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Quickbooks - Bookkeeping & Inventory

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Original Post

Anyone of you vintage Etsy sellers keep inventory in Quickbooks? As the new year rolls in I want to begin keeping my books in QB. I want to make sure that I have everything running through correctly.

Specific questions I have:

1. If I purchase my item from an antique market to resell, do I "write check" to particular vendor and then select account? (expenses tab) What account do I select, expense or an asset account? I wouldn't want to enter bill, pay bill for a purchase I made, day of, to a flea market, correct? Also is this where I can enter my specific items that I purchased from the same vendor? (item tab?)

2. What about all of the inventory that I have already purchased? I know I will need to create "items" for each of these. Should I create generalized items for these ie. lighting, furniture, kitchenware etc. and then create subcategories for each individual piece/description? Maybe I should also give each piece of inventory it's own number?

3. When I receive a Payment for an item through paypal I usually print a detailed packing slip right from Paypal to send in my package so I don't really need to use the reciept feature in QB. When receiving payments from Paypal customers how should I receive that money on the QB end? I am not following how entering a sales receipt effects/changes the balance of my checking account in QB.

If you understand QB hopefully my questions will be pretty straight forward:) Any help is greatly appreciated!

Rachel

Posted at 10:30 pm Dec 27, 2010 EST

Responses

regarding 3: every sale has to be entered as an invoice then the money can be received. i then put the paypal fees in as an expense. i think there is a way to dump this info from paypal but i haven't taken the time to figure it out yet.

Posted at 10:35 pm Dec 27, 2010 EST

Ok yes, and I do understand how that works as I used to do the books using QB for a small corporation. It just seems like double entry to me since I am not actually billing a customer and waiting for payment to come in. I was hoping there was a way around that. I think I will look into having Paypal files downloaded into QB soon. Time is the issue:)

Posted at 10:42 pm Dec 27, 2010 EST

I would bet there are lots of sellers wanting to get books straight or set up by the new year. Hopefully someone can shed some light for us:)

Posted at 11:15 pm Dec 27, 2010 EST

Anybody hanging out in the forums today who has any Quickbooks setup advice??

Posted at 12:04 pm Dec 29, 2010 EST

Luster says

I use QB....my advice is to pay your accountants assistant to set up the file framework for you then have a few hour tutorial session on how to use and tweak it. Best $300 I ever spent a few years ago!

Posted at 3:10 pm Dec 31, 2010 EST

Luster says

ps...plus if you have THEM set it up it is done in a way that is faster / easier for them to deal with when you send them the files for tax purposes.....so it saves you $$$ over the long term. And of course this is all assuming you use an accountant for that nasty tax part like I have to with an S-Corp

Posted at 3:12 pm Dec 31, 2010 EST

Not sure if you're still on the lookout for something like this but I use Rapid Inventory w/QuickBooks Pro. It integrates pretty well and is cheap. I took my time finding something that works too, have only used this for about 3 months though. It definitely syncs everything into QuickBooks you just have to take the time to set it up. My friend made me watch a Webinar on how it works before I tried it which was helpful. Not sure if they are still doing those. Just Google Rapid Inventory. You should find it!

Posted at 11:47 pm Apr 11, 2011 EDT

You might want to check out the Bizelo Inventory Management App at Etsy's app gallery. It makes it super easy to manage inventory between both shops!


Etsy app profile: www.etsy.com/apps/262780616/bizelo-centralized-inventory-management

Bizelo Website: eretail.bizelo.com


The Bizelo Inventory Management App is focused on helping you manage your inventory, track orders and sales, print pick and packlists, as well as providing you with some reporting on how your business is doing.

Item and orders are automatically pulled from both of your shops, while keeping track of what's in your shop as well as whats actually in your warehouse or on your shelves. It can also automatically relist items that have been sold and keep quantities at "1" even if you have more in stock.

let me know what you think!


Evan

Posted at 8:15 am Dec 22, 2011 EST

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