I'm glad you've asked this question, CaptureIT.
Entering an expense without a purchase order won't increase the inventory. Since you've entered an expense, you need to manually adjust the quantity on hand.
Here's how:
- Click + New.
- Select Stock Qty Adjustment.
- Enter the Adjustment Date.
- In the Stock adjustment account drop-down, select the appropriate account.
- Select the products in the Product field.
- For each item, enter either a new quantity or a change in quantity.
- In the Memo field, enter the details about the adjustment.
- When you're done, click Save and close.
Aside from this, you also need to use the Item details section when creating an expense. Just make sure the IT consumables account as the Income account of the product.
If you don't want to manually adjust the inventory each time you receive an item, you need to create a purchase order. Then, add purchase orders to expenses, bills, or cheques to increase the inventory.
In addition to this, QuickBooks tells you when it’s time to restock. You can order stock right in QuickBooks. Then, track what you receive from suppliers and what’s still on order. When you do, the quantity on hand automatically increases by the number of items you receive.
That being said, you can browse these articles to learn when to restock. And, access reports to instantly see your best sellers, what’s on hand, cost of goods, and more.
Get back to me if you have additional questions about recording purchases in QuickBooks. I'm always around to help you.
