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shopify quickbooks inventory

Published on: June 19 2023 by pipiads

In this video, Veronica Wasser from Five Minute Bookkeeping explains how to record or adjust your inventory balance in QuickBooks Online using a journal entry. She starts by emphasizing the importance of tracking inventory quantities and costs accurately, either in a spreadsheet or using a cloud inventory app. Veronica demonstrates how to make a journal entry to adjust both the cost of goods sold and inventory in QuickBooks Online at the same time. She provides step-by-step instructions and visual aids to show how to set up inventory and cost of goods sold accounts and how to make adjustments for both month-end and mid-month inventory balances. Veronica explains the relationship between debits and credits and provides color-coded visuals to help users understand the process. She also offers tips and recommendations on how to track inventory at an item-by-item level and suggests using spreadsheets or cloud inventory apps to do so. In conclusion, Veronica encourages viewers to check the video description box for additional resources and links to join her Facebook community.

Should you track Shopify inventory in QuickBooks Online?

Veronica Wasik, from 5 Minute Bookkeeping, helps creative online sellers set up, organize, and streamline their financial systems. In this article, she discusses whether Shopify inventory should be tracked in QuickBooks Online.

Key points:

- Tracking inventory in Shopify only tracks inventory quantities, not cost.

- Tracking inventory quantity and cost is necessary for accounting and tax purposes.

- QuickBooks Online inventory functionality is not robust enough for e-commerce sellers.

- Tracking individual items costs and quantities in QuickBooks Online is unnecessary.

- Use a spreadsheet or inventory management app to track inventory.

- Updating the inventory amount in QuickBooks Online can be done through a journal entry.

- A free inventory tracking spreadsheet is available in the description box.

- Using an inventory app is the most streamlined way of tracking and managing inventory.

- Shopify only tracks inventory quantities, not cost, so it is necessary to track inventory dollar amounts for accounting and tax purposes.

Tracking inventory in Shopify is not enough for accounting and tax purposes. Using a spreadsheet or inventory management app is necessary to track quantity and cost to get a dollar amount of inventory. QuickBooks Online inventory functionality is limited, so tracking individual items costs and quantities is unnecessary. The most streamlined way of tracking and managing inventory is by using an inventory app.

Best practices for tracking your Shopify inventory in QuickBooks Online

Are you a Shopify seller struggling with tracking inventory in QuickBooks? In this article, we will cover the essentials of tracking inventory in QuickBooks for Shopify sellers.

Tracking Inventory in QuickBooks:

- As a Shopify seller, you will be tracking inventory in QuickBooks differently than other businesses.

- You want to track the inventory dollar amount in QuickBooks, which is calculated by taking inventory quantities and multiplying them by their cost.

- Inventory and cost of goods sold are related, which means that if you increase inventory, you must decrease cost of goods sold and vice versa.

- You don't need to track inventory in QuickBooks at a detailed level. Updating the inventory balance in QuickBooks is sufficient.

Ways to Track Inventory:

- You can track inventory in QuickBooks using spreadsheets, Shopify inventory reports, or inventory apps.

- Updating inventory monthly is recommended for better clarity and visibility into your profits.

Inventory Management Apps:

- If you outgrow spreadsheets or Shopify inventory reports, it's time to look into inventory management apps.

- Choose an inventory management app that suits your business needs.

- Some recommended inventory management apps include SInventory, Zoho Inventory, Ecom Dash, Airtable, Locate, Finale, Synth7, and Deer Systems.

Tracking inventory in QuickBooks as a Shopify seller may seem challenging, but it doesn't have to be. By updating your inventory balance and using the right tools, you can streamline your financial systems and focus on growing your business.

Shopify integration with QuickBooks Online 2021

In this video tutorial, we will be learning how to integrate your Shopify store with QuickBooks Online. Specifically, we will be looking at how to bring over your products and services from your Shopify store into your QuickBooks Online account.

