Hi, Syedusman. In QuickBooks Online (QBO) Plus or Advanced, you can track your inventory, enter invoices, and record bills effectively. This allows you to see how your wheat purchases and flour sales which impacts your overall finances. Here's a streamlined process to get you started:
- Recording Wheat Purchases:
- Go to +New. Select Bill or Expense.
- Select your vendor, enter the amount for the wheat purchase, and choose the correct expense account.
- Save the entry.
- Adding Wheat to Inventory:
- Navigate to Sales. Then, click Products and Services.
- Click New and select Inventory.
- Enter the details for wheat, including its purchase price and quantity on hand.
- Save this inventory item so that it can be tracked.
- Recording Flour Sales:
- When you sell flour, go to +New. Then, click Invoice under Customers.
- Choose the customer, list the flour sold, and ensure it’s categorized as an inventory item.
- Save and send the invoice to the customer.
By handling your wheat purchases and flour sales this way, you’ll keep accurate records of your expenses and inventory, providing real-time insights into your business’s profitability.
You can also run a report to see your current and future finances. Refer to this article as a future reference: Use reports to track cash flow in QuickBooks Online.
Please don't hesitate to reply to this thread if you have more queries. We'll be here to assist you along the way.
