How is the best way to record a stock purchase in QB? Based on our bylaws I will need to record the purchase value and then reconcile the value each month.

First, you need to activate the inventory feature in QuickBooks Online, Peter.

If you haven't, here are the steps on how you can turn it on to access the Products and Services settings in QuickBooks, please follow these steps:

1.  Click on the Gear icon and select Accounts and Settings.
2.  Click on the Sales tab.
3.  Look for the Products and Services section and click on Edit.
4.  Turn on the "Show Product/Service column on sales forms" option.
5.  If you want to set up flexible pricing for your products/services, you can also turn on the Price Rules option.
6.  Turn on both Track quantity and price/rate and Track inventory quantity on hand options.
7.  Click on Save and then Done.

Now you can add your inventory items as well as other products and services you sell into QuickBooks. Right after creating an Item, you can now proceed and record a bill for your vendor. 

Here's how you can now create and send a Purchase Order:

1.  At the upper left side click on + New.
2.  Choose Purchase Order and review the Mailing address.
3.  Select the vendor from the Payee dropdown.
4.  Add the relevant purchase order by clicking Add.
5.  In the Item Details section, enter the products you want to purchase.
6.  Click Save and close.

Feel free to read this article for more scenarios and their respective steps on how to proceed to step 3: Set up and track your inventory in QuickBooks Online.

Moreover, I've added these articles for a more detailed guide:

• Create and send purchase orders in QuickBooks Online
• Add purchase orders to expenses, bills, or checks in QuickBooks Online

Also, you can check this article to learn more about customizing sales forms: Customize invoices, estimates, and sales receipts in QuickBooks Online.

If you have more queries related to your transactions in QuickBooks Online, don't hesitate to reply to this post. I'm always available, Stay Safe!