Have you ever realized that keeping a track record of things is necessary for your daily life? Some people give the least importance when it comes to tracking and managing the tasks and this manner thing gets messed up. And at the end of the day, they become helpless when it comes to managing data, facts, and figures. Whether you have your own business or working in small or mid-sized businesses, it’s mandatory to keep a record of inventory in daily business transactions. For any type of business, satisfying customer needs is important and for this, you should know the art of handling inventory. For your convenience, QuickBooks offers the feature named inventory. Tracking inventory in the accounting software will not only save your time but also optimizes your business performance. Furthermore, you will be notified to restock the inventory. Along with this, it will help your accountant to prepare the taxes in a much easier way. By learning the procedure of how to enter inventory in QuickBooks, you can track the inventory of your business.
Further, we will be sharing the procedure of QuickBooks online inventory.
How to Enter Inventory in QuickBooks?
The quantity, as well as the volume of items, can be added in QuickBooks with the help of these given steps. By following these instructions, you will be able to keep a check on inventory:
- Check Subscription
First, you need to subscribe to QuickBooks Plus. You have to open the QuickBooks accounting software. Now, you are supposed to click the gear icon to and then on account and settings. Furthermore, you need to locate and click the billing and subscription option. According to your need, if you want you can upgrade to the plus edition.
- Set Up Inventory Tracking
In order to activate inventory tracking, you need to look for the accounts and settings menu and then click on sales. Now, click on the On option to track the inventory on hand.
This procedure will help you to activate the inventory tracking features. By selecting the On option, your account will be enabled to add products, pricing, and quantities. Moreover, you have an option to add inventory, subtract it, and add critical details.
- Access the Dashboard
You need to click on the gear icon again to get back a menu of options. Now, you have to click on products and then services to access your dashboard.
- Use the Dashboard
It offers you customization options that depend on business models and preferences. You have an option to add all inventories or set up categories.
You will get guidance on the inventory management process by adding categories and subcategories.
- Adding Inventory to QuickBooks Online
- For adding inventory products to QB Online, you need to click on the new option. You are required to click on an inventory item to get back to a New Window. Next, add the product name and fill out the rest of the fields.
- You are supposed to add the category for the organization. Now, add quantity and the price. Along with this, you can add a product description, a photo, and notes. You need to click on save.
- You need to click on products and services in case you have the product or multiple products are shown on the spreadsheet. Afterward, you need to click on the product and services. You have to click on the import option. Now, if needed you can edit individual items.
Now, we will be discussing how you are going to add inventory to QuickBooks Online.
How to Add Inventory in QuickBooks Online?
Tracking the values of inventory in QuickBooks Online helps in completing the financial tasks in a limited slot of time:
Step 1: Turn on Inventory Tracking
- First, you need to go to settings and then the account and settings option.
- You need to click on the sales tab.
- Select the edit option.
- Next, you are required to turn on the shown product/service column.
- In case you want, you can turn on price rules to set up flexible pricing.
- You have to turn on track quantity and price/rate and then track inventory quantity on hand.
- You need to click on save and then done.
Step 2: Add Inventory Products
You are supposed to add inventory items other products and services you sell into QuickBooks accounting software.
- Add Products that you want to Track as Inventory
Thereafter, you have to follow the given below steps to add inventory items.
- Add Products and Services you Buy or Sell
- You have to follow the given steps to add service items correctly.
- Now, you are required to follow the instructions to add non-inventory items.
- You are supposed to follow the steps to create bundles.
Step 3: Keep Track of what Sells
These are the two ways to track what you sell:
- First, you have to create an invoice if you will be paid later.
- Now, you need to add a sales receipt in case your customer is already paid.
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You need to check for the items which are in your hand and what are still on order. Along with this, move your mouse over the quantity that you added for an item to see additional information.
The accounting software will show you if the inventory is running low by setting reorder points. On the other hand, QB will tell you when the inventory is running low by setting a low stock alert.
Step 4: Restock Inventory
The accounting software will inform you about the correct time to restock the inventory. With the help of the QB, you can track what you have received from vendors and what is left.
Step 5: Use Reports
You can access reports to see seller details, what’s on hand, the cost of goods, and much more.
Hope you have got a clear idea of how to enter inventory in QuickBooks Online with the help of the aforementioned steps.
As you have seen, in the blog we have discussed how to enter inventory in QuickBooks with the help of step-by-step instructions. Also, the instructions to add inventory in QuickBooks online are mentioned. Most importantly, the blog focused on the role of inventory in your daily and professional life. QuickBooks accounting software is not only known to accomplish the financial activities of your business but also keeps a check on inventory and processing payroll on daily transactions. If you are a QB user, then definitely you can avail the benefits of this feature.
If you have any doubts related to how to enter inventory in QuickBooks, then dial the Toll-Free QuickBooks Support Number.
A: You need to click on the new option. After that, you have to choose the inventory item. With this, you have to add the name of the product and then fill out all other fields.
A: Follow these steps to categorize inventory in QB:
1. Firstly, you need to categorize the products as well as services.
2. Secondly, you have to click on products and services.
3. Look for the product or service that you want to categorize.
4. You need to click on edit.
5. You have to click on the category dropdown option. And, click the one that fits this item.
6. Finally, you need to click on save and close.
A: Follow these below-mentioned steps to track inventory:
1. First, you need to click on the inventory tab.
2. Now, click on the new item.
3. Add all the information.
4. You need to upload an item image.
5. Lastly, you are supposed to type the item quantity.
A: These instructions will guide you to adjust inventory in QuickBooks Online:
1. Click on “Lists” or “Vendors.
2. You have to click on an expense account.
3. Now, you are required to add the new count in the “New Qty” column.
A: The accounting software permits you to track four different types of items. Inventory items are those items that you buy or sell and for which you track quantities. Whereas, non-inventory items in which you purchase or sell but don’t track quantities. Apart from this, services you offer to the customers.
A: These steps will help you to enter bills in QuickBooks Online: Initially, you have to navigate add 1. bills. You need to click on the plus sign by going to the home page.
2. Now, add the bill.
3. You need to review the bills.
4. Lastly, navigate to the vendor bill.
A: The given below instructions will help you to import and update inventory:
1. Firstly, you need to enable inventory tracking.
2. You have to click the “Edit” menu and then preferences.
3. Create a spreadsheet with this, you need to click the “Insert” menu and then “Worksheet”.
4. Finally, you need to import and then update inventory.
A: It means the inventory adjustments are increased or decreased for loss, breakages, thefts, or errors in the amount or the number of items received.
A: These instructions will help you to write down inventory:
1. First, you need to click on new.
2. Now, click on the inventory qty adjustment option.
3. Add the adjustment date.
4. Click the appropriate account.
5. You have to click products.
6. Finally, add either a new quantity or a change in quantity.
A: Accounting doesn’t give you permission to depreciate inventory. Along with this, you have got an option to depreciate fixed assets that you own for many years.