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C
carmen802
January 13, 2024
Question

Inventory and COGS

  • January 13, 2024
  • 1 reply
  • 0 views

Hi all -

 

I don't need to keep track of inventory and so would like to use non-inventory products but do not see a way to keep track of COGS with non-inventory, other than recording spending on raw materials as COGS - but this is not very granular and could mess things up (huge spend on end of month on bulk materials and none the next month would skew P&L). The alternative for a more granular COGS is to use inventory products as they have a line for COGS. BUT, I  am having a hard time finding a way to add new inventory of our products. Inventory adjustments on a regular basis do not seem correct and we make the products in house so adding inventory from a PO doesn't work either. How do add inventory to my products which we make in house?

 

Moral of the story: if possible to have granular COGS with non-inventory that would be the preference as inventory management is not the most important, but if not possible and I need inventory products to achieve this, how do I add in house manufactured inventory?

 

Thank you!

1 reply

A
AileneA
January 13, 2024

Hello, carmen802. 

 

Thank you for reaching out to the Community. Creating a granular COGS with non-inventory in QuickBooks Online is not possible. In contrast, it is possible to track COGS for inventory.  

 

Intuit values customer feedback and strives to improve its products and services continuously based on user input. I suggest sending feedback to our product engineering team. The team is dedicated to listening to customers and incorporating their input into the development process. By sharing your thoughts, you can help Intuit create better products that meet your needs and exceed your expectations.

 

To send feedback, here's how:

 

  1. Select Gear icon ⚙, then Feedback.
  2. Enter your comments or product suggestions. Then select Next to submit feedback.

 

It would be best if you used a third-party integration to utilize it in QuickBooks. QuickBooks offers a variety of apps that can integrate seamlessly into QBO, making it easy to streamline your workflows and get more done in less time. By leveraging these integrations, you can easily connect your QuickBooks account to various tools and services, such as inventory management systems. This can help you save time, reduce errors, and improve the overall efficiency of your business.  

 

You can view this link for a supported app that integrates with QBO. Apps available in QuickBooks. 

 

I'll add this article to learn more about how the cost of goods sold works in QuickBooks Online: How Inventory Assets and COGS work in QBO?.

 

We appreciate your patience and understanding as we work towards a resolution. Have a great day!

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