Absolutely love your videos. Great explanations for accounting procedures in QB. In QB desktop you can receive goods before you receive a bill, which adds the items to inventory, then when the bill comes, match it. Can this also be done in QBO? Or do you have to go directly from PO to bill? The packing slip does not have pricing. Don't want this to get paid before actual bill arrives. Please advise, Sheila
I understand creating a PO with a vendor to buy something, but I am sitting with a PO from my customer and want to enter it so i can invoice against (first release of 3). am I missing something? thanks!
Hey Matt, thanks for the great video. I use QBO for our non-profit. If we are purchasing supplies for our class would that be done with 'Category' as an expense of the business? Is there a way to assign multiple classes to the same item? Thanks!
Our company is an investment company building 6 homes, selling them, and dissolving the company. When we buy the home material, such as lumber, is the material on the purchase order best under the category details or item detail?
Either way is fine really, but what I would do is use a category and set up an asset account where you accumulate the costs for each property separately
So now I click billable and put the customer name in there and what happens to that? I buy items and sell them to my customer (just a pass through, I don't make money on it), that I am now tracking that item as "balance due" to me correctly on P&L and Income Statement so I don't mess up and put these under depreciation line item, or someplace as an asset. Where should it go? Simply as an expense and then as a revenue?
It shows up as something to bill the customer. It depends on where you point it (which account). You can point the expense to an expense and the reimbursement from the customer as the same expense so it washes to zero or you can point it to a separate income account
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Absolutely love your videos. Great explanations for accounting procedures in QB. In QB desktop you can receive goods before you receive a bill, which adds the items to inventory, then when the bill comes, match it. Can this also be done in QBO? Or do you have to go directly from PO to bill? The packing slip does not have pricing. Don't want this to get paid before actual bill arrives. Please advise, Sheila
I’m pretty sure you can not do the same thing in QuickBooks online unfortunately
in a puchase order - when receiving a partial invoice for the purchase order can you change the QTYs?
I understand creating a PO with a vendor to buy something, but I am sitting with a PO from my customer and want to enter it so i can invoice against (first release of 3). am I missing something? thanks!
In this case it would be a Sales Order you enter since they are buying from you
Can purchase orders be used when inventory is not tracked? If so, what would that look like?
I don’t see why not. Just do one like normal but don’t enter items
Where do you enter the shipping cost the vendor is charging to send you the items? That shipping is an allocated cost that adds on to the COGS.
It goes into the total cost of what you are buying. Alternatively some people make a COGS account called Freight In and put it there
@@QbuniversityOrgso would that freight fee be added on the purchase order? If so where? Thank you for the short and informative video.
You can if you know what it will be. You would need to create an Item for Freight so you can add it as a line item on the PO
@@QbuniversityOrg thank you. I will do that. I usually get an invoice about 2 days after placing order that refects the purchase amount and freight.
You’re welcome!
Hey Matt, thanks for the great video. I use QBO for our non-profit. If we are purchasing supplies for our class would that be done with 'Category' as an expense of the business? Is there a way to assign multiple classes to the same item? Thanks!
Our company is an investment company building 6 homes, selling them, and dissolving the company. When we buy the home material, such as lumber, is the material on the purchase order best under the category details or item detail?
Either way is fine really, but what I would do is use a category and set up an asset account where you accumulate the costs for each property separately
Does the purchase go away (disappers/turns into a bill and longer a purchase order) once the PO is connected to a bill?
The PO will still be in the system as fulfilled/closed
Can you create a purchase from an existing estimate/quote?
What do you mean by create a purchase?
So now I click billable and put the customer name in there and what happens to that? I buy items and sell them to my customer (just a pass through, I don't make money on it), that I am now tracking that item as "balance due" to me correctly on P&L and Income Statement so I don't mess up and put these under depreciation line item, or someplace as an asset. Where should it go? Simply as an expense and then as a revenue?
It shows up as something to bill the customer. It depends on where you point it (which account). You can point the expense to an expense and the reimbursement from the customer as the same expense so it washes to zero or you can point it to a separate income account
Can you put a bill onto line items in an invoice to a customer?
Hello there, how can I fix a purchase order that shows open still, but the bill was created and paid?
Why we still don't have "Create PO" over the app option in 2023 almost 2024??????? Not even Quickbooks know how to answer that...
No idea why
First. No. Damn. Second.