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info-gloriapatri
May 22, 2024
Question

Shopify Store Owner - Newbie to QuikBooksHow do I link (and/or reconcile) my expenses for inventory purchases to the inventory sold?

  • May 22, 2024
  • 2 replies
  • 0 views
I.e. I purchase 6 dresses through a supplier and add my receipt as an expense. How am I linking that expense to the specific inventory? I'm just wondering at tax time, how will I be able to determine what inventory can be written off.  Am I over complicating this? 

Side question, should all products go under "inventory assets" or should I have sub categories for dresses, jewelry, packaging, etc..

2 replies

J
JamesM4
May 22, 2024

Hi there,

 

Congrats on joining the Community. Reconciliation can be a lengthy process and I'm glad you're using QuickBooks to help simplify the process. The program is designed to help you save time so you can do the things that you enjoy the most. I'll be happy to steer you on the right path.

 

Based on what you've shared, I recommend getting in touch with an accounting professional for expert advice on how to proceed with the reconciliation. You can get in touch with a professional using this link here. Otherwise, I recommend you to check out these helpful resources with more info about reconciling in QuickBooks:

 

Let m know if this info helps. I'll be one message away in case you have other questions. 

4
4Gal
May 23, 2024

@info-gloriapatri 

Consider having a 3rd party inventory management app as the connector.

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