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My company has multiple locations, each store is it's own entity but they are very much intertwined. We do a lot of inventory transfers between the stores and I'm not sure how to record that. Originally I thought we should create invoices for each transfer and the company receiving said transfers would write a check at the end of the month. The problem with this however is that Company A ends up owing Company B say $800 while Company B owes Company A $750..
What is the best way to record transfers like this ?
It's great to see you here, @ck52.
I'd be delighted to help walk you through in tracking your inventory transfers in QuickBooks Desktop.
For starters, you'll need to turn on Advanced Inventory for you to track inventory stored from different store locations.
Here's how:
Once advanced inventory is turn-on, follow the steps below in setting-up inventory sites. Here's how:
If you need further help with the steps above, I’d suggest contacting our Customer Care team. A specialist will be able to look up your account securely and further assist you via remote access session.
Here’s how to contact us:
Please don’t hesitate to click the Reply button if you have other question about tracking your inventory transfers in QuickBooks Desktop. I’m always here to help.
Thank you so much for your help. I think my use of the word 'inventory' may have been misleading. We don't want to use QB to process inventory or keep track of inventory levels in that way. I think invoicing would be more appropriate. Each store is invoicing other locations and I need to keep track of the dollar amounts going and coming out of each store. I had wanted to cut checks from each store at the end of the month/quarter for the amounts owed, but it doesn't really make sense to do all that as one store would owe the other almost as much as that store owes them. Would it best to do a 'loan to' for each transaction?
Hi there, @anything2.
Thank you for choosing QuickBooks as your accounting partner. I'd be happy to introduce to you the class tracking feature in QuickBooks.
This feature is convenient to track the locations of the transactions in your business. Here's how:
Whenever you create a transaction, there will be a designated Class field. Click Add New if there's no class yet.
For additional insights, please check this blog: How to Use Class Tracking in QuickBooks. Once you follow this process of recording your transactions, you can customize reports by class (location).
That should do it. Let me know if you have additional concerns or questions. I'm still here to help you further. Have a wonderful day ahead!
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