Recording Sales & Inventory QuickBooks Online

I'm here to share some details about inventory and sales, Ellsworth Nutrition.

In recording your products, you can select Inventory if you want to track the quantities. Otherwise, you can mark it as Non-Inventory. Before proceeding, I'd suggest consulting your accountant to ensure everything is recorded accurately.

As for the daily sales, you can either record them as invoices or sales receipts, depending on the transactions. You can check out this article to learn more: Record your Total Daily Sales.

Once the sales are recorded, QuickBooks then decreases what’s on hand by the amount on the invoice or sales receipt.

To learn more about tracking your inventory, please see this article: Set up your Inventory.

You can now start upgrading your QuickBooks plan to start tracking inventory, 

Please reach out to us again if you'll need help managing your items in QuickBooks. I'm always here to back you up.

Hello,

Thank you for reaching out to me with assistance.

I do not need to track my inventory through Quickbooks - I use a separate software to track what inventory I have and what inventory I need to order.

All I need to do in Quickbooks is to track how much I spend on supplies/inventories vs how much revenue I am bringing in.

Since I am not tracking my inventory, should I categorize the purchase of inventory as COGS as soon as the purchase is made?

Then, should I continue with Sales Receipt when I enter my daily sales numbers?

Thank you for getting back, @Ellsworth Nutrition.

Since you don't use QuickBooks in tracking your inventory, you don't need to record sales receipts or purchases for your expenses and revenues. To keep control of your spendings and income, you may use journal entries for them. I'll guide you how.

1. Open your QuickBooks Online (QBO) account.
2. Go to the + New icon, then click on Journal entry under Other.
3. Fill in the details, then save the transaction.

For accurate accounting, you can seek help from a professional accountant. They are the ones who can give you strategic advice with handling journal entries and financial accounts.

On the other hand, here's how you can learn more about setting up and tracking inventory in QuickBooks Online.

Moreover, you can open the topics from our help articles for more hints and resources while working with QuickBooks in the future.

If you have any other questions about QuickBooks and inventory transactions, please notify me by adding a comment below. I'm always here to help. Have a good one!

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@Ellsworth Nutrition wrote:

I do not need to track my inventory through Quickbooks - I use a separate software to track what inventory I have and what inventory I need to order.

@Ellsworth Nutrition 

Which inventory management app do you have?

@Fiat Lux - ASIA 

We do not have a lot of inventory that needs to be tracked, so we just use Excel Spreadsheets for our inventory.

In the future if we expand our size/locations/offerings, we may at that point utilize an actual inventory software, however, at this time, spreadsheets is good enough for what we need