Quick-Look FAQ: Inventory 

Learn how to set up, track and manage your inventory in QuickBooks Online Plus. 

How do I set up and track my inventory?

QuickBooks Online makes it easy to manage and track your inventory. Track what inventory you have on hand, get alerts when it’s time to restock, and see insights on what you buy and sell. You can also enter non-inventory products and services so you can quickly add them to your sales forms.

We’re here to help you get it all set up so you can get back to business. 

Quick-Tip: Inventory tracking is only available in QuickBooks Online Plus. If you don’t have Plus, upgrade your QuickBooks plan to start tracking your inventory. 

How do I add new inventory items?

You can add everything you buy and sell in your inventory into QuickBooks. QuickBooks will then update the quantity on hand for you. 

Learn how to add your inventory products in QuickBooks Online Plus.

Quick-Tip: If you are already keeping track of your products in a spreadsheet, save time and import all of them at once instead.

How do I adjust my inventory quantity on hand?

Once you have set up your inventory, we make it easy to manually adjust an item's quantity without recording a purchase or sale, to match what you have in stock.

Quick-Tip: Be very careful editing inventory adjustment entries. This can greatly impact your accounting. If you're not sure if you should do this, reach out to your accountant.

How do I track my services or non-inventory items?

We make it easy to track what you earn and spend on your product or services.  You can also enter these products and services you sell as items so you can quickly add them to sales forms. This gives you more detailed financial reports and helps you complete transactions faster.

What is FIFO and how is it used for inventory cost accounting?

FIFO (First in, First out)  is how QuickBooks helps track your inventory. QuickBooks Online will always consider the first units purchased (First In) to be the first units sold (First Out) and will adjust your assets and Cost of Sales (COS) accordingly whenever sales of inventory items are entered.

How do I record inventory given to customers as free samples?

QuickBooks Online can help you record freebies or samples given to customers using g Inventory Qty Adjustment feature. 

What reports can I use to see my sales and inventory status?

QuickBooks has reports to show you what’s on hand, the cost of goods, and more. Use reports to get helpful insights on the things you buy and sell, and the status of your inventory. We’ll show you which reports to run depending on what kind of info you want to see.

How do I add a GST category to my product and services?

We are here to help you add a GST category to your products and services in QuickBooks Online. After you set up where you charge GST, we can help you on how to map your items to the right tax categories.

Don't see your inventory question posted here? Why not post a question in our Community Q&A. This is a quick way to get answers and start discussions with our knowledgeable team of QuickBooks Community experts, and other QuickBooks SMB and Accountant users.