cancel
Showing results for 
Search instead for 
Did you mean: 
snfcompany2020
Level 2

Does the "essential" Quick Books online version able to use the periodic inventory system or just perpetual inventory system?!

I will control the inventory consumption and costing in Excel spread sheets and not in the QuickBooks online system!.
Solved
Best answer April 02, 2020

Best Answers
btks
Level 4

Does the "essential" Quick Books online version able to use the periodic inventory system or just perpetual inventory system?!

I also track inventory in Excel and use the periodic system.  I put inventory purchases into the inventory account.  At the end of the period, I use a journal entry to credit what has sold out of the inventory account and debit it to the COGS account.

View solution in original post

4 Comments
MarshallA
Intuit

Does the "essential" Quick Books online version able to use the periodic inventory system or just perpetual inventory system?!

Hello,

 

QuickBooks Online Essentials has NO inventory features.  You cannot track QTY on Hand in essentials at all.  If all your inventory tasks are being done outside of QuickBooks Essentials than you can certainly add in journal entries or other transactions that affect the needed accounts, but any inventory features without the use of a 3rd party app will require you to have QBO Plus or QBO Advanced.

btks
Level 4

Does the "essential" Quick Books online version able to use the periodic inventory system or just perpetual inventory system?!

I also track inventory in Excel and use the periodic system.  I put inventory purchases into the inventory account.  At the end of the period, I use a journal entry to credit what has sold out of the inventory account and debit it to the COGS account.

View solution in original post

snfcompany2020
Level 2

Does the "essential" Quick Books online version able to use the periodic inventory system or just perpetual inventory system?!

Thanks for your response. So accordingly, the system using the perpetual inventory system and the accountant must modify it by using such journals you've mentioned to be in periodic inventory system.

 

Much appreciate it.

snfcompany2020
Level 2

Does the "essential" Quick Books online version able to use the periodic inventory system or just perpetual inventory system?!

Thanks for clarification

Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up

Need to get in touch?

Contact us