QB Issue Resolution:

inventory is an asset when purchased, it becomes an expense when sold

on the balance sheet report on the account inventory asset and you will see the purchases

Resolution for Issue 'Vendor Bills paid with a Company Credit Card not posting on P&L correctly' available: Yes (Solved).
Source: Intuit Community forum.

Vendor Bills paid with a Company Credit Card not posting on P&L correctly: 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 Inventory
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Error Recovery for Inventory [Canada]
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