eBay Tracking COGS Quicken Business Mac - Recording Inventory Purchase and Recording Inventory Sales
I was super excited to see Quicken available for business since I'm currently using QBO and can't wrap my brains around it. After installing Quicken Business for Mac, I'm trying to understand how to track my eBay inventory purchases and accurately record when my inventory sells.
For instance, let's say I go to Goodwill and purchase some inventory. In Quicken I see this category: Business Expenses:Cost of Goods Sold:Purchases (COGS). I'm thinking I should record the Goodwill purchase under this category. However, what I don't understand is how to categorize the items on this receipt once they sell.
In QBO, I enter each receipt as COGS, Inventory Purchase, and then at the end of the year, I total up all the items that sold and enter that amount as Cost of Goods Sold:Inventory Sold (EoY - COGS).
I get confused because I might buy something one year, and it will sell a couple of years later. I want to accurately track my business.
Another question: eBay will send me a payout after deducting all the expenses. What is the best way to track those expenses in Quicken and tie it to the payout? I want to correctly show all the expenses I pay to eBay.
Comments
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Sorry, Quicken for Mac's Business feature is "version 1.0", recently released, and only contains some starter features. At this time, there is no Customer Invoicing, Vendor Invoicing and there will most likely never be an Inventory Management feature.
Even the Invoicing functions built into Quicken for Windows decades ago do not contain Inventory Management functions. And they most likely will never have that feature either … but then again, I could be wrong. The programmers never announce what functions and features they're working on until they're ready to release it.
Quickboooks might be a better product for your needs.
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Since Quicken doesn't have any tools for inventory management/tracking, as @UKR explained, I think you would need to track your purchases and sales separately, in a spreadsheet or simple database program. You can use Quicken to enter the purchase and sales amounts for accounting purposes, but for detailed tracking of individual items, I think you'll need a separate program.
Quicken Mac Subscription • Quicken user since 19930 -
I appreciate your response, but it seems my question was misunderstood, it is really about how to categorize the transactions in Quicken Business. I don't use inventory in Quickbooks, so I don't understand how staying with Quickbooks is the answer. Are you saying there is no way to manually enter a transaction in Quicken? Thanks for trying to help me understand.
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I appreciate your response, but I don't think my question was understood. I currently do not use Quickbooks to track inventory, all my tracking is done in another tool, but I manually enter my End of Year COGS.
I'm simply trying to understand how to categorize a purchase and how at the end of the year to enter in the total COGS.
I get very confused with debits and credits. Perhaps Quicken doesn't let you manually enter transactions?0
