Skip to main content
P
PoonamKumarJain
September 14, 2023
Question

How to transfer opening stock from 1 class to another class in quickbooks online

  • September 14, 2023
  • 1 reply
  • 0 views

Hi experts. I have 3 classes for different business verticals / products. As on 31 Aug 2023 I had purchased some goods amounting to GBP 1000 in class A and shown as cost of sale. Now I want to transfer around 800 GBP good in class B. In this regard I have some questions.

 

  • How to transfer that opening stock from class A to class B in quickbooks online
  • Another question that I have shown that purchase as cost of sale but while utilizing in class B I want to show name of the product as I will be selling it and want to mention the name of the product on the sale invoice.

Kindly let me know how to sort out the issue and how to book the transfer of stock from class A to class B in quick book online

1 reply

J
JamaicaA
September 14, 2023

 It's great to see you here, @PoonamKumarJain.

 

I can see the convenience of transferring an opening stock and showing the name of the product on sales invoices. To do that, I need more information to provide accurate resolutions.

 

In your company, classes represent significant segments such as store departments or product lines. Transactions with customers and vendors can be organized by class, enabling you to track income, expenses, and profitability by business segment. Consequently, it is not possible to transfer an amount from one class to another.

 

Moreover, I'd like to know more about the cost of sales involved in the classes. Are you referring to setting up of products and services? Do you want to add an item to invoices? Any additional screenshots are appreciated.

 

I'll be on the lookout for your response. I'm only a few clicks away. Have a great day!

P
PoonamKumarJainAuthor
September 16, 2023

Thanks @JamaicaA . We have bifurcated the business in class according to different segment. So for Ice Cream business I show purchase as cost of sales and never mention name of the product i.e. for class A. In class B where we sell sweets, we show purchases by product name. Therefore the stock shows all type of sweets in stock. On 31 Aug we have purchased some sweets in class A for Ice Cream and booked as cost of sale instead of name and quantity of the product. But on 1 Sep we have sold the sweet in class B as there was shortage there. We have made the invoice in class B with the name of sweet. But now there is negative balance of that sweet as there was no opening stock. Therefore we want to transfer the product in quickbooks from class A (cost of sales) to class B as sweet name and quantity. Kindly let me know how to pass that entry of transfer from cost of sales / opening stock to in class A to class B    

JoesemM
JoesemM
September 16, 2023

Hello, @PoonamKumarJain. Thank you for your prompt response, and I commend you for the detailed information you've provided regarding your business-class transactions. I would be delighted to provide you with guidance on the steps necessary to accurately record these transactions.

 

You'll want to create an inventory adjustment for the product that you want to transfer from class A (cost of sales) to class B as sweet name and quantity. Manually adjusting an item's quantity without recording a purchase or sale, to match what you have in stock.

 

Here's how:

 

  1. Select the + New.
  2. Choose Inventory qty adjustment. Note: If you want to adjust multiple items’ quantities, select Batch actions in Products and Services.
  3. Enter the Adjustment date.
  4. In the Stock Adjustment Account dropdown, select the appropriate account.
  5. For each item, enter either a new quantity or a change in quantity. Note: The description and current quantity on hand auto-populate.
  6. In the Memo field, enter the details about the adjustment.
  7. Click Save and close.

 

Once done, when you save the stock adjustment, QuickBooks Online automatically records appropriate adjustments to your Stock Asset and Cost of Goods Sold (under Stock Shrinkage) accounts. For more details, see this article: Adjust stock quantity on hand in QuickBooks Online.

 

Moving forward, it's important to ensure that you use the designated items when making purchases and assign the appropriate class to them. This will help you efficiently manage your sales, expenses, and overall profitability for your business.

 

After sharing the information above, I would still recommend consulting with your accountant. They can provide you with expert guidance on the proper process for transferring stocks, ensuring that your financial records remain accurate. If you don’t have an accountant, we can help you find an Accountant near you.

 

In addition, I'll provide you with these resources that will assist you in class tracking and managing your stock effectively in QuickBooks:

 

 

Please feel free to leave a comment below if you have any additional questions or if you need further assistance with managing your class transactions and stocks in QuickBooks Online (QBO). I'm here to help and provide support whenever you need it. Stay safe.

Terms & ConditionsAccessibility statement