Thanks for posting in the Community space, @hosbrook41.
I'd like to make sure that we're on the same page so I can provide you the right amount of information. May I know the specific help you need with QuickBooks? Any additional information you can share will help me provide the best solution to your concern.
Looking forward to hearing again from you, feel free to click the Reply button below.
Yes, thank you! I have both a wholesale & retail business that sells wine glasses, etc. My retail store is on Shopify & the info is pushed to QBO via Quickbooks Bridge, and the inventory is shared, not separate. I showed my glasses at some trade shows and pre-sold 6 different styles. I had to add those styles in QBO as inventory in order to process the invoices to the stores (as they bought other styles than the pre-sold/unavailable styles.). I received the inventory in my warehouse last week & processed the invoices for the pre-sold quantities.
I am unsure of how to reconcile the PO with the inventory after-the-fact.
I issued POs to my factory for 144 glasses of X Design. I pre-sold 80 pieces before I received the inventory. What is the correct way to show that I now have 64 pcs available to purchase?
I hope this is clear :)
THanks for the quick reply!
I have a wholesale & retail business that sells wine glasses, etc. Shopify is my retail store & it pushes to QBO via Quickbooks Bridge. My inventory is shared across both whsl & retail, not separate. I showed my line at a trade show & pre-sold 6 styles (so I know what would sell before I invested in inventory). I had to add the pre-sold products in QBO in order to process the store's invoices, as they also bought items that were not pre-sold. I received the inventory last week and have processed & shipped the balance of the store's orders.
My question is how do I reconcile the PO quantitiy with the current inventory after-the-fact?
I have steps to help you keep track of your inventory in QuickBooks, @hosbrook41.
In QuickBooks, Purchase Orders are non-posting transactions that can only be tracked if billed. To identify pre-sold and available items in your inventory, you can manually track them or do a physical count. Then, to see the quantity of your PO with the current QBO inventory, you can run the Physical Inventory Worksheet Report. Here's how:
For your reference, please see this article: Set up and track your inventory in QuickBooks Online.
Also, there are several reports you can use to see your inventory status and performance. To get started, visit this link: Use reports to see your sales and inventory status.
If you need further assistance about reconciling your Purchase Orders with inventory, feel free to post a reply below. I'm just a post away to help. Have a great day ahead.
Thanks! I am a bit new to accounting, so please be patient with my questions :) If a PO is a non-posted transaction, I still need to show that, at some point, I paid for & received 144 glasses and sold 80 of them. But I feel like I am doing this after-the-fact instead of in real time. I can't just go into the quantity now & drop it down to 80, can I?
Good afternoon @hosbrook41! Thanks for coming back for clarification. I'm happy to help you out with your inventory!
You got it exactly right. All you need to do is adjust that physical inventory number. I'll attach an article to walk you through every step: Adjust inventory quantity on hand in QuickBooks Online.
Please feel free to reply with any more questions you have. All of us here in the Community are very eager to help you!