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enewton12
April 24, 2021
Question

How do I set up quickbooks?

  • April 24, 2021
  • 1 reply
  • 0 views

Hey there, 

 

I've got quickbooks online on the plus plan - basically I'm confused because I'm not sure what the best way to set up stock expenses are. 

 

If I've bought say, £300 worth of stock, how do I input that as a transaction and let quicbooks know that was for say 30 products for £10 each? All of my transactions go through paypal. Then when the payment comes in, will I have to manually link that income to the products that were bought?

 

Basically whats the best way to set up stock purchases and sales as a reseller? Is there a way to link the transactions so the purchases and stock transactions are linked? 

1 reply

KlentB
KlentB
April 24, 2021

I'm here to clear things out for you, enewton12.

 

You can record your stock purchases by creating a bill, cheque, or an expense transaction in QuickBooks Online. This way, you'll be able to enter the name, quantity, and amount of the stock.

 

While bills are for payables (received services or items to be paid later), cheques and expenses are for the services or items you paid on the spot. Before diving in, make sure to turn on the Stock Tracking feature. This will allow you to easily manage and track your stock.

 

Next, add everything you buy and sell in your stock and then enter the purchase transactions. After that, you can now match the PayPal payments to the transactions you've already entered into QuickBooks.

 

I also recommend reading these articles to help monitor the status of your stocks in the program:

 

Drop me a comment below if you need more help in managing your books. I'll be more than happy to assist you again.

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enewton121
April 29, 2021

Heya, thanks for the response. Another question - 

If I bought £300 worth of stock, but part of that was for VAT or for shipping, is there a way to categorise that serperatly to the stock purchase or does the whole £300 have to be marked for stock?

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enewton121
April 29, 2021

Some further questions for you! 

- what should the category be? Should it be specific to the item (eg vintage fleeces) or should I just put it as cost of goods sold? 

- is the sales price flexible? I'll often run sales and change prices around, and also some products will be worth more than others, so is there a way to change this depending on which items sell? 

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