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willy3757
September 6, 2024
Question

A/P using PO thru bill payment

  • September 6, 2024
  • 2 replies
  • 0 views

We are transitioning to doing PO in Quickbooks that can be received and then linked to Bill and then set up to schedule online payment.

 

In getting ready to start issuing PO's we are importing a vendor and item list from our current PO program.

MY Problem, as we add items we have to link it to an account.  We will purchase items however that we need to be able to pick more than just one linked account.  Is there a way under the item to put a dropdown box and be able to pick the account for that instance.  

For example if we buy an accelerometer just for use in the lab that item will need to link to an expense account BUT if we buy the same type accelerometer for a job it will need to go in a COGS account.

 

Can an item be purchased and pick different accounts?

2 replies

A
Anonymous
September 6, 2024

Hello there, @willy3757.

 

Linking two accounts to an item is unavailable in QuickBooks Desktop. However, I can share a workaround to help you achieve this process.

 

You can create a separate item and a separate account and ensure that each item has a unique identifier.

 

Here's how:

 

  1. Sign in to your QuickBooks Desktop company file.
  2. Go to the Lists menu, then select Item List.
  3. Click on the dropdown arrow beside the Item button at the bottom then select New.
  4. After the selection, fill in the necessary details.
  5. Once done click on the OK button.
  6. Then repeat steps 3,4 & 5 to achieve the process.

 

Keep in mind that the cost of goods sold (COGS) will only affect your finances when you sell inventory items, not when you buy them. Additionally, you can consult your accountant to determine if this option is best for your business.

 

I'm adding these helpful articles for future help on how to help track and manage your inventories in QuickBooks Desktop:

 

 

I'm all ears if you need further assistance with managing your financial transactions in QBO. Don't hesitate to reach out and I'll lend a hand.

BigRedConsulting
BigRedConsulting
September 6, 2024

@willy3757 

RE: For example if we buy an accelerometer just for use in the lab that item will need to link to an expense account BUT if we buy the same type accelerometer for a job it will need to go in a COGS account.

Can an item be purchased and pick different accounts?

 

No, not really. However, in this special case you can do one of two things:

- Add two lines to the expense tab of the bill to back out the purchase from the standard account and add it to the non-standard account.

- Don't use the item at all on the bill, since it's not an item you're purchasing for resale. Instead, just enter an expense line using the expense account, with a memo saying what the purchase is for.

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