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Buy nowWe are using square for POS and inventory managment. I do NOT want to also use QBO for inventory managment. I only want to use QBO to show the cost of inventory ( which will then be carried on the balance sheet) I will also reduce value of inventory and increase COGS as sales are made. I will be getting sales and COGS from square reports and I want to enter it manually into QBO rather than integrating the two systems.
So if I'm not using QBO for inventory management, how do I enter the purchases associated with inventory?
And how do I make the COGS adjustment?
Thanks
You need an additional app to do so as the connector.
Hello there, kbhbb.
In QuickBooks Online (QBO), the cost of goods sold (COGS) is automatically generated after you set up the inventory items. When adding a quantity to your inventory, you'll need to select the Cost of Goods Sold (COGS) account from the Inventory adjustment section.
If you need to manually track the value of your inventory assets, we can create an account to track your inventory value and the cost of goods sold. You can check out this article for the steps and details: Can I track inventory manually in QuickBooks Online?.
Also, there are two ways in integrating a third-party app in QBO. It's either through the Apps menu within QBO or on the QuickBooks App Center page.
To search for the right app through the Apps menu, here's how:
To locate an app in the QuickBooks App Center page, here's how:
I have links here that provide you with articles about managing your inventory items:
I'll be around to help you if there's anything else you need. You can always find me here. Have a good one!
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