QB Issue Resolution:

I recently started using Quickbooks Online Plus and have been using the inventory tracking feature.

I buy and sell watches so I generally only have a quantity of 1 per item. The issue I’m having is when I create an item it adds the cost of goods sold to the inventory assets account which is fine, I expect that. But when the charge comes through from the bank and I need to match it with something, I try to match it to the item I have already created which causes a duplicate increase in the inventory assets account.

 

So an example would be I create a watch that cost 100 dollars. The transaction of me paying for that watch comes through and I need to tell QuickBooks that that $100 charge is what paid for the item I created. How do I match them together?

As I understand this, you are creating an item with qty and cost

and then wanting to match the purchase

 

you only create an item with qty and cost if you are starting the company and have it on hand

otherwise the qty is zero and the cost is zero when you create the inventory item

then you enter a purchase for the item, and match the banking download to the purchase transaction

Resolution for Issue 'How to Match Inventory’s Cost of Goods Sold to Bank Transaction' available: Yes (Solved).
Source: Intuit Community forum.

How to Match Inventory’s Cost of Goods Sold to Bank Transaction: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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