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ptier
Dec 11, 2023 5:23 PM UTC
Question

Inventory Setup

Hello, I have my inventory products set up as non-inventory because I don't need to track quantity on hand for my items. However, I do want to track cost of goods sold when I sell the items on an invoice. Do I need to set up my items as inventory items and turn on inventory tracking to get a cost of goods sold entry when creating an invoice?

4 replies

JamesM4
Dec 11, 2023 11:06 PM UTC

Hello ptier, 

 

Glad to learn you're using QuickBooks to help manage your inventory. I'll be happy to share more info so you're on the right track with achieving your QuickBooks goals. 

 

It's important to note that you'd need to set up your items as inventory items while having inventory tracking turned on in order to get a cost of goods entry when creating an invoice. I encourage you to check out the following article with helpful info on how to: Track your inventory in QuickBooks Online. 

 

Let me know if this info helps. I'll be one message away in case you need additional support. 

MR913
Aug 28, 2024 7:16 PM UTC

Hello,

 

We have a 6-digit value of MSO inventory. At first they were included in Raw Materials but now we know that they are part of MSO supplies and not sure whether to expense all of them as Factory Supplies Expense or do we set up MSO inventory as part of the Other Current Asset? Thanks in advance.

MR913
Aug 28, 2024 7:19 PM UTC
Sorry, it's MRO supplies instead of MSO. Maintenance, Repair and Operating (MRO) Supplies.
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