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usermachinehead6044
Level 1

How do I add inventory that we purchased on a credit card and also paid the sales tax on?

Also, credit card is not yet due and the transaction has not yet come over from our CC to QB.
2 Comments 2
Rose-A
Moderator

How do I add inventory that we purchased on a credit card and also paid the sales tax on?

I know how you can add the inventory and the paid sales tax using your credit card, usermachinehead6044.

 

You can create a bill for inventory and enter the amount paid including sales tax. However, QuickBooks Online does not track Sales Tax from the Bill as it's not reclaimable from purchases.

 

Here's how to create a bill:

 

  1. Click + New in the left panel and select Bill.
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  2. Select a Vendor.
  3. Enter the bill details.
  4. Add the inventory you purchased and enter the amount including the paid sales tax.
  5. Hit Save and close.
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Once saved, pay the bill using the credit card. You can go through this article for the outlined steps in paying the transaction: Enter bills and record bill payments in QuickBooks Online. This will provide you other options on how to pay it using cash or a check.

 

After that, you can match the bill payment once the transactions are downloaded from your credit card to QuickBooks. You can visit the following write-up to know more about the matching process: Categorize and match online bank transactions in QuickBooks Online. It contains more details about managing your statements as well as a link to reconcile your account.

 

Kindly update me on the result of these steps in the comment below. I need to make sure you're all set. I'm always here to provide additional assistance whenever you need one. Have a good one.

usermachinehead6044
Level 1

How do I add inventory that we purchased on a credit card and also paid the sales tax on?

Thank you so much for your help! I will try this out and let you know how it goes.

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