Set up Inventory tracking in QuickBooks Online Plus to help you track quantity, sales revenue, and cost of goods sold. Enabling this feature gives you the extra time to focus on your business.
QuickBooks Online allows you track 4 different types of items.
Items that have been added as either Non-inventory items or Services can be reclassified into either category by editing the product or service. To do this:
To enable inventory tracking, you need to turn on inventory tracking.
Turn on inventory tracking with quantity on hand:
After you've turned on inventory, you'll need to set up your products.
On the Product/Service information window:
Continue this process until all the appropriate products have been marked for inventory tracking.
The Products and Services page lets you see all your products and services along with the available quantities, costs, selling price, and more. To go to this page:
When you are on the page, you can choose to add individual items by selecting the New button or import from Excel in bulk (New Import). On the Product/Service information window, you may select one of the four types of items:
Products and services can also be edited as a group. To edit multiple products, place a check mark in the box next to the items and choose the appropriate selection at the top. You can assign different categories, make the items inactive, or change the type (non-inventory item or service).
Using inventory items in transactions
Once you've set up your entire inventory list, you can start selling and purchasing items by creating new invoices, bills, purchase orders etc. You can even add new products or services on the fly within transaction forms (e.g., invoices) by clicking in the Product/Service column and selecting Add new from the drop-down list.
Using categories to group your products and services
If you have the Categories option turned on and using the new Redesigned Reports you can filter by category. To learn more, see Introduction to categories in Products and Services.
Using reports to better understand your inventory performance
QuickBooks online has a number of reports that can help you better understand the performance of your products and services. You can access reports by selecting Reports from the left menu.
To go to all inventory reports:
Physical Inventory Worksheet
You may print and use the Physical Inventory Worksheet when you conduct a physical inventory at your warehouse. This report is accessible under the Manage Products and Inventory section of the Reports page.
Now you know how to set up your inventory tracking. If you want more information on inventory processes and best practices, please check out the following resources: