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rosemary-ejiofor
October 28, 2021
Question

How to expense Inventory Items used for service work on QBO

  • October 28, 2021
  • 1 reply
  • 0 views
I work with a nonprofit and we have gift cards that forms part of our inventory. some are given out to at-needs clients and some are sold to generate revenue. for those sold, we generate invoices and record them as sales. I would like to expense those that are given out but not sure how to do this. I tried creating an expense and selecting inventory as the account through which payment should be made but got a pop-up saying the account cannot be selected.

1 reply

T
Trish_T
October 29, 2021

Hello rosemary-ejiofor,

 

QuickBooks Online is a versatile  program that simplifies the way you manage your expenses and inventory. I'll be glad to steer you in the right direction so you can get the resolution you need in a timely manner. 

 

Recording your transactions properly is an essential step for maintaining clean books. Based on the info you've shared, I recommend reaching out to an accounting professional for expert advice on how to record the transactions. If you're not in contact with a professional, don't worry, you can search for one using this link here. In the meantime, feel free to check out this article that shows you how to: Enter and manage expenses in QuickBooks Online.

 

I'll also leave this question open in the Community so other accountant users can share their advice. Otherwise, feel free to ask other questions, I've got your back.

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