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.
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?