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alidabotes2@gmai
Level 1

How to record daily cash sales per Product Item to reduce stock quantities for daily sales in the books?

I want to track my balance per stock item
1 Comment 1
Joesem M
Moderator

How to record daily cash sales per Product Item to reduce stock quantities for daily sales in the books?

It's great to see you here in QuickBooks Community, alidabotes2@gmai.

 

You can create an inventory item and use that to record your daily sales per product. Then create an invoce or sales receipt and use the newly created inventory item. This reduce the quantities and it will balance the stock item in your QuickBooks account.

 

Here's how:

 

  1. Click the Gear icon, then select Products and Services.
  2. Hit the New button, then choose Inventory.
  3. Enter the name of the item, quantity, and date.
  4. In the Inventory asset account drop-down, select the account.
  5. Choose the appropriate Income and Expense account from the drop-down.
  6. Click Save and close.

 

Also, you'll have to manually adjust an item's quantity (numbers) without recording a purchase or sale, to match what you have in stock. With this, QBO automatically records appropriate adjustments to your stock accounts. In case you want to create an inventory adjustment, you can follow the steps below:

 

  1. Go to the + New button.
  2. Select Stock qty adjustment.
  3. Enter the Adjustment date.
  4. In the Stock adjustment account drop-down, select the appropriate account.
  5. Select the products in the Product field. Note: The description and current quantity on hand auto-populate.
  6. For each item, enter either a new quantity or a change in quantity.
  7. In the Memo field, enter the details about the adjustment.
  8. When you're done, select Save and close.

 

Check out these articles to know how to edit an inventory quantity adjustment and track inventory manually. It also contains steps on how to create bundles where you group multiple products or services 

 

 

You can use inventory reports to get helpful insights on the things you buy and sell, and the status of your stock. To know which report to pull up, I'd recommend checking out this article: Use reports to see your sales and stock status.

 

Please let me know how it goes in the comment section below. I'm only a post away if you have any follow-up questions. Wishing you all the best, alidabotes2@gmai.