Posted 3/23/2022 15:20 (#9575933) Subject: new to quickbooks question.
i am helping my daughter get her salon business going. i got some good advise here, and surprised myself by getting a website set up for her using squarespace.
i have qb loaded on a laptop and will get the book keeping going for her. i originally bought qb for the farm but decided to stick with to old one that i had 20 years of records on.
in her salon business she buys products to use and the same products for resale. the products she uses are a supply expense. the products she resells are an inventory item asset. there are maybe 10 product items that she currently resells. should she create a inventory account for each product, and can that be used to track inventory in qb? maybe that is not necessary for her now, as she can look on the shelf and see all the inventory.
say she buys a bottle of shampoo for $10, and sells it for $20. what would be the transactions to record the amount of the sale, cost of goods sold, and inventory? would these all be journal entries? the payments are from credit cards and the total for all purchases and services go into here checking account daily.