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Café655
Level 1

New Painting Company...how to track materials I stock up on

I am starting a new painting division of my remodeling company.  I have never stocked up materials at all, but now with the painting company, I will be prepurchasing in bulk things like paint rollers, plastic, cleaners, primer, etc...

 

I have always assigned all COGS to particular customers as I enter them, but now I won't have a customer to assign them to as I purchase in bulk.  How do I enter them, the reassign them as I use them?

2 Comments 2
AlcaeusF
Moderator

New Painting Company...how to track materials I stock up on

Welcome to the Community, @Café655.

 

Let me share some information about tracking materials in QuickBooks Online.

 

In QuickBooks Online, you can have the option to add inventory without assigning them to your customers. It allows you to enter information such as the onhand stocks, assigning an expense and income account, etc.

 

First, make sure you turn on inventory tracking:

 

  1. Click the Gear ⚙ icon and select Account and Settings.
  2. Select the Sales tab.
  3. Select Edit ✎ in the Products and services section.
  4. Turn on Show Product/Service column on sales forms.
  5. You can also turn on price rules if you want to set up flexible pricing for the things you sell.
  6. Turn on both Track quantity and price/rate and Track inventory quantity on hand.
  7. Select Save and then Done.

Once done, you can add the materials to your inventory. Here's how:

 

  1. On the left panel, click Sales.
  2. Go to the Products and Services tab.
  3. Click New.
  4. Select Inventory1.JPG

You can also visit the Can I track inventory manually in QuickBooks Online? article for some information about tracking the value of your inventory assets manually.

 

Additionally, here are some helpful references that you can check to learn more about tracking inventory effectively, as well as how to get alerts for low or out of stock:

 

Drop me a comment below if you have any other questions. I'll be more than happy to help. Wishing you a good one.

Café655
Level 1

New Painting Company...how to track materials I stock up on

Thank you for your help!  

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