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Replying to:
MichelleBh
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I've got just the steps you need with your inventory, @Loyalcompanions.

 

I have here two options to add the additional cost in your QuickBooks Online. This way, we can ensure that your inventory data is up-to-date and accurate.

 

The first one is we can create a clearing account to record all the costs. I'll guide you on how.

 

  1. Go to Accounting on the left-side panel.
  2. Choose Chart of Accounts, then click the New tab.
  3. Choose Bank for the Account Type. You may choose any detail type you want for your clearing account.
  4. Type in the Name for the clearing account.
  5. Make sure you do not type in any amount on the balance before clicking Save and Close.

 

Once done, post the extra cost to the account (food expenses and other vet bills).

 

The other option is by creating an expense transaction in QuickBooks Online. Then, enter two lines. One is the purchase cost of the item which is positive and the other line is the same quantity as the positive but with the additional cost.

 

I'd also recommend consulting your accountant to ensure your inventory reports are accurate. In case you don't have any, please visit our Find an accountant website to locate one.

 

Additionally, access inventory reports to instantly see your best sellers, what’s on hand, cost of goods, and more. For the complete instructions, check out this page: Use reports to see your sales and inventory status.

 

Lastly, feel easy to visit these links below about restocking inventory and to know more about First In, First Out (FIFO). 

 

 

Drop a comment below if you have additional questions about tracking your inventory. Always here to lend a helping hand. Keep safe. 

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