Creating the bill also means that the items are in your inventory and that inventory will be reflected on the balance sheet. Click Save and Close at the bottom. Creating the bill indicates that you have received the items and an invoice from the vendor, and you are going to pay the invoice soon. In this example, we are purchasing 15 items. In the quantity column, enter the amount of items that your company will be purchasing from the vendor. For this example, we will choose the red roses.ĩ. Click the items tab, then select the item that your company will be purchasing. Select the vendor to purchase the items.Ĩ. Let’s create a bill for the item by clicking Vendors on the menu bar, then click Enter Billsħ. We are going to purchase the item that we just created. You can use the default account called Inventory Asset or you can create a new account more specific to your company’s business practices.Ħ. You can create a generic income account called Sales if you choose).Īsset Account: When you purchase an inventory part, it will be indicated on your company’s balance sheet. (Installation Services is a QuickBooks default account. I have chosen the income account called Installation Services. The income needs to be allocated to an income account. Income Account: When an item is sold, your company will earn income which will be indicated on the income statement. There are only two options: Tax and Non Tax Tax Code: You must indicate if this item will be tax upon sale to your company’s customer. For this example, we will leave it at the default account of Cost of Goods Sold. You must identity that account in the COGS Account field. That expense must be allocated to an account. Sales Price: This is the amount that the customer will pay for the item.ĬOGS Account: When an item is sold, your company will incur an expense. That part number should be listed in this field.Ĭost: Enter the amount that your company paid for the item. Manufacturer’s Part Number: The manufacturer has a part number for each item that is sold to your company. The name that we are going to use is Red Roses. Item Name/Number: You will give the item a name or an item number in this field.
Below is a brief explanation of the most important fields. We have filled in information in the highlighted fields. We are going to enter information in the fields highlighted in yellow.ĥ. In the Type field, select Inventory Part for the drop down menu.Ĥ. Click Item at the bottom to bring up the item menu, then click New to create a new item.ģ. Click List on the menu bar, the click Item List.Ģ. To create an inventory part item, perform the following steps:ġ. in this example, we will create such an item. As discussed in lesson 4-1, an inventory part is an item that your company has purchased from a manufacturer and placed in the inventory to be resold later to a consumer.
COST OF GOODS SOLD QUICKBOOKS TUTORIAL HOW TO
Lesson 4-2: This free QuickBooks Pro 2013 tutorial will show you how to create an inventory part item and we will purchase the item to increase the inventory.
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