![]() ![]() The Cost of Goods Sold account should appear by default. In the left column, enter the text that would appear on a purchase order and the Cost the vendor charges for the item. In the two columns below these fields, you’ll provide Purchase Information and Sales Information. If this product will be a subitem of another, check that box and select the parent item. You don’t necessarily have to complete every field in these records, but the more thorough you are, the more comprehensive and accurate your inventory tracking will be. QuickBooks provides detailed record templates for your item records. This just means that you want to be able to track how many of this item that you have in stock. Under Type in the upper left corner, click the down arrow and select Inventory Part. Right-click anywhere in the window that opens and select New. To start creating item records, click the Items & Services icon on the home page or open the Lists menu and select Item List. And errors in this area may mean you come up short when customers order products that you thought were available but weren’t. It’s just too difficult to keep tabs on your item levels manually, especially if you sell in any volume. Creating Accurate RecordsĮven if you have a relatively modest catalog of products for sale, we recommend that you use QuickBooks’ inventory tracking. So choose one of the two conditions that should trigger a warning about inaccessible inventory. Some items may not be available if they’re committed to assemblies, for example. Quantity On Hand refers to the number of units you actually have in stock. Check the next two boxes if those apply to you, then respond to the final query. If you are the administrator, you can click on the Company Preferences tab to open this window.īefore you start working with inventory, you must make sure that QuickBooks is ready.Ĭlick in the box in front of Inventory and purchase orders are active if it’s not already checked. ![]() Open the Edit menu and select Preferences, then Items & Inventory. Getting Set Upīefore you start entering item records, you need to make sure that QuickBooks is set up for inventory tracking. Plus, specialized reports provide insight on your inventory as a whole. It allows you to create detailed records for each of your company’s products that both track your existing stock levels in real time and alert you when it’s time to re-order. QuickBooks helps with both sides of this equation. ![]() It’s a delicate balance, and one you can’t maintain unless you have very precise inventory records and reports. On the other hand, you don’t want to have too much money tied up in products that are selling slowly. The tricky part is always having enough available to meet the needs of existing orders as they come in. And you need to get a head start on ordering new inventory when yours is running low. You have to know what’s selling and what’s not. If your company sells physical products, you know how important it is to always be aware of your stock levels. QuickBooks can help you stay current with its inventory tracking tools. Knowing where you stand with your company’s product count is crucial. ![]()
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