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.
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.
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