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How To Enter A Bill In QuickBooks Pro

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Chelsea Krause

Chelsea Krause

Content Strategist - Accounting & eCommerce
Chelsea Krause is a writer who has specialized in accounting for over three years and is a QuickBooks Certified User. She has a BA in English & Creative Writing from George Fox University and studied at the University of Oxford as well. She has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business.
Chelsea Krause

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    Desiree

    I am entering a bill in which I owe the client money. This is a new system, Quickbooks Desktop Pro 2019. The account is under an Inventory Account because we would like to track what we purchase vs. what we sell from this vendor. My Q: When I tried entering the bill, then the items, it gave 3 choices: (1) taxable non-inventory items, (2) non-taxable non-inventory items, (3) Add New. I selected “Add New” because I wanted to place these items under inventory. It gives me the inventory type, which I selected, then it has a tab where you can put an “Item name /Number”. Here I put “Products” as the name, and left the cost and sales price at zero because these numbers change all the time. We buy assorted items from collectors. Then it has a drop down option to select from. It has COGS Account, This is where I am stuck. Choices are : Merchant Account Fees (COGS), Cost of Goods Sold (COGS), then a list of expense accounts and finally the “Add New” option. Finally in the last tab it has “Inventory Information” and it wants me to assign an “Asset Account” which I also have a bucket full of choices. It has : Merchant Account Fees (COGS), Cost of Goods Sold (COGS), An Inventory Asset, Expenses & Add New again. How do I start setting this up?
    -Des

      Chelsea Krause

      Hi Desiree,

      Thanks for reaching out! Generally, if you want to track inventory you will also want to track your cost of goods sold (or how much it costs you to sell a product, ie. purchase price, production price, labor, etc.). For the COGS account, merchant Fees (COGS) would be referring to any payment fees, so it sounds like sticking with the traditional Cost of Goods Sold (COGS) account will suit your needs. The asset account is basically you telling the software what type of asset your item is to your business, so since you’re tracking inventory, you’d probably want to use the Inventory Asset category.

      However, I recommend speaking with a professional accountant for the best advice for your specific business. The QuickBooks support team could also help you understand the nuances between each type of account.

      Best wishes,

      -Chelsea Krause

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