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BCH4life
December 19, 2021
Question

Inventory upload vs bank feed for inventory purchase with QBO

  • December 19, 2021
  • 1 reply
  • 0 views
Hello I need some help with QBO Plus inventory 
When I add a inventory purchase transaction from the bank Dashboard
Say $100 worth of different types and kinds of products I categorize the transaction as inventory.
And the inventory account increase by $100 as it should or would.
but now I want to upload the excel list of products purchased from that $100 transaction to the product and services dashboard so I can track the sales of each product.
When I do that they are also categorized as inventory and the inventory account increases another $100 and now shows $200 when there is really only $100.
So my question is how should I be categorizing the bank transaction vs the inventory item upload.
Or do I need to be dong some kind of journal entry or the use of a inventory purchase  Clearing account? 
I hope that makes sense and I appreciate any help you all could provide.
 
 
 

1 reply

Rustler
Rustler
December 20, 2021

Never use a journal entry for inventory it can not affect the item cost. Never use inventory asset as the expense for anything. Inventory asset never gets posted to, it is a summing account. The inventory items carry qty and cost which all add up to the value you see for inventory asset on the balance sheet.

 

You can not, that I am aware of, use banking downloads to buy inventory since you have to specify each item, the qty purchased and the total cost.

 

Enter a bill using the item details part of the bill and list what was purchased, then pay the bill in QB. Then download banking and match the payment.

B
BCH4lifeAuthor
December 20, 2021

Hi Rustler 

Thank you for your reply. so right or wrong this is what I have been doing with QB Online. 

I have a supplier that I buy from and my bank card is charged for the purchase. I have been Categorizing the purchase as Inventory  attaching the supplier invoice I download from the website and press the Add button. 

then I take the items from the supplier invoices and Copy and pasting them into an excel spread sheet with quantity  and cost which also has each item categorized as Inventory ( the QBOL Inventory upload format).

 

so if I understand you correctly,  you are saying instead of doing what I have been doing with the bank feed

I need to create a Bill for the supplier for the cost of the invoice  with the items listed but not categorized as inventory  then just match the bill to the bank feed. then my excel inventory upload will be the only thing that should make the inventory account balance increase. 

does that sound right to you or am I miss understanding?     

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