Categorizing Inventory Assets

mikelu9661 · ‎April 06, 2020

Hello,

I was wondering how come when i categorized an bank feed to "inventory Assets" it increases the inventory asset account within the charter account page, but when downloading any inventory report, it doesn't actually add up to the asset unless there's a product/service created with expense/bill to match. There's some inventory where I don't want to spend the time doing all those steps of creating the product/bill/expense then match, rather then just categorizing it within the feed as some of them are just 1 qty / 1 time inventory, basically my goal is to minmum the work as much as possible for inventory I don't plan to restock or have a lot of stock on.

vpcontroller · ‎April 06, 2020

@mikelu9661 wrote:

Hello,

I was wondering how come when i categorized an bank feed to "inventory Assets" it increases the inventory asset account within the charter account page, but when downloading any inventory report, it doesn't actually add up to the asset unless there's a product/service created with expense/bill to match. There's some inventory where I don't want to spend the time doing all those steps of creating the product/bill/expense then match, rather then just categorizing it within the feed as some of them are just 1 qty / 1 time inventory, basically my goal is to minmum the work as much as possible for inventory I don't plan to restock or have a lot of stock on.

@mikelu9661

If you want to track inventory items in QBO, you've no other option but to enter it to the Item Details section of the Vendor form. From the bank feed, you can only add to the Category Details section of the Vendor form.

Once again, if you want to track Inventory, you must manually enter it QBO and then match at the Bank feed.

"as some of them are just 1 qty / 1 time inventory,"

The only alternative is to expense these items to COGS account from the Bank feed, and not to track it to the Inventory Assets account.

View solution in original post

vpcontroller · ‎April 06, 2020

@mikelu9661 wrote:

Hello,

I was wondering how come when i categorized an bank feed to "inventory Assets" it increases the inventory asset account within the charter account page, but when downloading any inventory report, it doesn't actually add up to the asset unless there's a product/service created with expense/bill to match. There's some inventory where I don't want to spend the time doing all those steps of creating the product/bill/expense then match, rather then just categorizing it within the feed as some of them are just 1 qty / 1 time inventory, basically my goal is to minmum the work as much as possible for inventory I don't plan to restock or have a lot of stock on.

@mikelu9661

If you want to track inventory items in QBO, you've no other option but to enter it to the Item Details section of the Vendor form. From the bank feed, you can only add to the Category Details section of the Vendor form.

Once again, if you want to track Inventory, you must manually enter it QBO and then match at the Bank feed.

"as some of them are just 1 qty / 1 time inventory,"

The only alternative is to expense these items to COGS account from the Bank feed, and not to track it to the Inventory Assets account.

mikelu9661 · ‎April 06, 2020

Got it, TYSM for your response.

Lastly if something is ordered charged in full like $125, then days later showed refunded in full $125, nothing in QBO is entered yet for either of the purchase inventory or the refunded inventory, to get this going the fastest I can & keep everything tracked, is excluding both of these transaction the fastest accurate way or do you suggest a better way. I know there's recording purchase>vendor credit for refund>feed match, etcc.. But I feel that being way too long for something that I don't even carry or affect balance differently anymore since they both cancel each other out.

vpcontroller · ‎April 06, 2020

@mikelu9661 wrote:

Got it, TYSM for your response.

Lastly if something is ordered charged in full like $125, then days later showed refunded in full $125, nothing in QBO is entered yet for either of the purchase inventory or the refunded inventory, to get this going the fastest I can & keep everything tracked, is excluding both of these transaction the fastest accurate way or do you suggest a better way. I know there's recording purchase>vendor credit for refund>feed match, etcc.. But I feel that being way too long for something that I don't even carry or affect balance differently anymore since they both cancel each other out.

@mikelu9661

From the pure accounting perspective, you need to record all the transactions that show up on your bank or credit statements. I know it's in and out and a wash but again...

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Categorizing Inventory Assets