Asked by Courtney Cridland on Jun 24, 2024
Verified
Explain how recording the purchase of services versus the purchase of inventory items differs in QuickBooks.
Purchase of Services
The acquisition of professional assistance, labor, or expertise in exchange for payment.
Inventory Items
Goods or products that a company holds in stock with the intent to sell as part of its business operations.
- Comprehend the methodology for documenting services and inventory acquisitions in QuickBooks, including the relevant interfaces and types of transactions.
Verified Answer
EA
Easy and Fast tricksJun 27, 2024
Final Answer :
When using QuickBooks,services purchased are recorded using Enter Bills > Pay Bills. After a bill is entered for a service,the bills is paid when due. When using QuickBooks,inventory purchased is recorded using Enter Purchase Orders > Receive Inventory > Enter Bills Against Inventory > Pay Bills.
Learning Objectives
- Comprehend the methodology for documenting services and inventory acquisitions in QuickBooks, including the relevant interfaces and types of transactions.