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paulgumby
November 18, 2024
Question

Uploading receipts for inventory bought with my personal account

  • November 18, 2024
  • 1 reply
  • 0 views

Hi Community, 

I am very new to QuickBooks and finding the learning curve steep! I started sourcing inventory for an eBay reselling business back in January 2024, but I didn't start QuickBooks nor open a business account until September 2024. So I have receipts for inventory bought using my personal account. What bank/credit account option do I select when uploading these receipts?

 

Regards, Paul

1 reply

R
Rasa-LilaM
November 18, 2024

Thank you for choosing QuickBooks Online (QBO) to assist you in tracking your inventory transactions and business, paulgumby.

 

QuickBooks Online (QBO) is like a diary that keeps track of your actual entries. We’ll have to make sure all transactions are recorded in the company to keep your financial data accurate.

 

Based on the details, you'll have to set up a personal account in your company and use it when you create expense transactions (inventory items). This is to show what happened to your business.

 

When uploading the receipts, you'll have to select your personal account to match them (purchases before using QuickBooks). For your other concern, you'll have to set up a business account to show the income and expenses for your business. This will help stay on top of your records and streamline the reconciliation process.

 

I've included some links below that contain online tutorials and resources to get you started in QBO:
 

Stay in touch if you need assistance navigating around the product or have questions managing your inventory. We're always ready to assist you further.

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