How To Manage Inventory In QuickBooks Online
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- Опубліковано 7 вер 2024
- The inventory feature in QuickBooks Online is best for merchandise management and tracking quantities of goods that you purchase and sell. Any company that has inventory transactions and needs to track merchandise from purchase to sale, can use QuickBooks online inventory reports to keep the merchandise transactions under control. Only businesses that need quantity on hand of the merchandise inventory have products that need you to activate the inventory feature in order to have control over your inventory management.
I promise if you watch some of this QuickBooks online inventory tutorial every day, you will be an expert in QuickBooks online, specifically in the area of managing merchandise inventory and tracking quantities on the product reports. It will show you how you can set up your inventory accounts to see the cost of goods sold and gross profit of each individual item of inventory that you buy and sell. Just follow step -by-step and you will have the knowledge and skill to handle every possible situation that can arise from having a merchandise business that uses QuickBooks Online.
You can ask me questions in the comment section, and I can help forward you to related topics as needed.
Table Of Contents:
Chapter 3 Setting Up To Follow Step-By-Step 8:24
Chapter 4 Activating Inventory Feature 16:33
Chapter 5 Non-Inventory Parts 26:27
Chapter 6 Purchasing Inventory For Cash 45:11
Chapter 7 Credit Purchases Of Merchandise 53:39
Chapter 8 The Perpetual Inventory System 59:10
Chapter 9 Cash Sales Of Merchandise 1:11:11
Chapter 10 Merchandise Credit Sales On Account 1:20:01
Chapter 11 Refund Receipts From Merchandise Sales 1:26:28
Chapter 12 Credit Returns Of Merchandise 1:31:35
Chapter 13 Credit Purchase Returns 1:43:09
Chapter 14 Cash Merchandise Purchase Returns 1:49:24
Chapter 15 How To Use Purchase Orders In QuickBooks Online 1:55:57
Chapter 16 How To Adjust Inventory Quantities 2:09:15
Chapter 17 Prepaid Inventory 2:21:09
Chapter 19 The Periodic Inventory System 2:42:36
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This video is the ultimate in teaching about inventory in accounting and how it applies to the inventory feature in QuickBooks Online.
Here are 2 links to sign up for free
quickbooks.intuit.com/online/plus/
quickbooks.intuit.com/pricing/
Just follow step-by-step and you will be an expert in QuickBooks Online regarding any merchandise inventory issue. I’m here if you have any questions;
-Mark
I have completed this course only by watching, for the next phase I will do it with practice. it's really helpful for me to clear my concepts about Journal Entry.
Great thank you
This is so helpful - all the examples you give make everything clear. Thank you for this video!
You're very welcome!
I'm very glad it's helping you and I hope you will click like after watching each one to help support the free channel for everyone and please subscribe
Mark
Thank you so much ,you are really helpful
I’m from Sudan my English language is not good enough to understand more,but I find it easy in your videos
I need help in cost accounting in quick books if possible,thanks again
Thank you so much!!
I appreceate everyone in Sudan who watches. Please check the subtitles for Arabic and all other languages so it may clarify more about what you are seeing.
I do not yet have "cost accounting" videos. However, I have videos all about "job costing". They are part of the quickbooks online for contractor's course. If you are interested, here is the link to the playlist....
ua-cam.com/video/EMoojQH1S7U/v-deo.html
I hope you like it and I am here if you ahve any other questions.
-Mark
Hello this course has been amazing for me to start using QBO.. one thing is that I found that when doing prepaid inventory in the expense when we receive merchandise for the description to show on the report it has to be added to the memo part all the way to the bottom and in that way we will be able to see it as a the description
Yes exactly, you need to use text fields to complete "work arounds" when the software featuires are incomplete and cannot prperly hande a transaction.
I hope you will clcik "like" and subscrible to help support the free channel for everyone
-Mark
Hello, thank you very much for this video. I'm learning a lot. Today I learned, after more than a year working with QBO, that I enter
the wrong bills, I always put them in categories and not in items. My question is: Can I fix them even if those bills are already paid?
I would say it's not worth it if your income and expenses are accurately stated then it's not worth it to redo it just do it the right way going forward
I'm very glad the videos are helping you and 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 uploading new course .
It's my pleasure
Thank you so much for these amazing videos!!
Thank you so much
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 this great video. So my question is with prepaid inventory. If a purchase order was created do we not use it at all for prepaid inventory. Do we no longer use purchase orders if using your prepaid inventory method? Thank you so much for your time!!
Also, my next question is with the prepayment made what if it is just a deposit payment. WHen you create the expense and add the inventory you will add more than the deposit. How to account for this? Thanks!
