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How To Set Up And Track QuickBooks Inventory

How exactly to Set Up & Track Inventory In QuickBooks Online

Whether you buy things that you resell to your visitors or make the products which you sell to customers, you need to understand what your cost is, everything you sell the item for and exactly how much you have on-hand. By tracking inventory in QuickBooks, you can do all of this and a lot more.

Why Tracking Inventory Is Essential
Tracking your inventory will help you stay on top of that which you have in stock in order to make certain you can fulfill any pending or upcoming customer orders. It will likewise help you to see whether you are making money or taking a loss for each product (in other words. profit return) to enable you to decide if it’s worth it to continue to sell an item or simply drop it from your own catalog altogether.

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Advantages of Tracking Inventory In QuickBooks
There are certain advantageous assets to tracking inventory in QuickBooks. Listed here are just a couple reasons:

QuickBooks will track the expense of each item you have got sold (i.e. cost of goods sold).
It is possible to track the sale of each and every product to make sure you know which items are flying from the shelves versus the things which can be collecting dust.
It is possible to check to see just what your current on hand quantities are to ascertain what products you need to place an order along with your supplier for.
How to Set Up & Track Inventory In QuickBooks Online
Before we are able to put up our inventory in QuickBooks, we ought to switch on the inventory tracking feature.

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Here you will find the steps to setup inventory in QuickBooks Online:

Step 1 – Navigate to Company Preferences
From the Gear icon in the upper right corner, select Account and Settings as indicated within the screenshot below.

Navigate to Account and Settings in QuickBooks Online
Step 2 – Navigate to the Sales Tab
From the left-hand menu, go through the Sales tab as indicated into the screenshot below.

Select Sales Settings in QuickBooks Online
Step 3 – switch on the Inventory Tracking Feature
Click on the pencil icon located in the upper right corner and then select “On” next to “Track inventory quantity readily available” as indicated within the screenshot below. Click on the Done button which is located in the bottom of the screen to save lots of your changes.

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Switch on QuickBooks Inventory Tracking in QuickBooks Online
Step 4 – Navigate to the services and products List
Go through the Gear icon when you look at the upper right corner and select Products and Services directly below the List column as indicated within the screenshot below.

Navigate to Products & Services in QuickBooks Online
Step 5 – Create a unique Inventory Item in QuickBooks
Click the “New” button as indicated when you look at the screenshot below.

Add a brand new Inventory Item in QuickBooks Online
Step 6 – Select the Item Type
In the next screen, you ought to see the kind of things that you can easily set up. When it comes to purposes with this article, we're going to concentrate on the Inventory item type. However, if you would like to understand how exactly to setup some of the other item types, check out How to create Products and Services tutorial for detail by detail instructions.

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Select Item Type in QuickBooks Online
Step 7 – Enter the Information for the New Item
Below is a screenshot along with a short history of the info you will need to provide here

Step 8 – Review variety of Products & Services Report
After you have put up your entire inventory items, it is possible to run a Products/Service list report in QuickBooks.

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