Thank you for reaching out to us, galaxy. I appreciate your questions regarding inventory management and how QuickBooks handles inventory costs. Let me share some insights regarding the matter at hand.
QuickBooks Online (QBO) always considers the first units purchased (First In) to be the first units sold (First Out) and will adjust your assets and Cost of Goods Sold accordingly whenever sales inventory items are entered. Keeping the cost average of your inventory will need an inventory management app to sync with QBO, as 4Gal said.
Since receiving your inventory will depend on the inventory management app you're considering, may I kindly inquire about the name of the app?
In response to your second question, when you receive inventory, it can be recorded in both QuickBooks and Shopify. However, please note that QuickBooks cannot automatically retrieve detailed inventory information such as the inventory levels, cost prices, and tax details from Shopify, and sync this information with QBO products.
Furthermore, inventory management occurs within QuickBooks to ensure accurate tracking and reporting. So, when setting up an inventory item in QuickBooks, and assigning it to a specific account or category, QuickBooks will automatically place it in the designated spot based on your configuration. This ensures that your inventory is organized correctly.
For reference, you can also look into these articles on how to manage inventory:
Feel free to drop a comment below if you have other managing inventory in QBO. I'll be right here to help you out. Have a great day!
