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January 29, 2022
Question

inventory

  • January 29, 2022
  • 1 reply
  • 0 views

We 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

1 reply

Fiat Lux - ASIA
Level 14
January 30, 2022

You need an additional app to do so as the connector.

Level 4
January 30, 2022

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:

  1. Log in to your QuickBooks Online account.
  2. Go to the Apps menu.
  3. Type in the Search for an app field.
  4. Select the app you want, then follow the on-screen instructions to complete the process.

 

To locate an app in the QuickBooks App Center page, here's how:

  1. Go to the QuickBooks App Center website.
  2. Type in the Search by app name, keyword, job, or category field..
  3. Choose the app you need and follow the instructions to complete the process.

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!