How Inventory Works in Quickbooks Online (QBO)

Рет қаралды 41,010

Күн бұрын

If you want to use the Inventory module in QBO, you need to have the QBO Plus subscription or higher. If you need a new QBO account, make sure you get the best deal on QBO for a full year here: www.claracfo.com/QBO
Inventory is anything that you buy from vendors (or make yourself) and sell to customers. Knowing how inventory works in QBO can help you track, measure, and report your inventory correctly. This video will help you understand how inventory flows through QBO.
0:00 Inventory overview
1:20 Screenshare of QBO - where to find inventory
2:34 Creating new inventory items
7:36 Selling inventory items - invoicing
8:40 Accounting effect of selling inventory
9:49 Buying new inventory - bills
12:00 Accounting effect of buying inventory
14:54 What to do as you scale
16:50 What QBO level has inventory?
To learn more about CFO services, go to: claracfo.com/cfo-services/
💲 Need an accounting system? We use Quickbooks Online with clients and recommend it as the best accounting system for small businesses. Sign up to get a discounted subscription for 12 months! claracfo.com/QBO
🙋‍♀‍Got Employees? Talk to ADP! They can help you if you are a small business owner or an accountant or advisor who works with small businesses. Learn more here: claracfo.com/adprun
💸Pay vendors any way they want and get paid faster! Accept credit cards without paying merchant fees! Melio is a fantastic payments solution for every small business! claracfo.com/melio
(As an affiliate or referral partner for these companies, I may earn rewards from qualifying purchases)
Hannah Smolinski is a #CPA and the Founder of Clara CFO Group. Find out more about Clara CFO Group at claracfo.com/
Disclaimer: This video is intended for educational purposes and
should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience.
CODE: TFZZTS9IS62XJJCX, YJSHXKP9AIEEIWBW

Пікірлер: 52

@sbrown7 4 ай бұрын

Thank you! I really appreciate this. I’m just trying to manage a vending machine business and inventory mgmt is killing me! Easy to follow and understand with good explanations.

@joelnelson1682 Жыл бұрын

Another great video Hannah!

@RichieRichIIII Жыл бұрын

Clara, i work in accounting for a small business & just wanted to say i learned Quickbooks because of your channel. Thanks & Best Regards!

@user-sk6qf4cv9k Жыл бұрын

please keep going, the lessons are so good thank you!

@ClaraCFO Жыл бұрын

Glad you like them!

@annapurna2023 11 ай бұрын

the video is very helpful, Thank you

@ClaraCFO 11 ай бұрын

Glad it was helpful!

@pinkgor 11 ай бұрын

thank you! great details / easily explained. When adding inventory assets - can you create variables for sizes and colors? and can these be edited easily at a later date?

@susannesmelzer2709 2 күн бұрын

So much great information. I manage inventory between customer location. Items received at price X go into that items inventory, I expense the item to the customer location when they are moved at X price. What happens when I have 5 items in inventory purchased at X, 6 items in inventory purchased at Y, I assign the expense to the location customer for 8 items. The cost of 5 of those is X and 3 of those is Y - QB notes the difference, but where does that value go?

@plumini1275 Жыл бұрын

Thank you for the video, good stuff. Question; can I adjust the cost of a product manually? without going into the Bill and items details?

@user-wc8zq3xk1b 7 ай бұрын

Just purchased QBO through your company and am trying to figure out how to "invoice". We are a charitable organization with multiple levels of membership. Can you address how to create a multiple choice invoice so that the member can pick a level and pay that amount. Thanks so much, you videos are awesome!

@ronihiayevcpa2349 3 күн бұрын

If you add inventory manually like this, how do you then match the expenses from the bank feed? Do you use a clearing account method for this. I would really appreciate the help!

@roxstarfishing4950 11 ай бұрын

Hi, thank you for your video. Im having an issue when I update my inventory manually it changes my qty on PO to 0. Then then i bill out the PO the inventory does go in however the Qty on PO goes to a negative number. Any ideas on this?

@FreeLancerTanzina-wp7ev Жыл бұрын

I want more such nice videos in the future. Thank you very much for sharing a very nice video

@ellyhall3910 Жыл бұрын

unit of measure on the invoice / items...any thoughts on a workaround for analysis reasons? for example...we bill customers by the gallon and by the ton...and for transportation by the hour or lump sum. analysis because cumbersome and skewed if you cant filter the u/m thanks!

@rod5380 Жыл бұрын

Great overview! I just wondering how the closing regarding COGS works (LIFO, FIFO, etc). does QB provide tools for the closing?

@ClaraCFO Жыл бұрын

I should have mentioned this! It is FIFO. You can close the books in QBO. What do you mean by “tools”?

@MindSnax-jw8bi 3 ай бұрын

Thank you for the video! When you track inventory with invoices and POs, does this create double transactions when a bank is connected and the transactions are categorized?

