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jhphua
October 28, 2024
Question

Single product tagged to different income accounts

  • October 28, 2024
  • 1 reply
  • 0 views

Hey, I only sell 1 single product in my business. I sell at different prices for wholesale, direct retail and friends/family etc and would like to track them. 

I know there are functions such as Classes to allow for such segmentation but it involves creating 3 product items (in reality they are the same item..)

 

How does inventory count work in this case? Assuming I have starting balance of 100 units...does it mean i need to allocate x to each segment right at the start? And when it runs out in 1 Class, I transfer over?

 

Thank you

1 reply

M
MAnneJ
October 28, 2024

Yes, if you have a starting balance of 100 units, Jhphua, we'll have to allocate each inventory item to one category. I'll explain the process further and guide you through the processes.

 

You can create a single category for each product and assign different income accounts for each inventory item. Here's how to create a category first:

 

  1. Go to Settings ⚙, then select Products & services.
  2. Select More ▼, then Manage categories.
  3. Select New category, then enter the name of the category.

 

After creating the category, create an inventory item, assign it to the category, and link it to the appropriate income account. Please see the screenshot below:

 

 

With regards to the inventory counts, yes you are right that you will need to create an inventory adjustment to transfer the quantity once the other item runs out. 

 

That should do it, Jhphua. You can check out this article when reviewing the quantities of your products and services: Use reports to see your sales and inventory status in QuickBooks Online.

 

You can always reach out here in the Community space if you need additional help with your inventories. Have a good day!

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