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MKT22191
Level 3

Correct way to enter product buying/selling transaction

Hello.   I am new in this community.  Hope someone helps me...  I am with a new e-commerce company, trying to figure out the correct way of entry in QBO. 

 

We sell products (not service) and general flow of buying/selling is: 

- We receive an order from a customer. At the same time, the customer pays for the product and delivery.
- We purchase the product from a vendor, usually a couple of more in quantity (e.g. the customer only wants one, but we order two to the vendor for the future sale opportunity.)
- As soon as the products arrive to us, we deliver/ship the product to the customer. 

Do I record the customer's payment as prepayment first then change it to sale once the product is delivered to the customer?

Thank you in advance!

2 Comments 2
Fiat Lux - ASIA
Level 15

Correct way to enter product buying/selling transaction

Visit the following reference to record your customer's payment as deposit

https://quickbooks.intuit.com/learn-support/en-us/business-accounts/record-a-retainer-or-deposit/00/...

 

As I know, QBO doesn't have a back order feature. To manage your inventory better, consider having an inventory management app with the back order feature to integrate with your QBO.

MKT22191
Level 3

Correct way to enter product buying/selling transaction

Flat Lux,

 

Thank you for pointing me to the right direction!  

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