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Old 09-18-2017, 04:28 PM
davender davender is offline
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Join Date: Sep 2017
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Non-Inventory Items and Accounting

Fellow QuickBookers!

I recently joined my FIL's small business, and I'm trying to help him get to the next level. Apart from setting up the company website, I also setup QuickBooks (accrual accounting) to get all of the company's stuff in order.

The business holds absolutely no inventory: as approved customer orders for items come in, we buy products from vendors and have them ship to our customers, i.e. drop-shipping setup. I think I'm doing this right, but I would much rather trust the rest of you experts - I'm seeking advice on the below:

1. I have setup his items as "non-inventory" items with the income account as "Sales of Product Income" and the expense account as "COGS: Purchases - Resale Items". Is this accurate?

2. I set all the customers up. Customers pay via credit card or wire transfer, so I pulled all of his current FY's bank transactions electronically, and then I created historical invoices and tallied (reconciled) everything up correctly in the register. On his invoices, I noted the sales price of the non-inventory items sold to the customers. Is there a way to send invoices to customers using the company domain email address instead of the QuickBooks email address?

3. I haven't setup the vendors yet. Items (for resale to customers via drop-ship) are purchased from vendors and paid right away via our credit card. I have pulled all of his current FY's credit card transactions electronically. How do I create historical bills (or different instrument) in QuickBooks to tally his customer invoices to how much items actually cost? i.e. I'm trying to bring everything together and get more clarity on the markup/ margins on items and shipping for every customer order to make better business decisions moving forward.

I appreciate your time.

Davender
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Old 01-08-2018, 05:11 AM
JReynolds JReynolds is offline
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Join Date: Jan 2018
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Hi Davender, I think this might can help you out. I was actually surfing online yesterday to gain some knowledge about tax and accounting and came across accounting for contractors NJ team website. I have also read an article about them and the reviews were really remarkable. If you feel comfortable you can contact them without any hesitation and can clear all your doubts regarding accounting. Good luck.
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