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Anonymous
August 14, 2023
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Inventory

  • August 14, 2023
  • 2 replies
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I run a small sports trading card business on eBay, and I'm struggling to understand how I should track inventory of sports cards hobby boxes. Hobby boxes contain multiple sports cards, most of which are worthless, but in some cases there are a few cards in a box that will be sold. For example, I may purchase a hobby box for $30 that contains 25 sports cards, and only sell 1 card for $50. In another example I may purchase a hobby box for $99, and not sell any cards because I'm holding on to them or they are completely worthless. 

Best answer by Kevin_C

Hi there, @2249020. I'm here to provide information about how inventory tracking works in QuickBooks Online (QBO).

 

In QBO, there's no direct way to record a purchase by box and sell it individually. However, based on your scenario, you can create an inventory item for sports cards instead. This will enable you to efficiently track the quantity of individual sports cards that are sold separately, while also providing a structured approach to inventory management.

 

Here's how:

 

  1. Go to Settings and then Products & services.
  2. Click New, then select Inventory.
  3. Enter a Name for the product.
  4. Add your product’s Initial quantity on hand and enter when you started tracking that quantity in the As of date field.
  5. From the Inventory asset account ▼ dropdown, select Inventory Asset. 
  6. Leave the Sales price/rate field blank and then add the price when you fill out the invoice & sales receipt.
  7. Leave the Cost field blank and then add the price when you fill out the bills.
  8. Choose the Expense account ▼ dropdown and the account you use to track the cost of items you sell.
  9. Once done, select Save and close.

 

On the other hand, for the sports cards that you just need to keep, you can create a separate non-inventory item for them. Here's an article for reference: Add product and service items to QuickBooks Online.

 

Furthermore, I recommend seeking assistance from your accountant. They can provide additional guidance on steps to take and other ways to handle your inventories to keep your books accurate.

 

Also, you can use reports to see your sales and inventory status to keep track of your inventory items, such as your best sellers, what's on hand, and the cost of goods.

 

Feel free to revisit the Community if you have additional questions about managing your inventories in QBO. I'm always here to help. Have a great day!

2 replies

K
Kevin_CAnswer
August 14, 2023

Hi there, @2249020. I'm here to provide information about how inventory tracking works in QuickBooks Online (QBO).

 

In QBO, there's no direct way to record a purchase by box and sell it individually. However, based on your scenario, you can create an inventory item for sports cards instead. This will enable you to efficiently track the quantity of individual sports cards that are sold separately, while also providing a structured approach to inventory management.

 

Here's how:

 

  1. Go to Settings and then Products & services.
  2. Click New, then select Inventory.
  3. Enter a Name for the product.
  4. Add your product’s Initial quantity on hand and enter when you started tracking that quantity in the As of date field.
  5. From the Inventory asset account ▼ dropdown, select Inventory Asset. 
  6. Leave the Sales price/rate field blank and then add the price when you fill out the invoice & sales receipt.
  7. Leave the Cost field blank and then add the price when you fill out the bills.
  8. Choose the Expense account ▼ dropdown and the account you use to track the cost of items you sell.
  9. Once done, select Save and close.

 

On the other hand, for the sports cards that you just need to keep, you can create a separate non-inventory item for them. Here's an article for reference: Add product and service items to QuickBooks Online.

 

Furthermore, I recommend seeking assistance from your accountant. They can provide additional guidance on steps to take and other ways to handle your inventories to keep your books accurate.

 

Also, you can use reports to see your sales and inventory status to keep track of your inventory items, such as your best sellers, what's on hand, and the cost of goods.

 

Feel free to revisit the Community if you have additional questions about managing your inventories in QBO. I'm always here to help. Have a great day!

Rainflurry
Rainflurry
August 15, 2023

@2249020 

 

An option is to create an inventory item called "Commons" and then create separate items for more valuable RPAs, etc.  Then, say you purchase a hobby box for $30 and there are 24 worthless commons and 1 valuable RPA, create a bill and record a qty of 24 commons @ $1.20/ea and set up the RPA as an inventory item (2017 National Treasures Patrick Mahomes RPA, for example) for a qty of 1 @$1.20.  You now have all of your cards in inventory.  If you sell your commons, you can record an invoice/sales receipt at the time of sale.  If you don't sell your commons, create an invoice/sales receipt for 24 commons at a sales price of $0.00/ea.  That will remove them from inventory and expense the cost of them to COGS.  You will be left with just the RPA in inventory that will be sold and expensed when you sell it on ebay.   

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