Setting Up Coin & Bullion Business

While waiting for other users to share their experiences, @@dfwcoinandbullion, let me provide some guidance on setting up your business in QuickBooks Online.

To track inventory purchases versus sales, use the Products and Services feature. Set up each item—such as coins, bullion, or silver—as a product to monitor quantity and cost. When you sell an item, select it as a product; the system will automatically update inventory and calculate the cost of goods sold (COGS).

For each product you sell, designate it as a Non-inventory item. This allows you to track sales, COGS, and inventory valuation. You can also create Purchase Orders for each product when buying, and add them to an expense or bill to formalize the transaction.

Here’s how to set up a non-inventory item:

1. Go to Sales and select Products & Services.
2. Click on + New and choose Non-inventory.
3. Enter the Name of the product. You can also add an SKU for tracking purposes.
4. Select the appropriate category for the product from the Category drop-down.
5. Check the box for I sell this product/service to my customers, then provide a brief description in the Description on sales forms field.
6. Enter a figure in the Sales price/rate field and choose the account to track the sale in the Income account drop-down.
7. Either track sales tax based on location or click Edit sales tax in the Sales tax section.
8. Click Save and Close.

For more details on creating product and service items, refer to this article: Add product and service items to QuickBooks Online.

After setting up your products, check out this resource for guidance on recording sales transactions: Create and send sales receipts in QuickBooks Online.

Please note that QuickBooks Online does not support units of measure for gold and silver transactions, but you can include the unit of measure in the item description. If you require an assembly feature, consider using a third-party inventory management application.

Additionally, if you want to gain valuable insights from your business finances, consider run a report and customize it that suit your business needs.

We're here 24/7 to assist you with setting up products and services in QuickBooks Online. Feel free to post any other questions. Our team is always ready to help. Thanks for choosing QuickBooks! Have a great day!