QuickBooks Online (QBO) is good at managing and tracking inventory – as long as you’ve created thorough records.
- Inventory: Products you buy and/or sell
- Non-inventory: Products you buy and/or sell that don’t require tracking
- Services: Services you sell
- Bundle: Products and/or services that you sell together
We’ll focus on the first option. Click Inventory. Enter the product’s Name and SKU (if there is one) and click the pencil icon to upload a photo if you’d like. If this item is going to be a sub-product or service of another, you’d click the box in front of that option and select the “parent” product or service from the drop-down list.
Your item needs to be assigned to an Inventory asset account for tracking and reporting purposes. This field should default to Inventory Asset. If it doesn’t, or if you want a more thorough explanation of this element of accounting, contact us (256-337-5200).
If you buy the item to resell, enter a description in the Purchasing information box, and provide your Cost, the price you pay when you buy the item from another source. The Expense account should default to Cost of Goods Sold.When you’re done, save the record.
Once you create a record for an item or service, it will appear in this table.
To get to the list of the product and service records you’ve created, click the gear icon in the upper right and select Products and Services, like we did early on here. You’ll see a screen similar to the one pictured above. You’ll also notice that you can link to several action screens from each entry.
We’d also be happy to go over any other aspect of inventory-tracking and management that’s confusing. Just let us know when you want to get started.
Intuit Premier Reseller