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I also track inventory in Excel and use the periodic system. I put inventory purchases into the inventory account. At the end of the period, I use a journal entry to credit what has sold out of the inventory account and debit it to the COGS account.
Hello,
QuickBooks Online Essentials has NO inventory features. You cannot track QTY on Hand in essentials at all. If all your inventory tasks are being done outside of QuickBooks Essentials than you can certainly add in journal entries or other transactions that affect the needed accounts, but any inventory features without the use of a 3rd party app will require you to have QBO Plus or QBO Advanced.
I also track inventory in Excel and use the periodic system. I put inventory purchases into the inventory account. At the end of the period, I use a journal entry to credit what has sold out of the inventory account and debit it to the COGS account.
Thanks for your response. So accordingly, the system using the perpetual inventory system and the accountant must modify it by using such journals you've mentioned to be in periodic inventory system.
Much appreciate it.
Thanks for clarification
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