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Ph1709
Level 1

I would like to know how to enter individual parts per vendor invoice as I did in Quickbooks Desktop. Does anyone know how do this?

I have to enter each part under a Cost of Goods expense account. It does not give me the option to switch to "Items" as it did before.
2 Comments 2
Rustler
Level 15

I would like to know how to enter individual parts per vendor invoice as I did in Quickbooks Desktop. Does anyone know how do this?

COGS is only for items cost that are stocked as inventory items

 

but be sure you have track items turned on in company settings, then on the purchase click the items detail at the bottom and enter the items one at a time

Rainflurry
Level 12

I would like to know how to enter individual parts per vendor invoice as I did in Quickbooks Desktop. Does anyone know how do this?

@Ph1709 

 

When you purchase inventory, you post it to your inventory asset account, not COGS.  When inventory sells, it is then posted to COGS, hence the name cost of goods "sold".

 

Inventory is not an expense until sold, if it was, it would be easy for a company to manipulate its income by purchasing a bunch of inventory at year-end, thereby reducing its income and reducing its tax liability.  The IRS is not fond of that sort of thing which is why companies that keep inventory generally must use the accrual method of accounting.

 

 

 

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