- The benefit of integrating QuickBooks Online with Shopify

- The different apps available in the Shopify marketplace

Steps:

1. Go to the navigation bar and click on Apps

2. Search for Shopify and select the Shopify by One SaS app

3. Connect Shopify by One SaS to your Shopify account

4. Choose the synchronization options

5. Sync the data manually

By integrating QuickBooks Online with your Shopify store, you can easily manage your inventory and sales data in one place. With the Shopify by One SaS app, you can automate the process of syncing your products and services between the two platforms.

QuickBooks integrated apps for the Retail & Wholesale Industry

Hector Garcia, a CPA and advanced QuickBooks ProAdvisor, works with retail and wholesale industries to provide accounting and consulting services. He believes that adding apps to these types of businesses can solve their main pain points.

Pain Points:

- Managing inventory

- Planning for inventory ordering and replenishment

- Tracking backorders

- Managing shipments and printing shipping labels

- Double entry of e-commerce orders into the accounting system

- Tracking the correct cost of goods sold and profit margins

- Paying sales reps commissions

Solution:

Adding apps to the business can solve these pain points.

Apps for Retail and Wholesale Businesses:

- Pointer Sale

- Inventory

- E-commerce

- Shopify

- SOS Inventory

- Deer Inventory

SOS Inventory Demo:

- Setup and general overview

- Setting up new inventory items

- Creating a purchase order

- Receiving inventory from the purchase order

- Creating a sales order

- Creating a pick ticket and shipment

- Creating an invoice for the shipment

- Dashboard and reports

- Creating an inventory adjustment

- Syncing data with QuickBooks

- Additional features, such as manufacturing and integrations

SOS Inventory is a helpful app for retail and wholesale businesses to manage their inventory, sales, and purchases. It allows for easy tracking of inventory and helps businesses stay on top of their finances.

Upload QuickBooks POS Inventory to Shopify - eCommerce Integration

In this article, we will discuss how to extend your brick and mortar store online through Shopify with the help of QuickBooks point of sale. We will cover the process of pushing your products from your item list in QuickBooks point of sale to your Shopify store.

Steps to push your products to Shopify:

1. Ensure that your point of sale is prepared with necessary information like cost, price, description, manufacturer, and more.

2. Access WebJillat and select Products to transfer and list your products.

3. Check the items that you want to push to Shopify, and add necessary information like manufacturer, compare at price, categories, and tags.

4. Save the changes and transfer the products to Shopify.

5. Verify that your products are now available in Shopify by reloading the page.

6. Edit your product details, add pictures, and publish them on your online store.

Benefits of using WebJillat:

1. WebJillat synchronizes the quantities of products between your brick and mortar store and your Shopify store.

2. WebJillat also allows you to process orders on the dashboard and records them in QuickBooks point of sale.

By using WebJillat, you can easily push your products from your brick and mortar store to your online store on Shopify without any manual entry or exporting and importing spreadsheets. This helps to synchronize your inventory and streamline your order processing. Sign up for an on-screen demonstration to see how this can work for your store.

How to manage inventory in QuickBooks Online

Annie from the QuickBooks team is here to teach you how to order and account for new inventory using a purchase order in QuickBooks. This article will cover the following:

- How to order new inventory when running low

- How to account for new inventory using a purchase order

- What to do when you receive your new inventory

- How to make adjustments to your inventory in QuickBooks

Ordering New Inventory:

- If you haven't created inventory products in QuickBooks yet, do that first

- Select Products and Services to view which products are low or out of stock

- Select the arrow next to edit and reorder to open a purchase order

- Select the vendor you want to order from

- Enter the items you want to order and the quantity

- Adjust rates and amounts as needed

- Save and send the purchase order to your vendor

Accounting for New Inventory:

- When you receive your inventory from your vendor, record how you paid for it

- Enter it as a bill or check, depending on your payment method

- This will adjust your inventory quantity and handle all accounting

Making Adjustments to Inventory:

- If the amount of inventory you actually have on hand is different from what's in QuickBooks, make an adjustment

- Select the arrow next to the product and adjust quantity

- Enter the number you actually have and choose an inventory adjustment account

- This will adjust your inventory in QuickBooks

Now you know how to order and account for new inventory using a purchase order in QuickBooks. Managing your inventory just got easier!

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