Quickbooks inventory set up.

My main goal is to ensure your inventory tracking is accurate, Simmer99.

Yes, we'll need to turn on and utilize the inventory tracking feature in QuickBooks Online (QBO) to ensure your recorded items match in QuickBooks Online.

First, I'd like to know what POS system you're using. This way, we can determine if the application can be integrated into QBO. Syncing data from another service program will depend on the connector you're utilizing.

The QuickBooks Online Plus and Advanced versions allow you to set up inventory tracking. Once ready, let's turn on the feature in the Account and settings page. That way, you can manually add the products to the program using the inventory lists and balances from your POS system. 

Here's how:

1. Go to the Gear icon and then select Account and settings.
2. Click the Sales tab.
3. Select Edit in the Products and services section.
4. Turn on Show Product/Service column on sales forms.
5. Turn on both Track quantity and price/rate and Track inventory quantity on hand.
6. Hit Save and then Done.

After that, you can start adding inventory items. These are products you sell that let you set and track product quantities.

If you aren't using the Plus or Advanced version, I suggest upgrading your plan to utilize this functionality for seamless integration.

For more details about setting up inventory and using pricing rules for specific products and services, please see these resources:

• Track your inventory in QuickBooks
• Set price rules in QuickBooks Online

Finally, you can access and personalize several reports in your QBO account to see your best sellers, what’s on hand, the cost of goods, and more. It'll help you ensure your record is accurate.

We want to assure you that we're readily available to assist you with any questions or concerns regarding managing your inventory or any other matters related to QBO. You can always post to this forum if you need additional guidance or clarification. 

Thank you for your reply.  If I'm using my POS to track inventory do I still need to turn on inventory tracking? I'm using Lightspeed as the POS and managed to successfully link it to QB Online Plus.

It's great to hear you've successfully linked Lightspeed to QuickBooks Online (QBO), Simmer99. Yes, enabling the inventory tracking in QBO offers several key benefits, and I’d be happy to elaborate.

Activating this feature synchronizes your POS data with accounting records, minimizing financial discrepancies. It ensures QuickBooks to accurately track inventory for precise financial statements and year-end reporting. Moreover, it calculates the Cost of Goods Sold correctly, affecting gross margins and profitability.

Here's an article about managing your inventory in QBO: Set up and track your inventory in QuickBooks Online.

Additionally, you can customize your inventory reports to generate documents that meet your specific needs.

Let us know if you have other concerns with your inventory in QBO. We're here to help you in any way we can.