How can I record daily sales and inventory sales?

This is what I currently do on a daily basis to record my daily sales and all expenses. Please tell me if I am doing it right or how to fix it if it is wrong. 

Daily Sales

+Sales Receipt                                                                                                         

Choose Customer-Daily Sales                                                                              

Product Service- Sales Taxable, enter amount minus sales tax                          

Product Service- Sales Non-Taxable, enter amount minus Sales tax & Sales Taxable                                                                                                               

Save and Close


Inventory Expenses

+Expense                                                                                                             

Choose Payee- Whoever I bought the inventory from                                         

Account- Inventory, plus short description of what was purchased                         

Enter amount                                                                                                       

Save and Close


My question then I guess is, how do I adjust my inventory assets? And I just started with QuickBooks, please try to simplify your answers. I'm so overwhelmed as it is.

Answer

Thanks for visiting us here in the Community, elmoregeneral.

I want to make sure this is properly addressed for you.

Yes, you're recording your daily sales and expenses correctly. And to answer your second question, adjusting inventory assets is only available in QuickBooks Online Plus. You can refer to this article for more information:

https://community.intuit.com/articles/1145926.

If you are using QuickBooks Online Essentials or Simple Start, you can upgrade your QBO version by simply following these steps:

  1. Click the Gear icon.
  2. Choose Account and Settings under You Company.
  3. Select Billings and Subscriptions from the left menu
  4. Click Upgrade on the left menu or Upgrade within the Accounting section.
  5. You will be presented with options for upgrading, with features and pricing.
  6. Click Upgrade for the product you want.
  7. If prompted, enter payment information.
  8. Confirm the upgrade and billing then click Confirm Upgrade.

That should do it! You're always welcome to come back if you need anything else. I'll be here to help.

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IntuitFritz , Community Support Specialist
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