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rukhan
September 15, 2022
Solved

Is necessary to used same Item for sale & Purchase in Quickbook Desktop

  • September 15, 2022
  • 1 reply
  • 0 views

Hi All,

I am using quickbooks desktop version 2018 so i just want to confirm one thing that we are using one Item for taking Purchase via Enter bill after that we can move this Item in other Inventory Item like Stock Rolling Item and Sales from Stock rolling Item. I just want to know is that practice OK or not ?. Secondly is its necessary to used one item for sales and Purchase or NOT confirm what is the best way. Pls Suggest 

Best answer by ChristineJoieR

Hello, @rukhan.

 

I'm here to share some insight about how to record inventory items in QuickBooks Desktop.

 

Yes, it's necessary to use the same items for the product ordered and for the product sold. Also, QuickBooks automatically adds two accounts to your company file's Chart of Accounts when you create your first inventory item in your Inventory List.

 

Furthermore, the expense of purchasing inventory is recorded in the Inventory Asset account. When an item is sold, QuickBooks automatically transfers the product's cost from the Inventory Asset account to the Cost of Goods Sold account.

 

In addition, check out this article on how QuickBooks handles inventory assets, average cost, and cost of goods sold is necessary for effective inventory tracking (COGS). You'll learn how to calculate the average cost and identify the reports that will aid in inventory management: Understand inventory assets and cost of goods sold the track.

 

Moreover, if you need to change quantity or overall value of your products in QuickBooks Desktop, please see this article: Adjust your inventory quantity or value in QuickBooks Desktop. 

 

Please let me know how things work out. Please let me know if you encounter the issue so we can try different procedures to enable you to add inventory items. Enjoy your day!

1 reply

L
LollyNino_C
September 15, 2022

Thanks for reaching out to us here in the Community, @rukhan. 

 

I'll be sure to keep an eye out for your response. You can also contact our technical support team, as they have the tools available to remote into your computer and take a look at how the items are set up and what accounts are associated with them. They can also help to build a report based on your needs for the company. 

 

Let me know if you have additional questions or concerns. You can always reach out to the Community or me anytime you need assistance. Take care and have a good one! 

R
rukhanAuthor
September 20, 2022

i am waiting for the answer but no one reply

 

C
ChristineJoieRAnswer
September 20, 2022

Hello, @rukhan.

 

I'm here to share some insight about how to record inventory items in QuickBooks Desktop.

 

Yes, it's necessary to use the same items for the product ordered and for the product sold. Also, QuickBooks automatically adds two accounts to your company file's Chart of Accounts when you create your first inventory item in your Inventory List.

 

Furthermore, the expense of purchasing inventory is recorded in the Inventory Asset account. When an item is sold, QuickBooks automatically transfers the product's cost from the Inventory Asset account to the Cost of Goods Sold account.

 

In addition, check out this article on how QuickBooks handles inventory assets, average cost, and cost of goods sold is necessary for effective inventory tracking (COGS). You'll learn how to calculate the average cost and identify the reports that will aid in inventory management: Understand inventory assets and cost of goods sold the track.

 

Moreover, if you need to change quantity or overall value of your products in QuickBooks Desktop, please see this article: Adjust your inventory quantity or value in QuickBooks Desktop. 

 

Please let me know how things work out. Please let me know if you encounter the issue so we can try different procedures to enable you to add inventory items. Enjoy your day!

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