adding additional ongoing cost to items in inventory

I've got just the steps you need with your inventory, @Loyalcompanions.

I have here two options to add the additional cost in your QuickBooks Online. This way, we can ensure that your inventory data is up-to-date and accurate.

The first one is we can create a clearing account to record all the costs. I'll guide you on how.

1. Go to Accounting on the left-side panel.
2. Choose Chart of Accounts, then click the New tab.
3. Choose Bank for the Account Type. You may choose any detail type you want for your clearing account.
4. Type in the Name for the clearing account.
5. Make sure you do not type in any amount on the balance before clicking Save and Close.

Once done, post the extra cost to the account (food expenses and other vet bills).

The other option is by creating an expense transaction in QuickBooks Online. Then, enter two lines. One is the purchase cost of the item which is positive and the other line is the same quantity as the positive but with the additional cost.

I'd also recommend consulting your accountant to ensure your inventory reports are accurate. In case you don't have any, please visit our Find an accountant website to locate one.

Additionally, access inventory reports to instantly see your best sellers, what’s on hand, cost of goods, and more. For the complete instructions, check out this page: Use reports to see your sales and inventory status.

Lastly, feel easy to visit these links below about restocking inventory and to know more about First In, First Out (FIFO). 

• Set up and track your inventory in QuickBooks Online
• What is FIFO and how is it used for inventory cost accounting?

Drop a comment below if you have additional questions about tracking your inventory. Always here to lend a helping hand. Keep safe. 

Thank you so much for the quick reply. I do like the clearing account as I will be feeding these guys for 12 months :). but now, once I post it to an expense clearing account - how to I get those fee's allocated to the inventory (each service pup)?

It's my pleasure and thanks for the quick response too, @Loyalcompanions.

Good to hear that you have a clearing account in QuickBooks Online. I have here the easy steps on how to allocate your inventory fees. 

First, you can either create an Invoice or Sales receipts in your account. Then add a negative amount in the second line for your fees. Let me show you how. 

1. Go to the Plus icon, then choose either Invoice or Sales Receipt. 
2. Pick a name in the Customer drop-down.
3. Add the exact item in the first line, then enter the amount. 
4. In the second line, click +Add new to add a service fee. Make sure that the amount fee is negative to deduct from the total amount. 
5. Choose your clearing account in the Deposit to drop-down if you're using Sales Receipts.
6. Tap Save and close. 

Once done, you can receive the payments and deposit the funds if you're using an Invoice. Please follow the steps below. 

1. Select the +New button on the left side. 
2. Click Received Payments and follow the on-screen instructions.
3. Go back to the Plus icon, and choose Bank deposit. 
4. Pick Clearing Account in the Account field. 
5. Check the box perpendicular to the customer's name.
6. Tap Save and close. 

After that, you can always visit your clearing register to track all the funds you've deposited to. See the sample screenshot below for your reference. 

Additionally, I'd still recommend consulting your accountant to ensure your inventory reports are accurate. 

Furthermore, feel easy to visit any customer and inventory reports to track all the transactions you've entered into the system. Then customize it to show specific details. For the complete instructions, check out this page: Run reports in QuickBooks Online.

Lastly, visit these articles below about how to calculate COGS and adjust inventory value.

• Cost of goods sold: How to calculate and record COGS
• Adjust inventory quantity on hand.

Leave a comment below if you have further questions about your inventory. I'll be here to keep helping. Take care.