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I am starting my own business and have no clue what I’m doing in terms of accounting but am trying to figure it out. I make and sell custom wood products primarily tables, signs, butcher blocks and decorative boxes. I have no inventory and make everything after the order and payment is received. I do keep glue, screws, paint, stain and other supplies at the shop but the bulk of the expense is the wood which is purchased as each order is received. I understand that Cost of Goods Sold is determined via inventory but I don’t keep inventory. I’m wondering how I track the cost of each item sold. For example: if I get an order for a table I would design the table with the customer, take payment and then go and purchase the wood needed as well as supplies (screws, glue, etc) that I’m low on. I’d then assemble the table and deliver it to the customer. If I understand right if I kept tables in inventory to sell the COGS would be the time/labor to design, build and deliver as well as cost of the wood and supplies and overhead for the time I was building. Because my items are not kept in inventory I wouldn’t use COGS for tracking these expenses. Would I just track them as supplies/materials? Also how would I track items that are used for several products ie. glue, screws, stain, etc. Measuring and counting all of these things would take too much time to make sense financially. Thanks for any insight!

When you have cost but do not hold inventory like in your situation, open the chart of accounts and click new, select COGS and for detail type select Cost of Sales (COS). Then make the COGS account inactive.

Post all purchases for the order to COS

screws, glue, sandpaper, etc are an […]

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Subcontractor payments aren’t showing up in P/L unless they’re recorded as expense & not bills. expense increases their balance for some reason. Any help plz? thanks.

First of all, let’s understand the difference between Expense and Bill in QBO.

Expense transaction means you’ve already paid by bank card/ATM or Credit Card. This is Cash transaction so when you run the P&L report, you will see it as an expense item.

Bill transaction means you’re entering expense for something you have not paid yet and […]

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My understanding is that Square is unable to sync changes in inventory with QBO. How then do you recommend handling/correcting inventory in QBO?

Answer 1:

You’ve reached the right place and I’ll be able to show you how to edit inventory.

 

Let me guide you how:

 

  1. Select the Search icon.
  2. Choose Advanced Search.
  3. From the All Transactions drop-down menu, pick Inventory Quantity Adjustment.
  4. Click the appropriate filters from the different drop-down menus, then locate Search.
  5. Find the adjustment you want to change.

    6. […]

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Hi, Is there a way to list non-billable expenses? Its easy to forget to tick the billable box , and then not recharge an expense . I need a list of non billable items so I can check this periodically.

At this time, there isn’t an option to list or pull up a report that’ll show all your non-billable expenses.

 

That being said, you’ll want to consider manually reviewing your expenses to check if it’s billable or not.

 

I’ve got you this helpful article in case you need some ideas […]

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I accidently deleted a subcategory instead of just renaming it. How can I remove the subcategory so it doesn’t permanently say the name and (deleted)?

Currently, there isn’t a way to permanently remove the “(deleted)” word beside an inactivated account. As an alternative, there are two options on how you can permanently remove the deleted subcategory in the program. Doing so will completely remove it from your reports.

 

First, you’ll have to reactivate the incorrect subcategory. […]

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Hi, I’m a sole proprietor and I’d like to enter my mileage into quickbooks as an expense. However, I’m not necessary looking to write myself a check to reimburse my mileage (I’d rather leave the cash in the business). All the topics I see for recording mileage include an actual reimbursement. If I drove 1,000 miles away from the office for work in 2018, is there any reason why I can’t just create an expense for $545 (1000 x 0.554)? When I create this expense, am I the payee? What are the correct account details for this type of transaction? Thanks!

mileage is not an expense in accounting.

It is a tax time deduction you can take, if and only if, you do not take the actual expenses of operating a company car.

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Hello. Previously we used Sage50 and we were able to run a report by customer that detailed everything that customer bought during a period of time. Does QuickBooks Online offer something similar or something that we can customize? Thanks

Yes, we have multiple customer detailed reports that gives you an overview of their purchases, JRobertson223.

 

Let me help you pull that up. We can use the Sales by Customer Detail report as an example and customize the report period. Let me show you how:

  1. Go to the Reports menu and type in the search […]
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We did a JE to move $12k from shareholder draw to rent. How do I apply that amount to a 1099 vendor so it shows up on the 1099?

first if you have shareholders, you are being taxed as a corporation and as such there is no such thing as shareholder draw.

 

Assuming you mean owner or partner equity draw, no you can not do that since the equity draw means the owner/partner took the money out of the company […]

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