Turn on Inventory
1. Open the QuickBooks Online company.
2. Navigate to the gear icon à Account and Settings.
3. On the Account and Settings page, click the Sales section on the left.
4. Find the Products and services area and click Edit (the pencil icon).
5. Click the box next to Track quantity and price/rate (so these fields appear on sales forms).
6. Click the box next to Track quantity on hand (so inventory is tracked).
7. Click Save.
8. Click Done.
9. Click the gear icon in the upper right.
10. Click Products and Services.
11. Select New to create a new product or Edit to alter an existing product.
12. If it’s an existing product, select Change Type and choose Inventory item. If it’s a new product, choose the type Inventory item.
13. Enter or edit the item Name and, if applicable, the SKU and Category for the product/service.
14. Upload a picture for this product/service if desired.
15. For Inventory items in new companies that have no history of transactions in QuickBooks Online, specify the Initial quantity on hand (zero for new products) and the As of date for that initial quantity (again, remember to back-date that As of date sufficiently to pre-date any live transactions you will enter). You can also specify a Reorder point if desired. Also, for any Inventory items, you would select the Inventory asset account.
16. Fill in the Sales information and Purchasing information for that product/service with the corresponding default sales description, sales price/rate, income account, taxable status, default purchase description, unit cost and expense account.
17. Click Save and close or Save and new.
ROI Accounting, LLC serves St. George locally and the U.S. remotely and provides a full range of QuickBooks support and bookkeeping services. As always, if you have any questions, please give us a call.
Partial example from sample company to the right: