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Camille71
April 10, 2023
Question

Stock purchasing

  • April 10, 2023
  • 1 reply
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Hi there I’m not sure if this is the right board but if not I’m lost in more ways than one! I run a small shop and i don’t know what to categorise my stock as. If I buy a vase wholesale for example is that “stock”,” stock purchase” or “purchase”? I’ve seen similar questions on this but there is a lot of talk of “stock asset” but that doesn’t show up on my category selection … and I don’t know the difference between any of it. I have such a simple business (I buy things, I sell things) so I’m loathed to get a book keeping for something that seems, on the face of it, very simple. Thanks so much 

1 reply

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GeorgiaC
May 4, 2023

Hello Camille71

 

Thanks for posting on the Community.

 

The stock asset account tracks the current value of your stock (please note, you might not see this if you haven’t turned on stock tracking). Stock items and stock tracking are limited to QuickBooks Online Plus and Advanced. You can add stock (products you sell and track quantities for) by following the steps below:

 

1. Go to Get paid & pay and select Products & services.
2. Select New to add a product or service. Then select Stock.
3. Add a Name* and Item/Service code for what you're tracking.
4. (Optional) Select the category from the Category ▼ dropdown. Categories let you group your products and services together so they’re easier to find.

 

To view how to add the stock items quantity, sales, tax and purchasing info, click here. If you're using QuickBooks Online Simple Start or Essentials, you can instead create non-stock items, services or bundles. If you have any additional Q's, get back to us below. 🙂

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