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- The Category detail is an account that you select from your chart of accounts. While the Item detail is an item from the products and services that you purchase and sell. If you've purchased an item from a supplier, you'll need to select or enter the purchased item in the Item details section on the purchase order.
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Mar 31, 2022 · I am here to help you understand the difference between Category and Item details when creating an expense. The Category detail is an account that you select from your chart of accounts. While the Item detail is an item from the products and services that you purchase and sell.
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What is category detail & item detail in QuickBooks Online (QBO)?
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Mar 13, 2024 · Learn the difference between category details and item details in QuickBooks Online, when to use them, and how to create them.
Feb 4, 2024 · When material is received against a purchase order, QuickBooks creates an Item Receipt. What is the general ledger accounting that takes place for this transact.
Expense vs. Item. When using QuickBooks, you have the option of entering business costs as Expenses or as Items. When you click on the Items menu, you have the ability to enter more...
- Inventory Accounts
- Inventory Assets
- Cost of Goods Sold
- Average Cost
When you set up your first inventory item in your Inventory List, QuickBooks automatically adds two accounts to your company file's Chart of Accounts: 1. 12100 - Inventory Asset - Other Current Asset 2. 50000 - Cost of Goods Sold (COGS) - Cost of Goods Sold In addition, each inventory item requires an income account. You're not required to use eith...
When you buy an inventory item, your Bill, Check or Credit Card Charge will debit the Item's Inventory Asset account and credit your A/P, bank or credit card account. It is not debited to an expense account because it is an asset that you can sell for future benefit and you record the expense to match the income. The best way to track your inventor...
Normally, inventory COGS is only affected when you sell inventory items on invoices or sales receipts. When you sell an inventory item, run the Transaction Journal Reportfor the invoice/sales receipt and you see the Sales/Accounts Receivable transaction and you'll see the Inventory/COGS transactions which credits the Inventory Asset account and deb...
QuickBooks uses the weighted average cost to determine the value of your inventory and the amount debited to COGS when you sell inventory. The average cost is the sum of the cost of all of the items in inventory divided by the number of items. 1. You purchase a widget for $2.00. The average cost is $2.00. 2. You purchase a second widget for $1.50. ...
When adding an expense to QuickBooks Online you probably noticed that there's a Category details section and an Item details section.In this quick video, I'l...
- 3 min
- 1907
- Gentle Frog
Sep 17, 2023 · 1. Understand the purpose of each category: Take the time to familiarize yourself with the default categories in QuickBooks and their meanings. Review the category descriptions provided and identify which category aligns best with the transaction you are categorizing.