@c2ctruckingacc59 6 ай бұрын

Great video. I also really dislike the modern view in QBO, I wish they would get rid of it

@loladeanne6514 Жыл бұрын

The company I work for wants to keep track of inventory by quantity, but would like to expense the items when purchasing. When creating a product can I use a cogs account in the inventory field? I'm just wondering if it will force me to use a inventory account.

@davetinoco Ай бұрын

What about Raw Materials? It seems Quickbooks online only supports Finished product inventory

@user-py9ng1yz4x 9 ай бұрын

I am a new bookkeeper for a shop who uses QB POS 18 desktop, the previous person set up QB online just for the accounting portion so they are not linked at all. I am new to using QB online and not familiar where they aren't linked. I have the bank linked so I can post the deposits into the sales, sales tax, petty cash etc. When I"m entering the Invoices that come in for products purchased do they get categorized as Cost of Goods Sold? The inventory is kept track of in the POS. My next question is do I pull a report at the end of the year to show the cost of the products that are sold and make an entry and if I do what are my entries? Right now the only entries that are showing are the sales and cost of goods sold in the online along with the other items that are categorized. Any help is greatly appreciated!!!!

@LaserTruckAndTrailer Ай бұрын

IS THERE A WAY TO LOOK UP AN INVENTORY PART TO SEE WHAT INVOICE IT WENT ON?

@jorgeramirezsaenz7161 10 ай бұрын

I have a question … ¿what happend When you import your inventory and you have to add to you cost of sales: freigths, storage, taxes? So if i select the vendor my cost of sale has increased and it is not going to match with my Bill in that case how i Can add my inventory?

@dtnlivinglife6731 Жыл бұрын

I have watched many of your videos and am always telling my bookie, "Clara said...." LoL How ever this question not inventory related. Tolls equals to a prepaid amount and then debits that prepaid amount. I pass tolls onto my client. What should Indiana ezpass toll be in QBO as? Indiana ezpass charges a deposit for tolls to be debited from. Then when a toll is processed and debited from the balance of ezpass, how should that entry be put in QBO? When the balance gets to a certain point, Indiana ezpass charges the bank or credit card to build its balance. How should that entry be put in QBO? Sorry this wasn't under inventory. I couldn't find another video that would come close. Thanks in advance.

@SocialSphereSolutionsagency 6 ай бұрын

Hi, Clara Thank you for the detailed explanation. I just need to answer I have some confusion; Please answer me I will be very thankful. When We purchase the inventory how we enter in QuickBooks online. Please clarify my confusion. Thanks

@arslanarif1610 5 ай бұрын

Hi, When QBO is processing COGS from where it is taking the cost ? From the stored cost of the product ? What if I do not want it to take it from stored cost rather from bills from vendors.

@dantallman7142 11 ай бұрын

Can I delete a Master with a part number that has been discontinued with the online system? I can't with the QB we have now.

@SuperSpikejack 5 ай бұрын

How do you track inventory like yardage turned into an item?

@EsperanzaBB Ай бұрын

What if my products are by pounds and each unit weighs difffentr

@yaniquehall4493 5 ай бұрын

How do I add inventory that has additional cost like shipping included in the COG

@samanthamorris5798 7 ай бұрын

How does it work if I want to keep track of inventory but I'm not selling the product to the customer because its already built in the quote?

@alejandrodeutschmann6330 4 ай бұрын

Thank you!! I have a question: I have two invoices for one item, the cost of the item and de cost of the freight. How I must register both including the final price of the item?

@inventorysoftware 4 ай бұрын

Are you wanting to roll the cost of shipping into the cost of the item when the item is received into inventory? I.e. create a landed cost value and of the item?

@AlvinDavis-zk3pt 3 ай бұрын

Good day. If I am buying inventory from one party and then transferring it to another for processing into a finish product (e.g. converting milk into cheese). Can Quick Books track the cost of sales from the first vendor as well as the second vendor? In other words can it provide the total cost of sales for the finish product.

@jiteshkharva-ql1gw 11 ай бұрын

A name or iteam name in Quickbook takes only 31 characters... SO Can I Increase the number of characters? and if yes so let me know how do i increase? Please guide me...

@jubairop3945 Жыл бұрын

How to enter purchase without stock creation in Quick book online?

@ashleyjohnson5283 Жыл бұрын

How do you account for rental inventory?

@ClaraCFO Жыл бұрын

What do you mean by rental inventory?

@ashleyjohnson5283 Жыл бұрын

@@ClaraCFO I have a client that has a floral arrangement type company. She rents out her vessels (vases) and charges a fee to rent the inventory is obviously more fixed than inventory that is sold. I hope that makes sense. I’m assuming it be more of a service than actual inventory

@MalindaWaller 4 ай бұрын

how would you record the delivery charge for inventory items

@inventorysoftware 4 ай бұрын

Are you talking about the shipping charge from the vendor when you receive the item? Or are you talking about the shipping charge you charge to your customer? Or are you talking about the cost of shipping the carrier charges you?