Hi there, @Anonymous. I'm here to provide information about how inventory tracking works in QuickBooks Online (QBO).
In QBO, there's no direct way to record a purchase by box and sell it individually. However, based on your scenario, you can create an inventory item for sports cards instead. This will enable you to efficiently track the quantity of individual sports cards that are sold separately, while also providing a structured approach to inventory management.
Here's how:
- Go to Settings and then Products & services.
- Click New, then select Inventory.
- Enter a Name for the product.
- Add your product’s Initial quantity on hand and enter when you started tracking that quantity in the As of date field.
- From the Inventory asset account ▼ dropdown, select Inventory Asset.
- Leave the Sales price/rate field blank and then add the price when you fill out the invoice & sales receipt.
- Leave the Cost field blank and then add the price when you fill out the bills.
- Choose the Expense account ▼ dropdown and the account you use to track the cost of items you sell.
- Once done, select Save and close.
On the other hand, for the sports cards that you just need to keep, you can create a separate non-inventory item for them. Here's an article for reference: Add product and service items to QuickBooks Online.
Furthermore, I recommend seeking assistance from your accountant. They can provide additional guidance on steps to take and other ways to handle your inventories to keep your books accurate.
Also, you can use reports to see your sales and inventory status to keep track of your inventory items, such as your best sellers, what's on hand, and the cost of goods.
Feel free to revisit the Community if you have additional questions about managing your inventories in QBO. I'm always here to help. Have a great day!