Thank you for the compliment and thank you for asking i'm happy to help
You can make a purchase order for prepaid inventory. But you would do a couple of different steps because only a bill or a check or a receive item receipt can mark a purchase order as finished and closed
So make the purchase order and leave it on the open purchase order report until you receive the merchandise
Do that separately in addition to the procedures that you see here for prepaid inventory
When you finally receive the merchandise do the normal procedures that you saw here plus
Reopen the purchase order and void the purchase order. Because when you avoid something, it stays on the reports and the records, but the amounts Become zero
Then after you avoid the purchase order. Simply put, in the description or the notes or the message text field, a description of the purchase order and the date it was received and then save it
This will allow quick books online to market as closed. But it will still be part of your vendor's records. Because you did not delete it
That would be the way to go if you absolutely need. Purchase orders with prepaid inventory and I thank you for asking
I hope you will click like after watching each of the videos to help support the free channel for everyone
@@worldwidequickbooks I greatly appreciate your prompt response. This will work!!
What about this question: Also, my next question is with the prepayment made what if it is just a deposit payment of the inventory. When you create the expense and add the inventory you will add more than the deposit. How to account the rest of the inventory received beyond the deposit value? Thanks!
Whatever the amount of ddeposit, it's still pre-paid inventory. You record it the same way as if it was a full advanced payment.
-Mark
Do you have a video or resources to set up non-merchandise or non-sellable inventory (i.e., managing spare parts for a manufacturing plant in Quickbooks)
Yes these non-inventory parts are sometimes called two-sided items and if you go to the main Channel page and search the small search bar on thej channel page you can search for two-sided items and you'll see the video
If you can't find it then wait until I'm back in front of the computer and let me know and I'll send you the link
Hi Mark
Thanks for your video
How do you track the reorder point of two items together with different brand name and price. In other words i want to be able to track the total amount between the two items together and track the total reorder point for both items as one without affecting the brand and prices differences between them. Hope this is clear.
Thank you for the compliment thank you for watching, but unfortunately your question was not clear
I did try to understand what you were asking about. If you tried to reword it. I will do my best to help you or give you a suggestion of how to use quick books online to try to achieve what you need
Mark
Is there any way to integrate or connect Quickbooks online with an existing website? if so, please send detailed information or direct me to a video that can instruct me. Thank you in advance for your time and efforts, and love your videos.
Thank you so much for asking
A very glad you love the videos and I will always do my best to help loyal students and loyal fans.
However,i don't know what you mean by "connecting quick books online to a website"..
You might mean that you are trying to connect the part of your website that receives orders from customers and/or confirms that orders have been shipped. Comma and have that information imported into books online
Please confirm if you're talking about e Commerce. Websites importing data for orders and invoices into quick books online.
Mark
I'm wanting to allow my customers to pay for services through Quickbooks online, instead of using a shopping cart. Maybe add a link to Quickbooks payment to my site. Thank you for responding.@@worldwidequickbooks
Hi
Thanks for your video.
Please 🙏 can you make video eBay online QB inventory ?
Please 🙏
Thank iyou for asking,
Amazon does things very smilar to Ebay,
This is the AMZON playlist and INVENTORY management is covered the proper way.
ua-cam.com/video/ftr2dZWSAw0/v-deo.html
I hope you will click "like" after each one to support the free help for everyone.
-Mark
@@worldwidequickbooks thanks 🙏
I have questions about
How can I manage periodic methods and pinch method inventories together?
I already watched many of your video about inventory.
Thanks 🙏
When you say "in America, 10x20=200"... May i ask is there any country that computes different? ....i love the speed of your lecture by the way😊
Thanks Mark for this wonderful video "'' My question is what if the purchase cost of banana change let say to 25 instead of 20 using FIFO valuation system how can this effect our transactions?
Thank you for asking.
That issue is clearly explained in the chapters at the end that show how the fifo system affects future transactions.
Please cnfirm you found the chapters
-Mark
It wasn't there in this video Mark but i have found in your other video. my next question what if the sales price has also change when we change the cost price?
in my opinion- according to prepaid inventory should be named " Goods in transit" or " prepaid inventory" as you mentioned but the type of account must be other current assets not a bank - What do you think Mr Mark?
I think my way will work and your way will not.
I think you might have to watch the video again to understand why my way will work and you are way will not
It's difficult for people to understand some times. The account type in the computer is different from the account type as it is shown in the trial balance.
I can explain that a 100 times but it doesn't matter if you just follow the procedure and you look at your trial balance and your inventory records and customer and vendor records everything will be correct.
Mark
you are right I tried my way but doesn't work because accounting systems not work like accounting theories sometimes - you are the best @@worldwidequickbooks
Why can we not put LOGO on purchase order? Thank you.
Thank you for asking.
Quick books. Online only comes with the features it comes with and if there's no ability to edit the purchase order. Then there might be in the future. But it simply doesn't do it if it doesn't do it
It's not the same as the desktop version
Mark