QuickBooks is an amazing accounting software package developed and marketed by Intuit.
It is mainly developed for small and medium scale business forums to provide them on-premises accounting details organized on the cloud. And by means of this, you can track sales, create and send invoices and get the latest updates of your business at any time.
Basically QB gives you a real-time view of your cash flow. Also,you can easily connect with your bank, review your transactions and see your profits.
This article is going to help you regarding QuickBooks online, Inventory setup, and QB online inventory management and setup. Do check out the article till the end and hope it works well for you.
Steps to Set Up Inventory in QuickBooks Online
- Visit the Company Preferences
- Click on the gear icon in the upright corner of the page, select Account, and Settings.
2. Choose the Sales field
- On clicking Account and Settings you will get a prompt with several options, click on the Sales tab.
3. Enable the Inventory Tracking Feature
- Hit on the pencil symbol in the upper right corner of the page and further, choose On beside Track inventory quantity on hand.
- Once completed hit on the Done tab in the bottom of the page to save the changes.
4. Click on Products and Services list
- In the Lists column hit on the Products and Services field.
5. Make a new Inventory Item in QuickBooks
- Click on the New tab beside More drop-down tab in order to create a new inventory item.
6. Select your item category
- You will see an alert about the types of items that you can set up such as Inventory, Non-inventory, Service, and Bundle.
- Click on Inventory type.
7. Fill up the details of new item set up
Here you will get several fields some of them are required and some are optional.
- Name: it is required field to enter the name of the item.
- Picture: optional filed upload the picture of your item.
- SKU: optional field. SKU is a unique number used to identify a product.
- Category: You can also integrate similar products and services by creating categories.
- Initial quantity on hand: required field and make sure you have a precise inventory count of each item before you launch it on QuickBooks.
- As of date: required field and select the date that you wish to start tracking the item’s quantity.
- Reorder point: optional field. Input the minimum quantity you want to have on hand.
- Inventory Asset account: it’s a required field; QuickBooks automatically populates the Inventory Asset account.
- Sales Information: input the details that you would like to appear on invoices and sales receipts given to customers.
- Sales price/rate: Enter the amount of the item.
- Income account: required field. It is used to track all the sales of the item.
- Purchasing Information: only required if you plan to set up purchase orders.
- Cost: optional field. Enter the amount you invested in item purchasing.
- Expense account: required field. Use to track the cost of items once you sold them. And, also it is automatically populated by QuickBooks.
8. Check out the list of Products and Services
- Once your inventory item is epp set up in QuickBooks, you can easily execute a Products/Service list report.
- In QuickBooks select Reports located at the left menu bar of the page.
- Tap on all the given Reports and in Products/Service list hit on Run tab located at the bottom.
- You will get a detailed report of the item comprising type, description, cost, price, quantity on hand.
You can easily set up your inventory in QuickBooks following the given instructions. QuickBooks Online Inventory Management is an essential tool to manage your inventory forums.
The major goal of this management is to promote the following aspects:
- Optimize time
- Reduced costs
- Budget and Forecast to make decisions about purchasing and sales.
Apart from these, you can even contact QuickBooks helpline number for more detailed information or any query. They will guide you with all the requisite details and requirements.