How to track Inventory in QuickBooks?

Inventory tracking is an important step in QuickBooks. It is very important as it gives an exact picture of your business if you are a product-based company.

How to track Inventory in QuickBooks?

1.Click on the Gear Icon on the upper right-hand side and select Company Settings
2.You will now see settings tab.
3.Click Sales on the left
4.Make sure that inventory settings are turned on:
a)Show Products/Service on sales forms – Adds a Product/Service column on sales forms to select from a list of products and services. Ensure the feature is turned on.
b)Track quantity and price/rate – Supplements Quantity and Rate fields to sales forms to track this information for products and services. Check to turn on this feature.
c)Track quantity on hand – You can easily do that by activating the functionality within Quickbooks program.
5.Once Done -> Click Save

If you are running a product based company and involved in sale of products, you will be quite aware that it is so important to track the inventory. QuickBooks helps its users in inventory tracking and ease out regular tasks. You need to assure that you are using QuickBooks plus that includes the inventory tracking feature. Then make sure that your system/software settings are ready for inventory tracking.
If you have lot of different products that you want to group together you can use categories to find your products more easily. You can also filter your reports by category and category that makes sense for your business. You can next category to more levels by creating subcategories. Now you are ready to add each of your product to QuickBooks, you can enter each product manually.
You can even add a picture of your product. If you already got a long list of products in a spreadsheet you can import them and save a lot of time.

You should check out the sample file before you import it would be best to use the same headers as used in the sample file. After you get your product’s set up, you already start buying and selling products. To purchase products create a purchase order to send to the vendor. When you receive the products you ordered, copy the information in the purchase order to create a bill. Creating a bill from the purchase order, your QuickBooks software should be aware that you have received all the products you have ordered. QuickBooks then increases the quantity on hand by the number of items you have ordered. When you sell products you can create an invoice to receive payments later, or a sales receipt if you have already received the payment. After you save the invoice receipt and sale receipt, QuickBooks decreases the quantity on hand of the product you sold by the amount on the sales form.

You can always adjust the quantity on hand of any product in your list. Reports give you a picture of your inventory. Sales by product service summary shows you your best-selling products. Inventory evaluation summary shows you the value of your inventory. Take some time to explore all the inventory reports to find the one that is most valuable to you. Now, its the users turn to track your inventory in QuickBooks.

Though tracking inventory is important but there are certain products that you may not want to trace or have registered the product by mistake. If this is the case with you then you can delete the item any time you want. If you need info on this then you can then readout how to delete inventory adjustment in QuickBooks

For further help and queries QuickBooks support team is always there to help you. You can also reach to other QuickBooks agencies that hire top QuickBooks professionals in Canada who are experienced and knowledgeable. Connect with them through the toll-free number and garner instant QuickBooks solutions.

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