I'd be happy to help.QuickBooks Online does not allow you to define a bill of materials for manufactured items, so if you are manufacturing anything it is impossible to keep track of your inventory for the materials used. Please leave a reply if you have further questions about accounting transactions. You can also visit this article to learn more about expenses: Expenses in QuickBooks Online. In the Product/ Service information, click on Edit sales tax.Ĥ. Choose a product you want to edit and click on Edit.ģ. Go to the Sales menu, and select Products and Services.Ģ. With regard to your transaction that is sales tax exempt, we can make changes to it. If you're still unsure of what to select, I recommend consulting your accountant for further guidance. When creating an expense, it's up to you what category to select that fits the item. It gives more specific information about the product or service. While the Item detail is an item from the products and services that you purchase and sell. The Category detail is an account that you select from your chart of accounts. Thanks for replying to this thread, am here to help you understand the difference between Category and Item details when creating an expense. Let me know if you have other questions about entering purchases or anything about QuickBooks. Just scroll down a bit and click More topics. On the other hand, we have references for QBO on the main support page should you need them in the future. Things like these can help you decide to create actions to improve your finances. Whereas, itemized transactions provide more information about the specific amount of money you spent on the items you bought. If you just use Office Supplies in your transactions, this won't give you a clue of which specific supply is costing you more money. The way you record your transactions will reflect on your financial reports and help you make wise business decisions. For example, instead of specifying a few items you bought like pencils, ball pens, etc., you can directly use the Office Supplies category. However, if you spend largely on them, you may want to itemize them instead. You can use a category if you want to post directly to your categories, and if the items are too generic or too few to specify or don't have that high of an impact on your books. I'd be happy to provide you with a little more information. I can see that given a good start by sharing when to use categories or items. Just reply to this post and I'll get back to you. as I want to ensure this is resolved for you. I'd like to know how you get on after trying the steps. You can always check the Transaction journal (select More) on a Bill to see the accounts associated with it.įeel free to visit our Expenses and Vendors page for more insights about managing your vendor transactions. The Cost of Goods Sold (COGS) accounts are associated with your inventory-enabled Product/Service items and they'll be allocated to the Inventory asset once you've copied the purchase order to a bill. If you've selected an item on the Item details section and it was set up as an inventory item, we don't need to have to select a Category detail like Cost of Goods Sold, Inventory, or Inventory asset. Once you've added a product or service to the list, you'll be able to select it on the item details when you create a transaction.
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