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?
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 +Newand clicking Journal Entry. 2. Select Inventory Assetaccount 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 ProAdvisorspecialist. They offer a free consultation to businesses. Simply enter your zip code and search to find one near you. Keep me updated!
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.