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What happens if i add inventory quantity in hand zero and dont add inventory purchase price and sale price while adding inventory items in Quickbooks Online?

Forum|Forum|4 years ago
June 4, 2022
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If I don't add inventory sale and purchase price while adding products and services items then will the quantity and purchase price will be decided by the vendor bill I will add afterward and the sale price will be decided by the Sales receipts i will add afterwards?

QuickBooks Online

Best answer by Rasa-LilaM

Welcome back to the Community, Muhammad Waqas Riaz.

You’re already on the right track in adding your inventory to QuickBooks Online (QBO). Let me help and guide you through the process of recording your items in your company.

As mentioned by @JonpriL, you can add inventory items without the quantity on hand, purchase, and sales price information. Then create a sales receipt for the quantity sold with the correct sales price.

If you wish to restock the items, you’ll have to create and send the purchase order. To track what you receive from your vendor, choose the following options:

This lets the online program know that you restocked. Thus, increasing the quantity on hand by the number of items you received. You can browse this reference for more details: Reorder inventory or supplies from vendors. It includes a link on how to pay the bill as well as a video tutorial about managing inventory.

Also, there are two ways to keep track of what you sell. Use an invoice when you want to collect funds from your customer. While you create a sales receipt if your customer immediately pays for products or services at the time of sale.

This reference tackles adding inventory products to the online program. From there, you’ll learn about adding the product’s sales tax, purchasing information, category, and SKU to name a few.

You can bookmark the Manage inventory guide in your browser for future reference. It includes articles on how to handle inventory related-activities and issues. For example, adjusting the quantity on hand for the goods, tracking prepaid inventory, grouping products and services into different categories, and so on.

This should get you in the right direction tracking your items, Muhammad Waqas Riaz.

Feel free to click the Reply button and post your comment if you have additional questions on how to handle your inventory. I’m always ready to get this taken care of for you. Enjoy your weekend.

J

JonpriL

Hi there, @Muhammad Waqas Riaz.

I'll share info about adding inventory items and changing the quantity on hand, purchase, and sales price in QuickBooks Online.

Yes, you can add inventory items without the quantity on hand, purchase, and sales price info. However, only the number of the quantity on hand will change every time you enter transactions.

Say you create a bill or sales receipt and entered the purchase and sales price respectively, it'll not affect the info of the existing inventory item. But you don't have to worry, you can easily edit these fields directly on the inventory item setup.

Kindly read and use this article to learn more about adding and tracking inventory items: Set up and Track your Inventory Items in QuickBooks Online.

I'm also adding this reference with the guidance that'll help you track the status of your inventory items like reviewing the best sellers and checking the total quantity on hand: Use Reports to see your Sales and Inventory Status in QuickBooks Online.

It'll always be my pleasure to help if you've got additional questions about QuickBooks inventory tracking. Use the Reply option below and include my name, @JonpriL, in your comment. Take care and stay safe, @Muhammad Waqas Riaz!

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Muhammad Waqas RiazAuthor

@JonpriL Thank you so much for your clarification on this. Let me explain you more clrealy:

If someone don't maintain the inventory and just do dropshipping and don't know the exact sale and purchase price of items each time it will be sold so the proper workflow will be:

1- Adding all inventory items with quantity in hand zero and with no sale and purchase price

2- For each sale first create a bill from the vendor and add the quantity purchased and purchase price so this will increase the quantity in hand and allocate purchase cost to it, Right?

3- Now generate the sales receipts for quanity sold and sale price on which it is sold?

Is this the proper workflow on this , right?

Thanks

Waqas

R

Rasa-LilaMAnswer