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R
RomanJ
January 24, 2025
Question

Workflow when importing goods from another country. PO to Payment to Inventory Receipt

  • January 24, 2025
  • 1 reply
  • 0 views
I am new to QBO+ and am starting a new company.
 
I am confused over the workflow for ordering parts from China to Canada.
 
I create a PO and it is approved by the Chinese vendor.
 
I now pay the Chinese vendor in full due to the payment terms.
 
Do I convert the PO to a bill at this time?  My understanding is that if a PO is turned into a bill, inventory is automatically created for that PO.  However, the products are still in transit (possibly 30-60 days). I have not received this inventory yet.
 
My goods are sold via a Woocommerce site.  I have a plugin to sync inventory levels from QBO.  So it's imperative that the inventory levels are accurate so that I can physically sell what I really have on stock in front of me.
 
Is there a way to add the inventory when it actually arrives (how would I do this)?  Or what is the proper/suggested work flow regarding this?
 
I hope the above makes sense.  Thank you.

1 reply

A
Alex M
January 24, 2025

Hi there RomanJ,

 

Thanks for reaching out about your inventory. QuickBooks Online is a great tool able to help you keep track of sales and expenses so you know the profit of your company. I can point you in the right direction for assistance with entering this.

 

Indeed, once the bill or expense is created, the inventory level would increase. To enter these bills and payments in QuickBooks to make sure they're affecting the books and inventory correctly,  recommend speaking to your accountant. Their expertise will be able to guide you in the choice of what transaction type to choose, as well as which accounts to affect. You can invite an accounting professional by clicking on the My accountant tab in QuickBooks Online and entering their details, or find an accountant near you by clicking the Find a pro to help button in that section.

 

If you have any other questions, feel free to reach out here.

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