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Recording inventory purchases

I use QB Plus. I buy items at thrift stores to resell online. I just started working with quickbooks plus and have been inputting inventory that I purchase in "hauls" and I average out the cost of goods based on the number of items I purchased.  My inventory is accurate in "Products and Services" and when I put in sales receipts the COGS that is deducted is accurate in the reports.

 

My question is  how do you input PURCHASES of inventory that show up on the bank statements accurately so that it is reflected in Products and Services and so that the bank transaction is attached to it so that the Assets account is accurate also.  I.E. I went to a thrift store and purchased 10 items for $33. I entered this into Products and Services directly (NOT through making a purchase through a vendor/creating a bill). How do I log the $33 transaction that shows up on my bank statement? I read online something about creating a Vendor and log a purchase from the vendor.  If I were to create a bill for this inventory to match it to the bank transaction would it end up as a duplicate of the manual inventory that I added to Products and Services for that same purchase?

 

Thanks!

 

Kristen

Solved
Best answer 08-11-2019

Accepted Solutions
Moderator

Re: Recording inventory purchases

Hi kmasta,


You won't be able to reconcile your bank statements if the purchased items will be entered directly from the Products and Services setup.

 

Creating a bill/expense for these items is the recommended way. QuickBooks automatically matches this payment to a bank statement from the Banking page. 

 

If you create bills but you've already manually recorded the items, you'll get duplicate expenses and the quantity of the inventory increases. 

 

Here's a reference: Buying and selling inventory.

 

Should you need anything else, please let us know. We are happy to help. 

1 Comment
Moderator

Re: Recording inventory purchases

Hi kmasta,


You won't be able to reconcile your bank statements if the purchased items will be entered directly from the Products and Services setup.

 

Creating a bill/expense for these items is the recommended way. QuickBooks automatically matches this payment to a bank statement from the Banking page. 

 

If you create bills but you've already manually recorded the items, you'll get duplicate expenses and the quantity of the inventory increases. 

 

Here's a reference: Buying and selling inventory.

 

Should you need anything else, please let us know. We are happy to help. 

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