Hello to all my friends using QuickBooks Online for inventory management! This QuickBooks Online Inventory training instructional class will teach you how to record the buying of the merchandise that you will later sell. It shows you purchasing inventory when you pay immediately for the goods. The inventory asset in the trial balance matches the increased quantity on hand in the inventory valuation detail report. I thank you all and hope that you will click “like” and “subscribe.
Hi, Mark. I watched your video and I would like to ask how it can fit my requirements. I want the inventory to be able to monitor the placements of tools in my workshop. For example, a toolbox came with wrench, plier and screw driver. Every morning, each mechanic will borrow a set of tools that he would use for his work and then return them in the evening. I want to find out which tool was not returned and who took it. Will I be able to do this in Quicbooks?
Thank you but that would not be an issue for quick books Quick books is an accountant program that records transactions Situation you're talking about is not a transaction If it's simply making sure that people put back what they borrow then you would use a different software Mark
Hello Sir, Could you please make a video on small Toys and or Grocery store how to record the inventory with out tracking the quantities. I mean base on invoice value $ amount also how to record daily sales (credit card and cash transaction). I really love the way you explain all the details. I feel like I am in the class room and you are in front of me. Thanks a lot.
Thank you for the kind words and I'm really glad you like the videos and that they're helping you and I will do my best to give you what you're asking for Firstly, you might be referring to two-sided items because these things are items that you can buy and sell that you can place on an invoice or Bill and it will not track the quantity That's the first video in the inventory playlist so if you click on the top right corner of this video you will get the link to the full inventory playlist and one of the First videos is about two-sided items and you can try that one If you mean that the company doesn't take any inventory details at all and they basically are just a corner store then you can use the video called QuickBooks Online Made Simple for small companies You can go to the channel page and search for it in the small search bar and if you can't find it I'll send you the link but I promise you that is exactly what you need for the type of store that you were describing You would record inventory merchandise purchases exactly the same way that you would record paying the expenses and you could name it cost of goods sold That would be the easiest way and you could keep separate detailed records of your individual merchandise items A lot of my clients who have the type of cash store that you're describing don't bother keeping any inventory records They just know their business and know what they have and know what sells When is the time to do their taxes oral report financial statements all they have to do is count the inventory as of the date of the financial statements or year-end and subtract out the ending value from their cost of goods sold and they have all the numbers they need for their taxes and financial reports Check out the video I recommended and discuss my comment reply with your local CPA and all will be clear I hope you will click like after watching each one to help support the free channel for everyone and please subscribe Mark
Thank you for the video! Just wondering what if a business owner pays for inventory items with personal account, how do we handle that in quickbooks online?
YES, HERE....... ua-cam.com/video/wMf5DCK2lkY/v-deo.html Do what that video shows but instead of "expenses" at the bottom of the window, click the "ITEMS" tab and then choose the inventory item and teh quantity. Then it will work. Please confirm you got this. -Mark
Hi Mark, I have my inventory settings turned on, and I have products entered. But when I go to create an expense for purchasing inventory, the Items drop down is not there. Any way to fix this?
I figured it out. I had to turn it on in TWO places. Gear->Account Settings->Expenses->Turn on Item Tables; then I had to enable it again by opening a new expense, clicking the Gear icon-->Show Items Table.
Hello to all my friends using QuickBooks Online for inventory management! This QuickBooks Online Inventory training instructional class will teach you how to record the buying of the merchandise that you will later sell. It shows you purchasing inventory when you pay immediately for the goods. The inventory asset in the trial balance matches the increased quantity on hand in the inventory valuation detail report.
I thank you all and hope that you will click “like” and “subscribe.
Hi, Mark. I watched your video and I would like to ask how it can fit my requirements. I want the inventory to be able to monitor the placements of tools in my workshop. For example, a toolbox came with wrench, plier and screw driver. Every morning, each mechanic will borrow a set of tools that he would use for his work and then return them in the evening. I want to find out which tool was not returned and who took it. Will I be able to do this in Quicbooks?
Thank you but that would not be an issue for quick books
Quick books is an accountant program that records transactions
Situation you're talking about is not a transaction
If it's simply making sure that people put back what they borrow then you would use a different software
Mark
Hello Sir, Could you please make a video on small Toys and or Grocery store how to record the inventory with out tracking the quantities. I mean base on invoice value $ amount also how to record daily sales (credit card and cash transaction). I really love the way you explain all the details. I feel like I am in the class room and you are in front of me. Thanks a lot.
Thank you for the kind words and I'm really glad you like the videos and that they're helping you and I will do my best to give you what you're asking for
Firstly, you might be referring to two-sided items because these things are items that you can buy and sell that you can place on an invoice or Bill and it will not track the quantity
That's the first video in the inventory playlist so if you click on the top right corner of this video you will get the link to the full inventory playlist and one of the First videos is about two-sided items and you can try that one
If you mean that the company doesn't take any inventory details at all and they basically are just a corner store then you can use the video called QuickBooks Online Made Simple for small companies
You can go to the channel page and search for it in the small search bar and if you can't find it I'll send you the link but I promise you that is exactly what you need for the type of store that you were describing
You would record inventory merchandise purchases exactly the same way that you would record paying the expenses and you could name it cost of goods sold
That would be the easiest way and you could keep separate detailed records of your individual merchandise items
A lot of my clients who have the type of cash store that you're describing don't bother keeping any inventory records They just know their business and know what they have and know what sells
When is the time to do their taxes oral report financial statements all they have to do is count the inventory as of the date of the financial statements or year-end and subtract out the ending value from their cost of goods sold and they have all the numbers they need for their taxes and financial reports
Check out the video I recommended and discuss my comment reply with your local CPA and all will be clear
I hope you will click like after watching each one to help support the free channel for everyone and please subscribe
Mark
Thank you for the video! Just wondering what if a business owner pays for inventory items with personal account, how do we handle that in quickbooks online?
YES,
HERE.......
ua-cam.com/video/wMf5DCK2lkY/v-deo.html
Do what that video shows but instead of "expenses" at the bottom of the window, click the "ITEMS" tab and then choose the inventory item and teh quantity. Then it will work.
Please confirm you got this.
-Mark
Hi Mark, I have my inventory settings turned on, and I have products entered. But when I go to create an expense for purchasing inventory, the Items drop down is not there. Any way to fix this?
I figured it out. I had to turn it on in TWO places. Gear->Account Settings->Expenses->Turn on Item Tables; then I had to enable it again by opening a new expense, clicking the Gear icon-->Show Items Table.
Thank you for telling us
Do you have the advanced version?