Hi, how do I record inventory (stock) purchases on QBO? I will not be tracking inventory as we purchase hundreds of products weekly for resale and they aren't repeated?

Hello there, accounts-roomper. I'm thrilled to assist you with providing details about recording inventories in QuickBooks Online (QBO).

Based on your statement, you can simply record your purchases on QBO using bills, cheques or expenses. Then, you can add your product and service items as non-stock items since you buy or sell them but don't need to track quantities of them. Here's how:

1. Go to Sales and select Products & services.
2. Click New, then pick Non-stock.
3. Enter a Name for the product or service and an SKU, if you track them.
4. From the Category dropdown, select the category that best describes your product or service.
5. Select the I sell this product/service to my customers checkbox.
6. Enter an amount in the Sales price/rate field and choose the account you want to use to track the sale from the Income account dropdown.
7. Complete the necessary details. Then, click Save and close once done.
   

After that, ensure your bills are set up to display the items table so you can itemize them from the purchase transaction. However, please note that this option is exclusive to QBO Plus and Advanced.

1. Go to Settings, then select Account and settings.
2. Pick Expenses tab, and tap edit ✎ in the Bills and expenses section.
3. Turn on the following:
   • Show Items table on expense and purchase forms
   • Track expenses and items by customer
   • Make expenses and items billable
4. Select Save, then Done.
   

Once completed, you can now proceed with generating a purchase transaction using the non-stock item you've created.

Regarding your additional concern, you're correct that you should record these items as asset purchases rather than expenses since you're going to resale them weekly. Here's an article for more details: Understand stock assets and cost of goods sold tracking.

Regarding what specific account you will use and for other options recording these entries, I recommend seeking assistance from your accountant to ensure that your books are accurate and to avoid messing up the data.

Please know that you can always get back to this thread if you have other questions or concerns about managing your QBO account. I'll be around to provide the information you need. Stay safe!