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T
TCB24
April 15, 2024
Question

Inventory

  • April 15, 2024
  • 1 reply
  • 0 views

Hi,

 

I was wondering if anyone can help me at all please? I have recently registered my company and I am a little lost on how best to categorise by outgoings. I buy 1 metre of fabric - which I understand can be charged as COGS. I then make an item for a customer that only takes 1/4 of a metre-  I charge for my service, not the fabric. I don’t think I can build an assembly because the items out of that fabric can change with every order.

 

what is the correct way of bookkeeping for my business? Would I be better off creating a service item for each order and linking that to the product sales income type?

1 reply

C
Carneil_C
April 15, 2024

Hello, @TCB24.

 

I'd gladly share information about organizing your transactions in QuickBooks Online.

 

I'd love to help you achieve your goal. However, we're unable to advise a category for a better bookkeeping of your business. Thus, it would be best to seek professional advise from your accountant to ensure the accuracy of your accounts. If you're not affiliated with one, you can utilize our Find an Accountant tool to look for one in your area.

 

You'll want to check out this article that can aid you in managing your transactions: Categorise and match online bank transactions in QuickBooks Online.

 

For future reference, here's a guide to help you in the reconciliation process: Reconcile an account in QuickBooks Online.

 

Feel free to keep me posted if you still have questions or concerns about your transactions in QBO. I'll be around for you. Keep safe always.

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