Inventory – QuickBooks Online

By Amelia Dwyer

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Contents


Availability

Inventory and Purchase Order integrations are only available in US QB integration.

Australia does not have the functionality at this time.


Functionality

The backend management console in Revel Systems is where clients manage Inventory. It is important to note that Inventory through Quickbooks Online will not keep track of quantity. Changes will be seen in the Inventory Asset account, Expense/COGS and POS Inventory Adjustment account in QBO – so only the costs will be transferred. Revel suggests to manage Inventory quantities in Revel and manage accounts or pay vendors in QBO.  


Prerequisites

Before inventory can be managed from the backend Management Console, make sure to add all of the product offerings into the system. Here is the guide to creating products; Products Guide.


Using Inventory Integration

When inventory is manually changed in Revel, this will also update to QBO. The quantity on hand will not be altered in QBO (please track this in Revel and if necessary, manually alter in QBO) but the cost of goods will be pushed.

On the Revel URL, go to the Inventory tab and tick Show all Actions. There are five options per product, Receive, Damage, Transfer, Actual, Reset Cost and Reset.

Legend of Terms -

Receive - Select this to add new stock to the existing inventory. Add the quantity, choose the unit, input the cost/unit for this received, and any remarks.

Damage/Waste - Damage/waste any items that are no longer in inventory but were not sold. Input the quantity, the unit type, whether to adjust cost or not, and remarks. Entering a remark is required.

Transfer - Move inventory from one establishment to another.

Actual - This is the stocktaking function. This will override whatever inventory is available to how many it is set here. Adjust cost will adjust the cost per unit to reflect the new actual amount. The total amount it is worth will not change but the cost per unit will change.

Reset Cost - Change the cost per unit here.

Reset - This will completely reset whatever values for cost, inventory, actual, etc back to 0. This will remove all historical data for this item inventory.

If inventory is Received in Revel using the Receive action, a Bill will be created in QBO and will appear from QBPOS Default Vendor (according to the receive cost). The system cannot connect a Vendor to the Bill in QBO without a PO being made in Revel. This is because, when inventory is received using the receive action, no vendor is being attached in Revel, therefore it cannot attach one in QBO either. This will also update the Inventory asset and COGS/Expense account.

Please see this guide for further information on Purchase Orders and QBO; Vendors and Purchase Orders.

If any of these other inventory actions are taken on the Revel URL, a Journal Entry will be created in QBO the following day and the Memo on this will include the action it relates to. During initial sync, if there are inventory items in QBO, they will be transferred to Revel and turned to 0 (zero). The value of the inventory items will be adjusted via Vendor Credit in POS inventory adjustment.

For more information on Inventory and Inventory Actions in Revel please see; Inventory Manual.

Inventory in the Asset Account can also be seen. Below is an example of what clients would see for COGS (cost of goods sold) in QBO. Please go to Reports > All Reports, then click back to All Reports > Accountant Reports > Transaction Detail by Account.

For further assistance please contact QuickBooks Online at:

1(800) 914-2688 DNIS:68225



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