How to setup inventory in new QuickBooks Online Plus?
This inventory tracking/COGS features are available in QuickBooks Online PLUS. It is not available in QuickBooks Online Essentials or Simple Start.
- Make sure Inventory setup is enabled under preferences settings.
- From the company gear (from upper right corner), select company settings
- Select Products and Services
- Check Quantity/Price Rate and Quantity on Hand (Inventory Tracking)
- See attached screenshot photo 1 for reference
- Product and Service Information form (see attached screenshot photo 2 for reference)
- Checkbox – I track quantity on hand for the product
- Enter initial quantity on hand and as of date
- Select Income Account
- Select Expense Account = COGS
- This YouTube tutorial video may also be very helpful.
QuickBooks Online Plus: how to add beginning inventory quantity on hand?
How to add Inventory in new QuickBooks Online Plus?
Upgrade to QuickBooks Online Plus. Inventory feature is not available in QBO Essentials or Simple Start.
GO to Company “Gear” (upper right corner) > Select Company Settings > Select Quantity and Price/Rate and Quantity on Hand (Inventory tracking) checkbox under Products and Services
GO to Company “Gear” (upper right corner) > Select Product and Services > Select New
- Name = Product Name
- Check = Track Quantity on Hand (for inventory items) > I track quantity on hand for this product. This enables inventory cost accounting.
- Enter Initial Quantity On Hand
- Enter As Of Date
- Inventory Asset Account = Inventory Asset
- Enter Sales Information (Description on sales forms) > This is what it will show up as description on invoice form
- Purchasing Information (Description on purchase forms) > This is what it will show up as description on purchase order form
- Price/Rate = Selling price to customer
- Cost = price you pay to vendor/supplier to buy this product
- Income Account = Select income account from chart of accounts > This is what will show up as income category in your P&L
- Expense Account = Cost of goods sold
- Is Taxable box = select if it’s taxable and need to bill sales tax to customer invoice
- See screenshot photos for reference.