Collaborate on Quickbooks Invoice Template Excel for Product Management with Ease Using airSlate SignNow

Quickbooks invoice template excel for Product Management

welcome back to the Clara CFO group Channel today we are going to talk about QuickBooks Online inventory okay so we're going to get into the inventory module in QuickBooks online and then we're going to talk about how you can put items into inventory we're going to talk about editings and actual inventory item how when you purchase items how do they get into inventory and then also how do you sell items and have it affect the inventory balance so we'll talk about invoicing as well so we're kind of going to take an item through the process so you can see how it flows through QuickBooks and that way you can determine if you need to use this for your business or if you need to have another app that gets attached to QuickBooks online or if you want to stay really simple and use a spreadsheet for the few things you have you can decide what you want to do this video is really just to help you see kind of the ins and outs of how it works okay so we're going to get into a screen share and I will do that in just a second if you aren't already subscribed to the channel we would love to have you here please go ahead and click the Subscribe button and also click the little notification Bell because you will be notified when we post a new video okay well let's go ahead and get into the screen share and I will walk you through QuickBooks Online inventory here we go okay here we are in QuickBooks online and we are in the sample company I've showed you guys this before and I am also in the accountant view so if yours does not look like this you can go to the gear icon it'll say down here switch to accountant View and I'm in Biz if I went here I would be going to the view that you would be on if it doesn't look like this so if you're in the accountant View and when we are going to go to inventory you go to sales because if you have inventory you would be selling it to customers right and then you could go down to products and services so if you might be confused and thinking like where's inventory I don't know where inventory is but it's all under products and services over here and so what you'll find is this sample company has been set up with some interesting items because this is a landscape services company so they do some services and then they also do hardscaping and Landscaping so they do have some inventory in this case there are some items that are set up here and so you can see they've got some services and you can look at you can see what if it's a service or if it's inventory by the type here and then they don't really have a lot here but we will um add something so you can see so if you wanted to create a new item you've got these different options here so inventory is um products that you buy or sell and you want to keep track of and they will affect cost of goods sold as well so when you sell them it will move out of inventory and go to cost of goods sold and then non-inventory items are things that you do buy and you want to keep track of but you're not going to be selling them on like a unit for unit basis and you're not going to be tracking quantities in specifics and to be honest we really don't use this one very often sometimes there's going to be some things you sell and it's not a service and it's not inventory and so you'll use this non-inventory item but most things if it's if it's physical and you want to keep track of it inventory and then you have the option of doing services so this is like CFO services for example or like in this case for this client they have Design Services down here it's grayed out but you can see it there Services would be any anything that doesn't have like a unit attached to it and then you can bundle things so if you have maybe three different inventory items that you like to sell together into a bundle and maybe they are slightly discounted when you bundle them together you can create a bundle okay let's go ahead and create a new inventory item and so I can give it a name I'm going to create something for this landscape company so I'm going to call this we just do something simple like here we go tulip bulbs I have tulips behind me tulip bulbs okay and then let's give it a skew we're not it doesn't look like they're really well maybe they're using some skus maybe there's a numbering system that you like to use internally I'm going to follow what they have over here for some of their other skus and then we can put into a category so you can create different categories it looks like they have design and Landscaping and then Pest Control I'm going to put this I guess under landscaping and then I'm going to say I have 100 on hand and then that means that means like when you're first creating this item how many do you have at that point in time and then you can put the as of date so let's say as of April 30th when this is being done there's a hundred you can put a reorder point so if you know you always need to keep some in stock maybe if you go lower than 20 you need to reorder so I usually don't use that but it is something that you can use in the system and then you'll assign an inventory account so every time you purchase this item what account on the balance sheet is it going to be going towards so if you have complicated inventory different inventory assets you can put it to that account but in this situation we just have one line item that says inventory asset and then you can do a description so this is what will show up when you pull down like if you make an invoice for a client and you sell them tulip bulbs they will this description will pop up so I'm I'm going to leave it blank for now no I can put tulip bulbs pink and white or something like that if that's the description let's do just five dollars and these might be packages of tulip bulbs okay nobody nobody come after me for making a unrealistic example okay and then you're gonna assign this to an income account as well so this can be helpful when you have multiple different sales line items and you want to make sure that every time you sell that item that that sale gets recorded to the right thing on the p l okay so that's how you do it you do it here and then if you need to do sales tax you can put in sales tax rates here and then when you're buying something you will have like let's say you put together a purchase order and you put together the purchase order and you sent it to your vendor so that they could send you an invoice before you pay the bill if that's the case this is the description you can put on there sometimes vendors will want to see different descriptions than what you put on your invoice to your customer okay because they might want like an internal code or something to you know buy the right inventory but then your customer doesn't necessarily need to see that they want to know what they've purchased so that you can you can it doesn't have to be just one description on both of the buying and the selling side which I think is really nice actually and then let's say the cost is 250 okay and then the expense account would be cost of goods sold every time you buy it it would go there and then preferred vendor can put in a preferred vendor here so let's just say let's do Tanya's Nursery okay and then we're going to save and close okay so now if I scroll down here under Landscaping I should have my tulip bulbs and there they are okay so there they are sitting in inventory I can see how many quantities are on hand I can see that they're taxable well let's first let's sell these tulip bulbs so let's go ahead and sell these to someone we're going to sell them to Diego Rodriguez and he's going to get some tulip bulbs so when you're filling out your invoice you're going to type in your product and service that you're selling and see here's that description that we put in there and then let's say since there's one quantity times five it would just be five dollars but he actually wants 10. and so then his invoice would be for fifty dollars and then I've dated this for today and I'm just going to click save and send okay send in close all