QB Issue Resolution:

You won’t be able to reconcile your bank statements if the purchased items will be entered directly from the Products and Services setup.

 

Creating a bill/expense for these items is the recommended way. QuickBooks automatically matches this payment to a bank statement from the Banking page.

 

If you create bills but you’ve already manually recorded the items, you’ll get duplicate expenses and the quantity of the inventory increases.

 

Here’s a reference: Buying and selling inventory.

 

Resolution for Issue 'Recording inventory purchases' available: Yes (Solved).
Source: Intuit Community forum.

Recording inventory purchases: 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.

Support for Bank Statement
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Error Recovery for Bank Statement [Canada]
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