![]() In the account details part of the bill, choose the clearing account, and enter the full amount in the account as a negative number.Add a portion of the total amount in the clearing account to each item total cost.When you pay additional costs, shipping customs, and more, post them to a clearing account. ![]() I recommend entering the bill for items/qty received and enter the cost per item as you know them at that time. Note: Before doing any of the actions below, review this with your accountant to be sure this is right for your business. Hey there, appreciate you stopping by asking your question about inventory within your QuickBooks Online account. I am 100% certain that many people have similar business setups to this, what is the best way to capture this in QBO? Or, are there add-ons or upgrades to get this capability? 1 bath towel is going to cost more freight and storage costs than 1 pair of socks). It gets even more complicated when I factor in that all my SKUs have different cubic volume, and therefore have varying amounts of freight costs per item (i.e. I would prefer to capture the actual costs to each sale. The next year when I sell it, the expenses are lower and my profits soar. The problem is, if I buy a lot of inventory in one year, my expenses are inflated from the import costs that year. The only part that is captured in acrual methods are the factory costs of goods. Using First In, First Out (FIFO) method, our COGS on this sale was $1850 (100 units of $12 cogs, 50 units of $13 unit cogs).Ĭurrently in QBO, all freight, duty, and several unmentioned costs of import are captured as expenses. We receive an order for 150 units at sales price of $20. Total is $1300/100 units = $13/unit cost of goods. The freight to import is $200, the duty payment is $100. On day 30 we purchase product A, 100 units at $10 factory price. Total is $1200/100 units = $12/unit cost of goods. ![]() The freight to import is $100, the duty payment is $100. On day 1 we purchase product A, 100 units at $10 factory price. We maintain stock levels for our customers of the same SKU.
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