Welcome to the QuickBooks Community! I would suggest following these steps, but this only work for the inventory asset account:
1. Create the journal entry by selecting +New and clicking Journal Entry.
2. Select Inventory Asset account and enter in the description the name of the inventory item.
3. Add the necessary information and save it.
However, I advise getting with your accountant to confirm that this would be acceptable for your business. If you don't have an accountant, you could connect with a ProAdvisor specialist. They offer a free consultation to businesses. Simply enter your zip code and search to find one near you.
Keep me updated!
NO, you never ever us a journal entry for inventory items - It will not work and WILL mess up the balance sheet.
Never use journal entry for inventory it will not work to affect qty or cost but will misstate the balance sheet amount for inventory asset.
QB is not a journal entry type of software. Use the menus and forms, QB does the journal entry behind the scenes.
Journal entries should be the exception when using QB, they often do not work as you think they should, and when you use inventory type items they never work for inventory. It is much better to use the forms on the home page the way QB is designed to be used. Journal entries also bypass accrual/cash reporting, and will not show on many reports.
"I need to enter a journal entry including an inventory item, but it isn't given by QBO as an option. How can I enter it in the Journal Entry?"
You can't. You never want to use a Journal Entry for product/service inventory items. You will need to follow the proper workflow for adding inventory items in QBO.
You can refer to this helpful article:
Hope this helps!
I am trying to bulk record my inventory quantities every month. I record all sales etc through a journal entry however that does no track/record my inventory. What is the best way to record inventory quantities?
Nice to have you joined this thread, Jaimee.
You can enter an Inventory Qty Adjustment to seamlessly record your inventory quantities. Let me show you how.
For more insights, you can also refer to this article: Adjust inventory quantity on hand in QuickBooks Online.
Moreover, I’m adding this link that can guide you on how to track your inventory efficiently: Set up and track your inventory in QuickBooks Online.
Keep in touch with me if you have other queries managing your inventories or with your account. I’ll be around ready to assist you. Keep safe!