In ConnectBooks, you manage inventory in inventory files. Each can be linked to 1 QuickBooks or Xero company. This matches your accounting setup and keeps your tracking clean and accurate.
If your business uses more than 1 QuickBooks file, such as 1 for each company, create a separate inventory file for each. If you manage several companies in a single QuickBooks file, you only need 1 inventory file.
This setup makes transactions between your companies easier to track. For example, if Company A buys 100 units and transfers 50 to Company B:
Create an invoice in Company A's inventory file.
Create a bill in Company B's inventory file.
Most businesses avoid transfers between companies, but when they happen, this keeps your records clear.
Keeping 1 inventory file for each QuickBooks file also makes it easier to value your inventory at the end of the month and get accurate reports for each company.
Frequently asked questions
I have 2 companies in 1 QuickBooks file. How many inventory files do I need?
Just 1.
How do I record stock moving from 1 company to another?
Create an invoice in the sending company's inventory file and a bill in the receiving company's inventory file.