You can edit your line item’s quantity or rate in the Qty and Rate field.
5. Fill out the other necessary fields in the sales receipt, then select Save.

You can check this article to learn more on how to create a single and import multiple sales receipt in QBO: Create sales receipt. 

I suggest consulting an accountant. They'll be able to provide you with suggestions on how to properly handle the transactions, especially with the COGS. 

I'm adding this article for information and understand inventory assets and COGS tracking: Understand inventory assets and cost of goods sold tracking.

Let me know if you have additional questions about running reports and tracking COGS. I'm always here to help. Have a great day!

Thank you so much for the guide! Regarding the total amount on the Sales Receipt, I would not want this to post on an income account because we receive a separate deposit from Square for the actual income. Should we be okay adjusting out the total to $0 on the Sales Receipt?

@hideawaymelon-gm 

Consider having a 3rd party connector to reconcile Square transactions into QBO and avoid duplication.

@hideawaymelon-gm 

"Should we be okay adjusting out the total to $0 on the Sales Receipt?"

Yes.  A $0 sales receipt will expense the items to COGS with no corresponding revenue.  You then pick up the revenue when you import your Square deposit.    

@Clara Cleverence 

Please refrain from promoting products you sell, as it violates the Community Guidelines.  Here is what the Community Guidelines say:   

Don't do this:

• Promote your business: We hope you’ll include a link to your business website and social media pages on your profile page. However, your QB Community profile is the only place for you to promote your business. Please don’t market your products or services - no matter how great they are - in any public posts.