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I have auto imported bills from connected apps. they only shows item details. since there are no category details they are not shown im profilt and loss report.

Forum|Forum|5 years ago
December 9, 2020
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QuickBooks Online

Best answer by PatriciaT

Hi jeanniekim,

I'm glad to hear you were able to connect your app with QuickBooks to easily bring all your data together. QuickBooks Online enables you to integrate several third-party apps to optimize your user experience, and I want to make sure you have everything you need to ensure accuracy in your reports.

When you find an app you're interested in in the Apps menu and select it to initiate a sync, the Overview tab displays the steps needed to properly connect the app to QuickBooks. These steps are established by the App developer, whose information is on your right. If you encounter any difficulty during the process, or to ensure that your transactions are uploaded correctly in QuickBooks, feel free to get in touch with the dedicated support team via the Support section in the Overview tab.

It's also important to note that depending on which type of Product/services you have on your bill, it will affect the Profit and Loss report (P&L) differently. If it's an inventory item, for example, the P&L will be affected once the item gets sold. A non-inventory item, on the other hand, will affect the expense account chosen for the product. Here are some articles you may found useful to learn more on that.

I hope this helps! You're always welcome to stop by if you have more questions.

PatriciaTAnswer

Hi jeanniekim,

I'm glad to hear you were able to connect your app with QuickBooks to easily bring all your data together. QuickBooks Online enables you to integrate several third-party apps to optimize your user experience, and I want to make sure you have everything you need to ensure accuracy in your reports.

When you find an app you're interested in in the Apps menu and select it to initiate a sync, the Overview tab displays the steps needed to properly connect the app to QuickBooks. These steps are established by the App developer, whose information is on your right. If you encounter any difficulty during the process, or to ensure that your transactions are uploaded correctly in QuickBooks, feel free to get in touch with the dedicated support team via the Support section in the Overview tab.

It's also important to note that depending on which type of Product/services you have on your bill, it will affect the Profit and Loss report (P&L) differently. If it's an inventory item, for example, the P&L will be affected once the item gets sold. A non-inventory item, on the other hand, will affect the expense account chosen for the product. Here are some articles you may found useful to learn more on that.

I hope this helps! You're always welcome to stop by if you have more questions.

J

jeanniekimAuthor

Thank you for your answer. The connected app is Tradegecko(now Quickbook Commerce). When Purchase orders are received in Tradegecko, they are imported as bills in appointed supplier in QBO .I thought Purchase should be recorded as COS when I buy products from suppliers and the bills are issued (or when the bills are paid to the supplier on due date?) Should I just change the PO# to Bill # and accepted the bills with all item details as is? The COS will be added when the goods are sold, right?

Rebecca R

Hi @jeanniekim. Thanks for getting back to us with additional details on this. It's important that you're comfortable with the process of recording these transactions in QuickBooks in the most accurate way. There are a few options that you have at your disposal, so let me go over them with you.

You're correct in that the COGS will be calculated once the items have been sold. Since you're just purchasing them from your supplier at this point, they are considered assets. I encourage you to check out this article that was shared by @PatriciaT above: What is FIFO and how is it used for inventory cost accounting? If the Purchase Order represents the amount of items that you actually ordered from your supplier, you can convert it to a bill once you know how much you'll be paying for the items.

Once you've paid the bill, you'll record a bill payment against the bill. You can also use an expense if you're purchasing and paying for the items in one transaction, but since you've issued a purchase order I get the feeling that you're placing an order that you'll be billed for, and will pay the bill at a later date. Check out our article on this: What is the difference between bills, cheques, and expenses?

If you have any more specific questions about the way that QuickBooks Commerce works in connection with QuickBooks Online, you can reach out to their team for additional support. All of this information is available when you locate the QuickBooks Commerce app from the Apps tab in QuickBooks Online.

I wish you all the best, Have a great day!