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Handle Prepaid Inventory With Efficient Way in QuickBooks Online

The way to handle prepaid inventory in QuickBooks? This question has got the major issue for small company users since it’s important to manage workflow.

First, we explain What is prepaid Inventory? Since most users don’t know about any of it. Your online business must record the price of the inventory as an expense from the income statement you sell it and prepaid inventory is inventory that you have paid but have not yet received.

 

How To Deal With Prepaid Inventory?


On hand report along with the profit and loss reports are accurate by this workflow to manage properly, because its important.

We share an example to you, Assume your small business paid $2000, including shipping, to a supplier before the supplier delivers your inventory and you assume sell the inventory listed here quarter. When you pay for the inventory, record $2000 as prepaid inventory in today's assets element of your balance sheet.

Remove $2000 from the prepaid inventory account, if the inventory arrives and add it to the inventory account. The following quarter, remove $2000 through the inventory account and report $2000 as a price of goods in love with your income statement to expenses the inventory.

 

We also Fix : QuickBooks Error 3371 : QuickBooks Won’t Open : QuickBooks Error 80029c4a

 

What is the purchase order?


First, we describe what is purchase order? and exactly why is essential? Before to track inventory its compulsory to learn about PO (purchase order).

A purchase order is a document sent by a purchaser to a vendor that authorize a purchase and also this is the state confirmation of an order.
It has:

 

  • Price
  • Mailing address
  • Payment Information
  • Invoices address
  • Purchase order number


Whenever we focus on Purchase order one question arises in your mind why do companies use the purchase order? Here is some basis for your question:

 

  • They set clear expectations
  • They help manage orders
  • Also, they assistance with budgeting
  • They are the key section of audit trails
  • They truly are legally binding


To Track your Inventory:


Create a PO when the order is put:

 

For purchase, select the Plus icon at the very top, then Purchase order.

In product service/section you fill out the appropriate fields then choose the product/service you might be purchasing
Save

 

  • Payment Under a prepaid inventory account and write a check/cheque to your vendor/supplier then categorize:
  • Choose the plus icon at the very top, then Check/Cheque
  • Choose the vendor/supplier
  • Choose another current account such as prepaid inventory then go into the number of your payment within the itemize Account section.
  • Select Save


You can roll the PO to a bill for the vendor/supplier when the inventory is physically received

 

  • Choose the Plus icon at the top, then bill.
  • Select the name of this vendor/supplier.
  • When you choose the vendor/supplier, any open purchase orders for the vendor/supplier will show up regarding the right side of one's screen.
  • Select Add Purchase Order, but first, locate the acquisition order you created
  • Select Save.


Re-categorize the payment to Accounts Payable which create a credit for the vendor/supplier, From the previously written check/cheque

 

  • When you look at the check/Cheque screen, replace the Accounts Payable.
  • Select Save.


Show the bill you create for the vendor/supplier as paid.

 

  • At the very top, Select the Plus icon after which Check/Cheque.
  • Select the vendor/supplier from the drop-down list.
  • Into the Credits section, choose the payment.
  • Choose the bill to complement to your payment within the Bill Payment Information section,
  • And ensure that the total amount field towards the top is left blank.
  • Select Save.


For Additional help, Dial toll-free Get Support Number +1-888-396-0208.

 

 

Also Read our Related Blog: http://quickbookshelpnews.jigsy.com/entries/general/setup-or-run-account-receivable-ar-aging-report-with-quickbooks-

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