Tracking and keeping a record of every little thing is a crucial part of the business world. Mainly business focuses on expenditure and profit sources. So, in order to maintain a smooth business cycle, a business owner or an accountant should keep recording every business transaction. As you know, inventory plays a crucial role in every business. You have to maintain inventory to provide goods to your end customers. Recording each and every detail about inventory is also very important in QuickBooks.
QuickBooks is an accounting software that is trusted by almost every business owner and accountant in the world. You have to record your transactions related to inventory in your QuickBooks Application. Moreover, this will also help you and the accountants making the tax-filing procedure more simple and easy.
A Detailed Procedure To Add Inventory in QuickBooks
It is important to carefully follow the steps that help you in adding inventory in QuickBooks:
Turn-on the inventory tracking option
- Move to the ‘Settings’ option.
- After that, choose the ‘Account and Settings’ tab.
- Select the ‘Sales’ option.
- Then, click on the ‘Edit’ option.
- After that, turn-on the column ‘Product and Services’.
- Now, you have required to turn on the ‘Price rules that are necessary for setting up the flexible price’.
- Then, you have to make sure to turn-on the price rate and track inventory.
- For that, you have to click on the ‘Tracking Inventory Quantity’ option.
- After that, you have to click on the ‘Save and Close’ button to save the recently made changes.
Also Read: Steps to Print 1099s in QuickBooks
Add the inventory products
- Firstly, you have to add the products that have to be tracked as an inventory.
- Secondly, add the products that are sold and purchased.
- Go to the ‘Add Service’ option.
- Your computer screen will display the guidelines that you have to follow in order to add service.
- Same procedure has to be followed when you have to ‘Add Non-inventory’ items.
- Additionally, you have to follow the steps to create bundles also.
Keep the Track of Saleable items
There are two ways by which you can keep the track of the items that are saleable:
Creating an Invoice
- If the user has to pay later, then this method should be adopted.
- After that, add a sales receipt if the customer has already paid the full amount.
- You have to check both the items: in hand and in order.
- Move to the quantity of the items that have to be added.
- Your QuickBooks will show you the reorder items by setting up points.
- Also, it will set a low stock alert that will notify the users when the inventory gets low.
Also Read: How to print W2 forms and Statements?
- The QuickBooks software generally notifies the users about the accurate time of re-stocking the inventory.
- This will help the users to track the receivables orders and the left-out orders.
- You can easily access the vendor’s details through the reports.
- This will help in carrying on the procedure more easily.
Also Read: QuickBooks Online Test Drive
Carry out Procedure
- You have to click on the ‘New’ button.
- After that, click on the ‘Inventory Item’ option. This will redirect to the ‘New’ window.
- Enter the product name and description of the item.
- Then, fill out the other fields.
- The user is required to add the category for the organization.
- Moreover, you have to enter the price and the quantity.
- Add the item description also.
- After that, click on the ‘Save’ button.
- Now, you have to choose the column of ‘Products and Services’ especially if the situation of multiple products is forming.
- The multiple products might be displayed on the spreadsheet.
- After that, select the option of ‘Products and Services’.
- Then, click on the option of ‘Import’.
- Click on the ‘Edit Individual Items’ options (if needed).
Hopefully, the above-given information is useful for you to get rid of this problem. But if you are still facing any issues with your software and need professional assistance, regarding accounting, bookkeeping & accounting software-related issues then feel free to get in touch with Certified Experts at +1-860-325-4922. The USA-based ProAdvisors will provide all sorts of assistance related to the software 24/7.