Accounting for stock/inventory costs is important to help you understand whether your retail business is making money. You'll need to understand how much your stock costs you, and how much your inventory is worth.
It is essential that you use Vend's stock order feature when adding new product inventory. If you do not, your product costs will be incorrect.
When you're processing your stock orders through Vend, you'll need to send these to QuickBooks Online (QBO) to create an accounts payable invoice in QBO. Unlike the rest of the integration, this does not happen automatically.
To post a received stock order to QBO, follow the steps below:
1. Navigate to the Stock Control page in Vend
2. Filter the stock order page by Received orders
3. Click the Send to QuickBooks Online button under the reference to create the invoice in QBO.
4. You can now click the blue View on QuickBooks Online button on the main stock page to load the invoice in QBO,
Or click the View on QuickBooks Online button on the stock order page for the specific order to see this stock order in QBO.
When you pay your invoice, you can match the outgoing payment transaction in your bank feed to the accounts payable invoice in QBO.
The information sent to QBO is:
- Date the order is fully received in QBO
- Supplier name
- Products received
- Quantity received
- Order name and Supplier Invoice Number is sent to the reference field in QBO
- Supply cost (exclusive of tax). Tax is applied by QBO according to your settings.
- The due date on the bill will be based on the supplier's terms in QBO. You can update the supplier's terms in QBO if you'd like to change this.
All product costs will be sent to the Inventory Asset item designated in your QBO setup page.
Shipping costs are not automatically included. You can create a 'Shipping costs' product with no tax, no price and no inventory tracking in Vend, and add it to the order when it is received to track stock costs for each order.
Stock Adjustments - breakage, wastage, shrinkage and inventory counts
It's also really important to track adjustments to your stock levels, whether they are damaged/broken stock, wastage (like food at the end of the day), or shrinkage (stolen items). Sometimes, you'll know about the loss when it happens (damaged stock, wastage), and other times, you might not realise until you do an inventory count.
All of these different types of adjustments can be recorded in Vend using the Inventory Count feature. Check out this article to learn how to complete an adjustment or this on completing an inventory count.
Stock adjustments, including inventory counts, are not able to be directly sent to QBO. You'll need to complete a manual journal in QBO to account for these.