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GEB_Andrew
June 13, 2024
Question

Inventory - revenue account classificatons

  • June 13, 2024
  • 1 reply
  • 0 views

Is it possible to have a single inventory product item that when used in an invoice, can hit different income accounts depending on my needs? My example is as follows: my company collects used cooking oil and sells it to biodiesel manufacturers. Sometimes we're selling used cooking oil and need it to hit our UCO revenue account, and sometime we need it to hit a Yellow Grease revenue account. Is there a way to do this in QBO without having to duplicate an inventory item?

1 reply

MsNorthPND18
MsNorthPND18
June 13, 2024

Thanks for reaching out to QuickBooks Community, @GEB_Andrew. Let me share some knowledge regarding inventory revenue account classification into the right account.

 

The option to create a single inventory product item that can hit different income accounts is unavailable in QuickBooks Online. Please know that we can only assign one income account per item.

 

As changing the income account for inventory items affects prior transactions, you'll have to create a new item with the correct income account.

 

If you don't want to create another item, consider visiting our marketplace to search for a third-party inventory management application. You can also head to the Apps menu within your QBO account. Here's how:

 

  1. Go to the Apps menu.
  2. Select the Find apps tab.
  3. Enter a keyword in the search bar, or click Browse categories.

 

In addition, learn how to see your best sellers, what’s on hand, the cost of goods, and more: Use reports to see your sales and inventory status in QuickBooks Online.

 

If you still have other questions regarding inventory revenue classifications, please add a reply below. I'll be glad to answer them for you.

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