How to Add Inventory in QuickBooks?

The importance of tracking things or keeping a note of things performed on a daily basis cannot be ignored. A couple of people might give it least importance, which could actually lead to a huge mess. Avoiding inventory tracking can make the user helpless, especially in scenarios when the user needs to manage data, facts and figures. It is very much mandatory for a person or a professional to keep a record of inventory in daily business transactions. Any business revolves around customer and meeting the customer needs is a must, for which inventory management plays a key role. Today's article is entirely based on the process to add inventory in QuickBooks.

QuickBooks, the best accounting software in the market, offers the feature named inventory. Tracking this inventory not only saves time, but also optimizes the business performance. Moreover, this also notifies the user to restock inventory. There are a lot of features that roll in with inventory in QuickBooks, which will be discussed later in this post.

Thus, if you are also having the same query i.e. how to add inventory in QuickBooks, then here you will get the most relevant answer. However, if you need our assistance at any point of time, then you can get in touch with our support team at +1 (855) 666-0469, and they will provide you with the best possible support services.

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Why is Inventory Tracking Important in QuickBooks?

Before heading to the steps, it is worth understanding why inventory tracking in QuickBooks matters so much. Well, here are a few reasons:

• It keeps the stock up to date so the company never encounters the problem of high or low number of items in stock
• It helps in knowing the accurate time to restock inventory
• It allows the user to track the orders received from vendors and the ones that are left
• It helps in completing the financial activities as quickly as possible
• QuickBooks also sets a low stock alert so the user is notified when inventory is running low
• It also helps in pricing items correctly by tracking the cost of goods sold

Important Things to Note Before You Start

• Inventory tracking is available in QuickBooks Online Plus and higher plans only. The user will have to upgrade to the Plus edition if required
• For QuickBooks Desktop, the user needs to activate the Inventory and Purchase Orders feature from Preferences first
• Always add categories and subcategories before adding bulk inventory — adding bulk inventory without a plan will create an unorganized view which will be difficult to manage
• Keep your product names unique — two items cannot have the same name in QuickBooks
• It is also a good idea to have a spreadsheet of all your products ready before starting — QuickBooks allows bulk import directly from a spreadsheet

Procedure to Add inventory in QuickBooks

Now that you know the basics, it is time to learn the process to add the inventory in QuickBooks. It should be noted, that the below steps will help you in adding the quantity as well as the volume of the items. Thus, read the steps thoroughly to have a complete check on your inventory:

Checking the subscription

This is the very first thing is to subscribe to QuickBooks Plus. Also, the user will have to open the QuickBooks accounting software. After that the user is supposed to click the gear icon to and then on account and settings. Moreover, it is important to locate and click the billing and subscription option. The user will have to upgrade to the plus edition, as per the requirements.

Setting up inventory tracking

For activating inventory tracking, the user will have to look for accounts and settings menu and then click on sales. Also, click on the On option for tracking inventory on hand.

This particular process will help the user to activate the inventory tracking features. Also, by selecting the on option, the account will be enabled to add products, pricing, and quantities. Also, the user will have an option to add inventory, subtract it, and add important details.

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Accessing the dashboard

The user is supposed to click on the gear icon again and get back to a menu of options. For this the user needs to click on products and then services, in order to access the dashboard.

Using the dashboard

Now comes the point of using the dashboard. This basically offers the customization options that depend on the business models and preferences. The user is having an option to add all inventories or set up categories.

The user will definitely get the guidance of the inventory management, by simply adding categories and subcategories. It should be noted that adding bulk inventory without a particular game plan will create an unorganized view which will be difficult to manage. Thus, in that context adding categories and subcategories will help in inventory management.

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Steps to Adding Inventory to QuickBooks Online

In order to add inventory to QuickBooks online, the user can carry out the steps below:

• The user is supposed to click on new option. And also click on inventory item to get back to a new window. After that, it is important to add the product name and also fill out the rest of the fields.
• Moving ahead, the user needs to add the category, simply for organization. Also, add quantity and price. With this, the user is also required to add a product description, a photo notes, etc. And then click on the save option.
• Once done with that, the user will have to click on product and services, especially if he/she is having product or multiple products shown on the spreadsheet. Later on, it is important to click on the product and services. And also, click on the import option. If needed, then edit individual items.

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Procedure to add inventory in QuickBooks online

It should be noted that tracking the values of inventory in QuickBooks online assists the users in completing the financial activities as quick as possible. The procedure involves the steps enumerated below:

Step 1: Turning on Inventory tracking

• The user is first required to navigate to the settings and then click on the account and settings option
• After that, he/she needs to click on the sales tab
• Once done with that, choose the edit option
• And also, turn on the show product/service column
• Moving ahead, the user needs to turn on price rules for setting up flexible pricing
• Now, make sure to turn on the track quantity and price rate. Followed by tracking inventory quantity on hand
• The last step is to click on save and then done and you are good to go.

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Step 2: Adding inventory products

After you have turned on the inventory tracking, you are supposed to add inventory items and other product and services that you see in QuickBooks. For this carryout the steps below:

• Add the products to be tracked as inventory
• Adding the product and services that are sold or boughtIn this particular process, the user will have to follow the steps to add service items
• And then follow the steps to add non inventory items
• And lastly, follow the steps that are prescribed for creating bundles.

Step 3: Keeping the track of what sells

This can be done in two ways namely:

• Firstly, creating an invoice, in case the user is being paid later on
• And then, adding a sales receipt in case the customer has already paid

Check Order

The user is supposed to check the items that are in hand and also the ones that are on order. Followed by, moving to the quantity that have been added for an item, for purpose of additional information.

QuickBooks will show whether the inventory is running low by setting reorder points. Whereas, it will also tell the user when the inventory is running low by setting a low stock alert.

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Step 4: Restocking Inventory

QuickBooks usually informs the user about the accurate time to restock the inventory. This allows the user to track the orders received from the vendors and the ones that are left.

Step 5: Using Reports

Now comes the process to use the reports. These reports can be easily accessing for seeing the seller details. This could ease the process up to a certain extent.

Common Inventory Issues in QuickBooks

At times, users face a few common issues while managing inventory. Here are the most common ones:

• Negative inventory — This happens when the user records a sale before recording the purchase. Make sure to always enter purchases before sales
• Inventory not updating — Check that inventory tracking is turned on in Account and Settings under the Sales tab
• Items showing wrong quantity — Run a Physical Inventory Worksheet report and compare it with the actual count. Adjust the quantity using the Adjust Quantity on Hand feature
• Duplicate items in the list — Go to the Product and Services list and merge the duplicate items. Both items must have the same name for merging to work
• Reorder point alerts not showing — Make sure the Reorder Point field is filled in for each inventory item

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Wrapping up!

We sum up the article over here, on a positive note that you might be able to make the best use of the inventory feature in QuickBooks and also add inventory in QuickBooks desktop and online. However, if you still feel the need of technical assistance, or in case you are stuck at any point of time, then need not to worry. Simply make a call at our toll-free customer support number at +1 (855) 666-0469, and our support professionals will be there to assist you.

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