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Experienced Member

Tracking inventory when inventory increases by propagation

I have started an aquaculture business.  how do I track and input new inventory when it comes by growth and propagation, IE division?  There would be an initial purchase, but beyond that it is increased by propagation.

2 Comments
QuickBooks Team

Re: Tracking inventory when inventory increases by propagation

There’s a way to track the increase of your inventory, markfmvl. Let me show you how.

 

At the initial purchase, you can record an expense or a check transaction. When the number of items increases, you can also adjust their quantities in QuickBooks.


By the way, the Inventory tracking feature is only available in some versions QuickBooks Online and QuickBooks Desktop. We’re unable to track this in QuickBooks Self-Employed. I think you’ve tagged your question with Self-Employed by mistake, so I’ll give you steps to adjust inventory counts in the online and desktop versions.


To adjust the count in QuickBooks Online:

  1. Click the Create (+) icon.
  2. Choose Inventory Qty Adjustment.
  3. Enter the Adjustment date and select your Inventory adjustment account.
  4. Choose the product and enter the NEW QTY.
  5. Enter a Memo in reference to the transaction.
  6. Click Save and close.

To adjust the count in QuickBooks Desktop:

  1. From the Vendors menu, choose select Inventory Activities.
  2. Select Adjust Quantities/Values on Hand.
  3. Enter the adjustment date and choose the adjustment account.
  4. Select the item and enter the new quantity on the table.
  5. Enter a Memo and click Save & Close.

To find more information about inventory tracking in QuickBooks Desktop, you can press F1 to launch the Help window. Then, search for something like Inventory or Inventory adjustment.

 

Please let me know if you have questions about tracking the increase of your items.

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Re: Tracking inventory when inventory increases by propagation

@markfmvl 

 

You marked this as using QBSE, so the answer is you can not.  QBSE does not do inventory at all

QBSE does not allow for any new accounts (categories) to be created
QBSE does not have sales receipts, only invoices
QBSE does not have the class function
QBSE does not do recurring transactions
QBSE does not keep a customer or job listing
QBSE does not have a balance sheet so you can not enter the cost or the depreciation for a car/equipment
QBSE does not do inventory or cost of goods sold
QBSE can not do payroll
QBSE does not do any associated IRS forms, like home office deductions or depreciation
QBSE will not accept a banking file formatted as .qbo (a standard intuit type of file)

QBSE does not do sales tax either (not schedule C related but critical to a business)

 

Since you are farming, you need to get IRS Pub 225, farmers and ranchers have special rules with the IRS