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January 31, 2024
Question

May I have help in recording inventory item consist of cost from supplier + shipping costs and customs cost and keeping supplier account correct what is the solution?

  • January 31, 2024
  • 2 replies
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2 replies

January 31, 2024

Hi there, Ahmed. I've got information about recording inventory items in QuickBooks Online (QBO).

 

In QBO, there's no option to enter the amount of an inventory item with the shipping cost and the customs cost when you record an item in the Product & Services. However, you can add all these expenses, and enter them in the Cost field. You can follow these steps to record an inventory item:

 

  1. Go to the Gear icon, then select Products & services.
  2. Click New, then select Inventory.
  3. Enter the name of the product in the Name field.
  4. Select the category in the Category dropdown.
  5. Enter the necessary information.
  6. In the Cost field, enter the total amount of the expenses, including the supplier's cost, the shipping, and the customs costs.
  7. Select Save and Close.

 

On the other hand, if you want to record a bill for your inventory items, you can include the shipping and customs costs in it. First, you'll have to record an expense account for the Shipping fees and customs costs in the program. Here's how:

 

  1. Go to the Gear icon, then select Chart of Accounts.
  2. Select New to create a new account.
  3. In the Account Type dropdown, select Expenses.
  4. In the Detail Type dropdown, select Shipping and Delivery Expense.
  5. Enter the name of the expense account, then select Save and Close.

 

Once done, you can create the bill and add the shipping and customs cost in the Category Details section, then add the inventory items and the supplier's cost. 

 

Additionally, to keep your supplier account correct and accurate, you can consult your accountant to help you manage them. 

 

Moreover, you can set up and track your inventory items to manage them in QuickBooks.

 

Please know I'm just a post away if you have any other questions about managing your inventory items in QuickBooks. Have a great day ahead.

February 1, 2024

@ahmed-nagaty-fcg 

Consider having an inventory management app with the landing cost feature to integrate with QBO.