INVENTORY QBO

INVENTORY QBO

1. Required Lists

   • Vendors
   • Customers
   • Products & Services

2. Requires a Purchase Order

   • Purchase Order (PO) is a record to purchase products from a vendor
   • Three-Way match is required and consists of:
     • What was ordered?
     • What was ordered
     • What was billed

3. Ways to Improve Internal Controls over Inventory

   • Periodically compare and reconcile the actual inventory counts with the accounting records
     • Inventory on hand should be confirmed by a physical inventory (PI) at least once a year
       • Inventory counted and inventory recorded should be reconciled.

4. Categories of QBO Inventory

   • Inventory Items
   • Non-Inventory Items
   • Service Items
   • Bundle Items
     • A way to group several products and services together.