![]() We'll want to make sure to add the inventory item under the Item details section (on the Expense form) or under the Product/Service column (for invoices).Īside from using the regular invoice and expense forms, another option for us is to use the Billable expense workflow. Simply click the + New button then select Expense (if you want to buy the feed and add the quantity) or Invoice (if you want to sell the feed). Alternatively, we can look for a third-party app to let us do this.Īfter setting up the item, we'll want to ready the entries. ![]() Otherwise if you sell it by kilogram, then we'll want to manually calculate it as we fill out the forms. If you sell feeds by sack quantity, then we'll simply want to use the Quantity field (on invoice and expense forms). I thought I should also add this but QuickBooks doesn't actually do unit of measure when it comes to buying and selling items. I would recommend consulting an accountant to ensure your tax mapping on income and purchases are correct. However, we would also want to take a look at how this impacts your Schedule F form. Add the Income account (mapped for Schedule F).Īs for the Expense account field, we could use the Cost of Goods Sold account. ![]()
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