Let us see how you can add the inventory products into QuickBooks Online Plus and Advanced. In case you only purchase and sell products or services but do not track any of them as part of your inventory, you need to add them to QuickBooks Online. When it has been saved you can track how many of these items you get from vendors. By doing this you will ensure that does not double its starting quantity.
You can add all the things you purchase and sell in your inventory into Online Plus and Advanced. After that, QuickBooks automatically update the number of products on hand as you work so you do not have to worry about it. When you are set up with adding inventory products in QuickBooks Online, it becomes very convenient to track inventory in QuickBooks Online Plus and Advanced and add items to sales forms.
What are the types of products and services?
- Inventory: Tracking the products and quantities you sell. This feature is only offered by QuickBooks Online Plus and Advanced. So to utilize this feature you will need to turn on and set up inventory features.
- Non-inventory: This includes products or items you purchase or sell, however, do not need quantities’ track. Such as bolts and nuts that have been utilized for installation jobs, however, do not sell directly.
- Services: Services that have been provided to customers.
- Bundle: Few of the products or services that you sell together like a single product. Such as a gift hamper.
Step 1: Turn on inventory tracking
Ensure you have turned on the inventory tracking in order to add inventory p.roducts in QuickBooks online.
Step 2: Add the name of your product, SKU, and category
After you have done with settings in order, follow the below given steps on how you can add your inventory products. If you are already keeping track of your items in a spreadsheet, you can save your time by importing all of them at a time instead.
- Open the Sales tab, then go to the Products and Services option.
- Click on the option of New or Add a product or service. After that go to the Inventory section.
- Now add the Name, SKU, or category of the product you are tracking. To group together all of your items and services and make them easy to find, the Categories feature is used.
Step 3: Add the quantity of your product, reorder point, and inventory asset account
When you are set up with adding inventory products in QuickBooks Online, it becomes very convenient to track inventory in QuickBooks Online Plus and Advanced and add items to sales forms.
- You can easily add Initial quantity of your product on hand. After that fill out when you have been start tracking that quantity in the As of the date field.
- There is option to add a Reorder point to receive notification when it is the time to reorder.
- Click on the the drop-down menu of Inventory asset account and hit on the option of Inventory Asset. In order to track the cost of all of your products and items you have in your stock or even inventory value, QuickBooks will utilize this account.
In case you are new for the QuickBooks, starting quantity on hand varies on which time and date you are planing to begin tracking your products and services. Let us take an example, in case you are begins to track from the starting of the fiscal year, you have to enter the quantities of your your products’ at that time.
However in case you are only adding another new item from a vendor, fill out “0” as its starting quantity. When it has been saved you csn track how much of this items you get from vendors. By doing this you will be ensure that do not double its starting quantity.
Step 4: Add sales, tax, and purchasing info of your product
- You can add the description of your product on sales forms. This will be display on sales receipts, invoices, or another forms you send to your customers.
- Hit on the drop-down menu of the Income account and search for the account you utilize to track whatever you sell.
- Choose the drop-down menu of Sales tax category and give a specification how you product should be taxed. In case you are not able to see this drop-down menu, you will have to set up sales tax in QuickBooks.
- Now add the description of your product on purchase forms. This will be display on sales receipts, invoices, or another forms you send to your vendors.
- You can add the the Cost of your product. In case this changes, not to worry. You are still able to fill out the latest price whenever you purchase supplies.
- In the drop-down menu of Expense account, click on the Cost of Goods Sold. QuickBooks utilize your account in order to track the cost of the products you sell.
- Click on the preferred vendor. QuickBooks will remind your preferred vendor so that you will be able to reorder all of your items easily.
- Click on the option to Save and close.
For more information regarding adding inventory products in QuickBooks Online, contact us at +1-888-461-1336. Our expert of QuickBooks online will help to figure out your glitches and fix them without wasting your time.