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Billett
November 7, 2022
Question

Recording Stock Assest without using QB Products

  • November 7, 2022
  • 1 reply
  • 0 views

Hi,

 

I don't record stock in/out as products in QB as I was using the cheapest plan which didn't give the option for products (only has services or non-product). I also use other sales channels for invoice generation.

I'm now at my first year end and need to record my current Stock Asset value. I have upgraded to now allow me to track stock, but don't plan to go back through every transaction for a full year to add in and out stock. I have completed a year end stock take and wish to get this into QB.

I was thinking that I can create an opening balance of the current stock levels for the last day of my accounting period and then track going forward for my second year. Is this correct?

Or is there a way I can just push this in via. journal entry as a lump sum?

1 reply

G
GlinetteC
November 7, 2022

Thanks for sharing detailed information about stock asset concerns, Billett.

 

You may consider creating an Asset account called Purchases and post all purchase items from there. Here's how:

 

  1. Go to the Settings icon and select Chart of Accounts.
  2. Click New.
  3. Choose an asset account from the Account Type.
  4. Choose the Detail Type that bests fit the transactions you want to track.
  5. Enter other required fields.
  6. Click on Save and close.

 

Concerning creating an opening balance, yes, you can. Create a journal entry for the first year and use the standard stock tracking for the succeeding year. 

 

I suggest consulting an account first for recommendations on where to put the balancing Debit entry and posting account to use. This way, it will not throw off your records.

 

Moreover, I added these articles to learn more about managing your stocks in QBO:

 

 

Feel free to comment if you have other questions about stock recording in QuickBooks. The Community is always here to help.

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