QuickBooks is a software product loaded with useful accounting features. Along with accounting features, this software enables you to keep a track of the inventory. Those of you who are new to QuickBooks inventory tracking, you may be looking for procedures explained in easy language. In this blog, you can go through simply explained procedures and methods to add inventory in QB and set up the inventory in QuickBooks Online and QuickBooks Desktop. What more can you expect from this blog? Here, you can learn to enable the advanced inventory in QuickBooks Desktop Pro.
And for some reason, if you wish to turn off the inventory or advanced inventory, then you can read till the end of this blog.
In this part, you can quickly go through the topics covered in this blog.
Please Note: Prior to adding the inventory, you will be required to go through your subscription. You may be unable to add the investor to QuickBooks in case your subscription has expired. For checking the subscription, first press the Gear icon. Then select “Accounts and Settings“. Click on “Billing and Subscription“. This will help you in seeing your plan. Now, if you wish to upgrade the plan, click on “Plus” and do the needful.
Prior to learning how to use QuickBooks to track inventory, you should know how to add it. Certain QB users may not be very clear with the method to add items, services, and products to the inventory. All the help you need for doing has been given here.
This can be done by accessing the Settings and selecting Sales. From the section of Products and Services, you can choose to add a new product or service. The steps that you require for doing the further procedure have been shown below.
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Please Note: For enabling inventory tracking, you can refer to the section authored above.
Please Note: By setting a “Category“, the services and products can be grouped. This will enable you to easily search them.
For setting up the QuickBooks inventory tracking, you can visit the Settings, first of all. Then in the Account and Settings, you can opt for clicking on Sales. You can open Edit in the Products and Services section. From there, you can easily set up the inventory and start tracking it.
For the users of QuickBooks Desktop, reading this section is essential. From turning on the inventory to setting it up in QuickBooks Desktop, you will find the complete information here. You can open the Menu and click on Edit. From the Preferences, you can click on Items & Inventory. In the Company Preferences, you can select Inventory as well as the Purchase Orders. Once these have been set as active, you can press Ok.
As you read ahead, the remaining steps will be uncovered.
Now, this method is complete. We hope you found no complex issues in learning how to set up the inventory in QuickBooks Desktop.
The users of QuickBooks Desktop Enterprise get the option of subscribing to or purchasing the Advanced Inventory. If you too have access to this feature, you can enable it from the Edit menu. Heading on to the Preferences, you can turn on the option of Inventory and Purchase Orders are Active. Lastly, you can hit the button for the Advanced Inventory Settings.
Please Note: In case the button for the “Advanced Inventory Settings” seems to be grayed out despite buying the feature, you can prefer syncing the license data online to enable QuickBooks for recognizing it. To do so, please follow the steps shown below.
Once the Advanced Inventory has been enabled, you can go ahead with QuickBooks inventory tracking.
Let us now move on to learn how the inventory can be adjusted in QuickBooks Desktop Pro. This can be initiated by checking the Menu Bar for the option of opening the Adjust Quantity window. In this window, you can pick the Adjustment Type. You can also adjust the Total Value and Quantity. In the option of Adjustment account, you can fill in the date of the adjustment. Thereafter, you can add the Reference Number.
For learning the exact steps, Let’s read these 14 steps.
For any reason, you may wish to disable the inventory tracking in QuickBooks. Turning it off has been explained very well in this part. You can, firstly, visit the Settings and then choose the Account and Settings. From Sales, you can open the Purchase and Services. Next, you can deselect Track Inventory Quantity on Hand and save it.
Please Note: When the inventory tracking has been turned off, the transactions including the purchases and sales which are linked to the inventory items will not be able to affect the on-hand quantity.
Please Note: After above steps have been performed, you can track the price/rate and quantity even now, if you wish to do so. All you have to do is ensure that the box for “Track Quantity and Price/Rate” has been ticked.
Each one of you who has opted for the Advanced Inventory feature in QuickBooks, you can turn it off with ease. From the Edit menu, you can pick Preferences. Then you can select the Items & Inventory. From the Company Preferences, you can hit the Advanced Inventory Settings button. Then you can deselect several options as per your preference. And you will be able to turn off the Advanced Inventory in QuickBooks.
Please Note: When the barcode scanning option has been turned off, the QuickBooks software can still retain each of the barcodes in the company file. On the other hand, if you enable this option once again, the barcodes will appear again in the company file.
Please Note: For starting the QuickBooks Inventory tracking once again, you can enable the option to do so.
In each of the sections above, we attempted our best to give you every piece of information with respect to QuickBooks inventory tracking. In case you still have certain unanswered questions, you can read below.
The QBDT versions of this software come with the option of QuickBooks inventory tracking. In case you happen to be a user of QuickBooks Desktop Enterprise, then you will have to get access to the Advanced Inventory and Advanced Pricing features. These features are subscription-based. Using them, you can get help for tracking the inventory in QuickBooks.
After you have set up the inventory products, you can track what is being sold. For this purpose, you can either make an invoice or opt for adding a cash memo. In case the payment will be received later, you can make an invoice. If the customer has already submitted the payment on the spot, then you can enter a cash memo.
Learning how to categorize inventory in QuickBooks is not complex at all. For categorizing the inventory in QuickBooks, you can go to the Sales menu and choose the services and products. Then you can pick the service or product that has to be categorized. From the column of Action, you can click on edit and then you will find the Category dropdown. After selecting the Category, you can press Save & Close.
Using the QuickBooks software, you can perform a short procedure to set up your inventory on it. Once the inventory has been turned on and the setting up is complete, you can start tracking it.
On the balance sheet, the inventory gets tracked like an asset. For as long as the inventory items are not sold, their cost will not be recorded. On the other hand, the non-inventory items are tracked as Cost of Goods Sold. These items get recorded on the statement of profit and loss when they have been purchased.
In QuickBooks, the inventory part refers to the type of an item. The inventory part can be found in Lists. Here, you can click on the Item List menu. The basic purpose of the inventory part is to show an item which is kept by your firm on hand for selling to the customers.
QuickBooks inventory tracking requires you to perform several methods for going ahead with this purpose. From adding the inventory to turning it off, each crucial method was outlined in this blog. Should you need more help with Inventory tracking on QuickBooks, please convey it to us via the comment section.
Meanwhile, here are more important blogs you should prefer reading for your improved knowledge of QuickBooks. Check out how to add an account to QuickBooks in just a tap.