manufacturing without tracking inventory

Welcome to the Community, @zahid4.

Recording costs in QuickBooks Online (QBO) is crucial as it provides a complete picture of your business finances. We can start by recording your purchases in QBO for seamless cost integration. I'll guide you step by step to ensure everything is configured correctly.

To record a cash or credit expense, here's how:

1. Select + New, then select Expense.
2. Choose the vendor in the Payee field.
3. Select the account you used to pay for the expense in the Payment account field.
4. Enter the date of the expense in the Payment date field.
5. In the Payment method field, select how you paid for the expense.
6. In the Tags field, enter the preferred label to categorize your money.
7. In the Category details section, enter the expense info. In the Category dropdown, select the expense account you use to track expense transactions. Then enter a description.
8. Enter the Amount and Tax.
9. If you plan to bill a customer for the expense, select the Billable checkbox and enter their name in the Customer field. Learn more about billable expenses.
10. When you're done, hit Save and Close.
    
    

     

    

      

However, if the books for 2020 are already closed, it would be best to consult an accountant before making any changes, as this could impact the previous records.

For more information, refer to this article: Enter and manage expenses in QuickBooks Online.

For your future reference on how to classify transactions uploaded in QBO, refer to this article: Categorize online bank transactions in QuickBooks Online.

Before we wrap up, I suggest you explore QuickBooks Live Bookkeeping to streamline your accounting, maintain precise financial records, and access professional support. This could free up valuable time, allowing you to concentrate on expanding your business.

Keeping track of your expenditures is essential for enhancing your business's profitability and operational efficiency. If you have further questions regarding this, please reply to this message. We'll be here to provide any assistance.