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Add inventory products in QuickBooks Online

by Intuit Updated 4 months ago

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

Let QuickBooks update the quantity on hand so you don't have to. Once you're set up, track inventory in QuickBooks and add products to sales forms.

If you buy and sell products and services but don't track them as part of your inventory, here's how to add them to QuickBooks.

To watch more how-to videos, visit our video section.

Step 1: Turn on inventory tracking

Make sure to turn on inventory tracking so you can add inventory items.

Step 2: Add a product

Tip: Already keeping track of your products in a spreadsheet? Save time and import all of them at once instead.

  1. Go to Settings ⚙ and thenProducts & services (Take me there).
  2. Select New , then select Inventory.
  3. Fill out the required details like Name and SKU.

Step 3: Add your product’s quantity, reorder point, and inventory asset account

  1. Add your product’s Initial quantity on hand. Then enter when you started tracking that quantity in the As of date field.
  2. Add a Reorder point to get alerts when it's time to reorder.
  3. Select the Inventory asset account ▼ dropdown and select Inventory Asset. QuickBooks uses this account to track the cost of all the products you have in stock (or inventory value).

Note: Initial quantity on hand depends on what date you plan to start tracking your business. For example, if you’ll start tracking from the beginning of your fiscal year, enter your products’ quantities from that date.

But if you add a new product from a vendor, enter “0” as its initial quantity. Then, after saving, track how many of this product you receive from vendors. This ensures you don’t double its initial quantity.

Step 4: Add your product’s sales, tax, and purchasing info

  1. Add your product’s description on sales forms. This shows on invoices, sales receipts, and other forms you send to customers.
    • Add the Sales price/rate.
    • Select Income account ▼ and find the account you use to track what you sell.
      Tip: You can use an income account QuickBooks already set up for you. If you need a new account, select + Add new. Or learn more on chart of accounts first.
  2. If you need to adjust the sales tax, select Edit sales tax.
    • Select the right type of product you’re selling to specify how the item should be taxed. If you don’t see this dropdown, set up sales tax in QuickBooks.
    • You can also specify if this item is nontaxable here.
  3. Enter your product’s description to show on bills, purchase orders, and other forms you send to vendors.
    • Add the product’s Purchase cost. If this changes, you can enter the updated price when you buy supplies.
    • From the Expense account ▼ dropdown, select Cost of Goods Sold. QuickBooks uses this account to track the cost of products you sell.
    • Select a preferred vendor. QuickBooks remembers your preferred vendor so you can reorder this product easily.
  4. Select Save and close.
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