QuickBooks is one of the most preferred accounting solutions used by small to mid-sized businesses. You can enter inventory in QuickBooks Online and record everything you buy and sell in your inventory. This feature enables QuickBooks to update the quantity in hand so that you can save your time and effort in doing so. If you make sales or purchase of the products or services and don’t track them as part of your inventory, you can add them in QuickBooks. In this post, we will discuss how to enter the inventory in QuickBooks Online using simple steps.
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Steps To Add Inventory Product In QuickBooks Online
Below are the steps that can help you to enter inventory in QuickBooks Online when followed carefully:
Step 1: Turn On Inventory Tracking
In the first place, you will need to turn on the inventory tracking feature in QuickBooks Online. To do so:
- Go to Settings and then select Company Settings.
- Now select Sales to proceed further.
- Next, from within the Products and Services section, select Edit (denoted by a pencil icon).
- After that, you need to turn on Show Product/Service column on sales forms.
- Turn on both Track quantity and price/rate and Track inventory quantity on hand.
- Finally, select Save and then Done to get the job done.
Step 2: Add Your Product’s Name, SKU, And Category
Once you have turned the inventory tracking on, let’s move to the next step to enter inventory in QuickBooks.
- First of all, go to Sales and then Products and Services.
- Now select New or Add a product or service and then further select Inventory.
- Moving further, add a name, SKU, or category for what you’re tracking.
Note: Add category groups to your products and services together so that you can easily find them.
Step 3: Add Your Product’s Quantity, Inventory Asset Account, And Reorder Point
In the next step of entering inventory in QuickBooks Online, you need to provide some more details of the inventory such as product quantity, inventory asset account, and reorder point. Follow the below-given steps:
- In the first place, add your product’s Initial quantity on hand.
- Next, you need to enter when you started tracking that quantity in the “As of the date field”.
- Add a Low stock alert as it will notify you when it’s time to reorder.
- Now from the Inventory asset account drop-down, select Inventory Asset.
Step 4: Add Your Product’s Sales, Tax, And Purchasing Info
The final step to enter inventory in QuickBooks Online is to add your product’s sales, tax, and purchasing information. To get it done, follow the below-given steps:
- Provide your product’s description of sales forms that you want to get reflected on invoices, sales receipts, and other forms you send to customers.
- Next, you need to add the Sales price/rate.
- Locate the account you use to track the products you sell from the Income account drop-down list.
- Now choose the tax rate for the item from the Tax drop-down menu. If you are not able to locate this drop-down, you will need to set up sales tax in QuickBooks to proceed further.
- Enter the product description on the purchase forms that you want to get reflected on bills, purchase orders, and other forms you send to suppliers.
- After that, add the product’s cost.
- Next, select Cost of Sales from the Expense account drop-down list.
- Proceeding further, select a preferred supplier so that you can reorder this product easily.
- Finally, hit on Save and close.
Changing the Product or Service item
Following are the steps to make changes to the product or service item from the Products and Services menu:
- At first, click on the Settings icon and choose Product and Services.
- Select the product and service you want to change.
- Within the Action column, click on Edit and make the changes.
- To save the changes, select Save & Close.
Reach Out to QB Experts Team For Additional Help!
This post illustrates how to add or create an inventory product in QuickBooks. If you want to set up and track inventory in QuickBooks Online and need professional help for the same, give us a call on our helpline number 1.800.579.9430. On connecting to a QB expert, you can enter inventory in QuickBooks Online with the utmost ease.