QuickBooks Online Inventory


 

NEW!! QuickBooks Online Inventory Deep Dive

Deep Dive into QuickBooks Online Inventory

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Table of Contents

00:00 Intro
00:14 Brief Notes On QuickBooks Online Inventory History
01:33 Which QBO version allows Inventory tracking?
02:04 Test Drive One Time or 30-Day Free Trial
05:16 Turning the Gear Settings on in your account
05:24 Add your new Inventory products/items
14:41 Mapping your Inventory Items
16:14 “Initial quantity on hand” and “As of date” fields on the Product/Service information page
19:02 Entering your Inventory Purchases on the ITEM DETAILS tab
26:28 Selling your Inventory Products (Create an Invoice or Add a Sales Receipt)
30:06 Understanding Debits and Credits of Buying and Selling Inventory Products
31:51 What is FIFO and how is it used for the inventory cost of goods sold?
38:59 How to make inventory Qty Adjustments (One Item or Batch of Items)
44:16 Non-Posting type – Create an Estimate, Convert Estimate to PO, Create the Purchase Order (PO)
45:43 How to handle Inventory purchased items in the Bank Feed?
48:49 Running Inventory Reports
53:04 Restock your inventory items – Low stock or Out of stock
54:43 Create Bundle – a kit or a bundle of different products
57:57 Import products through CSV files

 


How to set up inventory in QuickBooks Online Plus?

These 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 the 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 the quantity on hand for the product
    • Enter initial quantity on hand and as of the date
    • Select Income Account
    • Select Expense Account = COGS
  • This YouTube tutorial video may also be very helpful.
Enable Products and Services On
Enable Products and Services On
Product Inventory Information Form
Product Inventory Information Form

QuickBooks Online Plus: how to add beginning inventory quantity on hand?

QuickBooks Online Plus: how to add beginning inventory quantity on hand?

How to add Inventory in QuickBooks Online Plus?

Upgrade to QuickBooks Online Plus. The 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 a description on the invoice form
  • Purchasing Information (Description on purchase forms) > This is what it will show up as described on the purchase order form
  • Price/Rate = Selling price to the customer
  • Cost = price you pay to vendor/supplier to buy this product
  • Income Account = Select income account from the chart of accounts > This is what will show up as the income category in your P&L
  • Expense Account = Cost of goods sold
  • Is Taxable box = select if it’s taxable and needs to bill sales tax to customer invoice
  • Save
  • See screenshot photos for reference.

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