right so it's reminding me that I'm not actually sending an email to anybody but now let's go ahead and look at what that did in the accounting system so let's look at our profit and loss and then we're going to run it through today actually I'm just gonna take this to April and then I'm gonna do it on accrual because we haven't been paid for it so I'm gonna run this based on accrual because that's the only way it would show up on here and then let's go ahead and do so QuickBooks is playing around with this different view for transaction reports I'm not sure I love it I'm going to switch back to the classic view and then I'm going to switch this so we can see everything and we're going to find that invoice and I'm going to show you here it is here's that Diego Rodriguez under sales of product income okay so if I wanted to have this show up in a different item I could go back to that edit feature of the individual tulip bulbs when I was setting it up and I could change the the income line item so if this ends up being the wrong place I could do that but here it is so that's how it works if we were on cash basis this invoice wouldn't show up because we haven't been paid yet for it so there's that so what happens after you're out of tulip bulbs and you need to come and buy some more I will show you guys what to do there and then we're going to go to expense there's a couple different ways you can do this actually I will show you here let's go and do a bill and we're going to add a bill and you can also I'm going to show you another quick way to do that up here in the plus new up here in the top left you can just go straight to Bill it's kind of the shortcut all right so let's go what was the name of that Tanya's Nursery was our preferred vendor okay and let's say that we want to we've placed an order with Tanya I will show you guys how to do a purchase order but let's say you placed an order over the phone with Tanya and you said hey Tanya I need 200 more tulip bulbs if you could get those ready for me I'm going to come over she says great sure I'm gonna send you over a bill so you can come in with a check okay so you actually have a bill you know how much you need to pay her let's go ahead and put that bill in so let's just say this is due on receipt and that she's we're doing this order today on April 30th and let's say there's a bill number you got her bill and it's Bill 607 and instead of doing this category detail down here you're going to skip over that part and you're going to go down here to item details okay most bills when you enter them like let's say you get a utility bill or something like that you're gonna just enter in like you utilities here and put it as an expense but since we are doing inventory we need to do something different so we're going to use this items details section down here and you'll see that I don't have if I was using this category details I don't have any way to search a product here I can only do that when I'm down here in item details okay so we're going to find our item and then I'm going to buy 200 of them okay and then I'm just going to leave it as that and we're going to go ahead and just click save okay so now this bill if you are on cash basis you would not see it on the p l yet but let's go ahead and look at it on an accrual basis and I'm going to show you two different things I'm going to show you the balance sheet because the balance sheet as of today should have if we are an accrual should have 200 more tulip bulbs in it there it is right there Tanya's Nursery 500 was added increase the balance of the inventory asset okay so you can see that and then so that's the balance sheet side of the transaction so that's where you see the inventory being added and then actually the other side of that transaction right now until that bill is paid is sitting in accounts payable so it's all on the balance sheet this part right now so there's that Tanya's Nursery down there for 500 and it's a bill and it's been unpaid once it is paid then the cash is going to go out and remove this accounts payable okay so there is a p l side when we sell the item so remember that we went and we found the what was it sales of product income that's where when we sold the invoice or we sold the Tulips to Diego we saw the fifty dollars for the tulip bulbs here now when we go back to the p l there's two sides of that transaction so when we sell it that's the income part but also there's the expense part so the cost of goods sold for that transaction is down here and the cost of goods sold section of the p l and when we do that we will see 10 times 250 because that was the cost of the item and so 25 is recorded okay now I didn't have to manually do this cost a goods sold thing this all happened on its own the system is doing this part so when you sell something you get the income part and then you also get the expense part are just going to happen QuickBooks is going to do that for you once you create an invoice and you and it has inventory items on it those transactions are going to happen okay now if this is cash basis let's go back to that let's say this is cash basis you won't see either of those items because no cash has traded hands okay so once the cash is recorded then you'd be able to see the effects of those things on the cash basis but this is a sample company I can't actually receive cash here so okay that is how inventory flows so you buy goods from your customer and then they go into the system you add them through a bill or an expense and then they sit in inventory until you sell them and you sell them by invoicing customers here okay that's a very very simple overview of the inventory system in QuickBooks online now I will say that as you get bigger and you have a higher volume of transactions you're going to probably need something that will interface with like a point of sale system or you're going to need something that you're not obviously going to be sending manual invoices every time you sell things like let's say you're an e-commerce company or something like that you're not going to be able to do this manual process that I just showed you for every single sale so there are apps and tools and things that interface with QuickBooks online and some of them will be apps that actually keep the inventory out of QuickBooks all together and just post journal entries to those key accounts that I told you about like the income costly that sold inventory accounts they'll just post kind of bulk journal entries so you really I would recommend maybe talking to a QuickBooks expert if you do have inventory and you're trying to figure out which is the best way to go here because depending on volume QuickBooks inventory does have some limitations so you do want to think about that but I think it works really well for a company like this that has services and products all together and they invoice their customers and they're probably not going to have a huge volume of invoices every single month this makes a lot of sense and then there's there's a lot of a lot of times really where it makes a lot of sense but then there's going going to be sometimes where you might need to have a third party app to come in now the great thing is that pretty much every third-party app is going to interface with QuickBooks online because it is the biggest software for small business accounting so you're in a good place if you're going to need to grow and scale as your business grows QuickBooks Online really is like the the best place to start so keep that in mind remember that you have to be at the Plus subscription to have the inventory module and then if you need QuickBooks Online definitely use my discount code because it will get you that full year at 30 most of the offers for QuickBooks Online are going to be 50 for three months maybe you might even get like 70 for three months but that doesn't add up if you do the math having 30 off for a full year is a better deal okay so and it does support the channel when you do that so I appreciate it but thank you guys for watching if you have any other questions about inventory please put them in the comment section below and I will talk to you later foreign [Music]