Manually adding inventory products in QuickBooks Online Plus and QBO Advanced is such a challenging and tiresome job, now you’ll be able to do this by referring to our blog. In QuickBooks Online, it is challenging in the context of adding everything which you purchase and sell out in your inventory. Then, let QuickBooks update the quantity at the same moment as you work so you don’t have to do this. So how it works? To know all related queries of how to add inventory items in QuickBooks then read the complete blog. For more information contact us at: +1-844-405-0904
Once everything is set up properly, then it would be easy to track inventories in QuickBooks Online, and the addition of products in the sales forms. After you turn on inventory tracking functions, you can manage inventory as well as receive alerts when it’s time to reorder or create purchase orders. By reading our manual guide QBO users can add inventory products to QBO instantly.
Start your reading from here, now we are ready to discuss the product and service types as well as steps taken to add inventory products in QBO. Read it carefully for getting complete knowledge of your issue.
Know about Product and Service Types
- Inventory: It includes products you sell and tracks quantities for. In this, the inventory’s features are available for QuickBooks Online Plus and Advanced. Collectively information gets to visit the setup inventory in QuickBooks Online.
- Non-Inventory: It includes products and items you buy and sell, but you’ll not require to track quantities. Look at the example to know about this, nuts and bolts you use for installation jobs but are unable to sell it directly.
- Services: It includes services you need to give your customers
- Bundle: You have to sell several services or products together as an individual item. For example, you can use a gift basket.
Table of Contents
Steps to Add Inventory in QuickBooks Online Plus and Advanced
You will know the steps taken to add inventory products in QuickBooks Online Plus and Advanced. Follow the steps as per their given sequence to get better results. These steps are:
Step 1: Turn on Inventory Tracking
Ensure that you have turned on inventory tracking so that you can easily add inventory items.
Here are the steps to manually turn ON inventory tracking
- First, click on Settings ⚙, and next click on Account and Settings.
- Next, click on Sales.
- Now, look for the option Edit ✎ under the Products and services section.
- Later, go to the Sales form, and Turn on the Show Product/Service column.
- You need to turn on both the Track quantity and price/rate and Track inventory quantity on hand.
- Next, click on Save and then Done.
Step 2: Add your product’s name, SKU, and category
When you arrange all your settings in order then follow these steps to add your inventory products.
- Firstly you have to go to Get paid & pay and select it.
- Then next go to Products and Services.
- Next, click on New or Add a product or service. And look for the Inventory, and click on it.
- Later, you need to enter the Name, SKU, Category, or HSN code of the product that you want to track.
- Next, go to the unit from the Unit* ▼ drop-down.
- And, choose the category under the Category ▼ drop-down. Tip: Categories allow you a group your products and services together so that you can easily find out your product.
Step 3: Adding your Product’s Quantity, Reorder Point, and Inventory Asset Account
- In this, you are required to add the product’s “Initial quality on hand”. Then you have to enter when you started tracking that quantity in the “As of Date” field.
Note: If you are a new user who recently joined QuickBooks, the initial quantity will be dependent on what date you plan to start tracking your business.
Now, look at an example to know about it properly, If you start tracking from the start of your fiscal year, manually enter your products and quantities at that moment. But if you simply work on adding a new product from a vendor then you have to enter “0” as in its initial quantity. Then after saving, you can either check out or track how many of the products you get from the vendors. It ensures you make double its initial quantity.
- Add the “Reorder Point” for getting alerts on your screen when you log on and the time to reorder nears.
- Now you have to choose the “Inventory asset account ▼” drop-down menu and then click on the “Inventory Asset” option. QuickBooks uses this account to track the cost of all the products you have in your inventory or inventory value.
Step 4: Add your Product’s Sales, Tax, and Purchasing Info
- Here you need to enter the product’s description in the sales forms. This information is shown on your invoices, sales receipts, and distinct forms that will send to your customers. So add the product description.
- Next, add the unit price.
- Next, you have to add the Sales price/rate.
- Next, go to the Income account ▼ drop-down and click on it and look for the account you need to track that you want to sell.
Tip: It is all your choice, you can utilize the income account that QuickBooks already created for you. But if you want the new account, then you need to drag it down from the top of the drop-down list and click on + Add new.
- Now you have to choose the Inclusive of tax checkbox, if applicable.
- Next, go to the Sales Tax Category▼ drop-down and click on the tax rate that you want to use for the item. If you dare not able to see this drop-down, then you need to set up the sales tax in QuickBooks.
- Now, you need to enter the product’s description on the purchase forms. This will display on bills, purchase orders, and related forms that you will send to your suppliers.
- Enter the product’s cost. If in case, your product cost will vary, then you can easily insert the latest or fresh price while buying supplies.
- Next, go to the Expense account ▼ drop-down, and click on Cost of Goods Sold. QuickBooks utilizes this account to track the cost of the products that you have sold.
- Choose the Inclusive of purchase tax checkbox, if relevant.
- Now, go to the Purchase tax ▼ drop-down, and click on the applicable purchase tax.
- Now, you have to add the Reverse charge.
- Choose your preferred supplier. QuickBooks always memorizes your favored supplier so that you can reorder your product very quickly.
- Next, click on Save and close.
Step 5: Keep track of what you sell
If you want to ensure the inventory of products then you have to follow the given instructions.
- First of all, you need to create an invoice if you are not getting payments yet or getting them later.
- You need to create and send invoices.
- The next is to review the unpaid invoices.
- Receive payments for invoices.
- The next is to add the receipts if your customer is paid at a time.
Step 6: Check the status and restock your inventory
Now the final step is to check the report that gives you the details about the current status of your stock as well as help in determining the best clients and the highest selling products with the cost of goods and many more. It also gives alerts about the stock that is in demand and decreases in stock so that you can restock again to match the demand.
How to Change a Non-Inventory Product to an Inventory
Are you required to start tracking the supply of a product you set up as a non-inventory? Then you have to manually change its type to inventory rather than creating a new item.
- Click on the Gear icon from the top, then select Products and Services.
- Search for the item you want to update After that go to the Action column and choose to Edit.
- Choose the Change type link then select Inventory.
- Enter the following additional details:
- Initial quantity on hand
- As of date (Note: it is important that As of date must be a date prior to any transactions which use this item).
- Inventory Asset, Income, and Expense accounts
- Sales Price, Cost, and Sales/Purchasing information
- Select Save and close.
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