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Level 1

I’m importing my existing inventory for the first time and I’m not sure how or if I need to show cost of the items so then I can process sales of the items in the future?

 
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Moderator

I’m importing my existing inventory for the first time and I’m not sure how or if I need to show cost of the items so then I can process sales of the items in the future?

Good day, duckdrop7. I'm here to assist you in importing the existing inventory to QuickBooks Online.

 

When importing items into your book, there are fields that you can enter, and one of them is the Purchase Cost. We'll have to report the cost of the items since you're planning to process sales soon.

 

You can follow these steps doing the process:

 

  1. Go to the Gear icon.
  2. Under Tools, choose Import Data.
  3. Select the Products and Services from the lists.
  4. In the Import Products and Services page, select the Browser button. (You may want to download the sample file to see how the columns look like.)
  5. Find and select the Excel file then select Open.
  6. Select Next to continue.
  7. Map your data.
  8. Click on Next.
  9. Click on Import.

next.PNG

 

Then, here's are the articles that you can refer to get more details related to your concern.

 

Please leave a comment below if you have more questions to ask after you import inventory in QuickBooks Online. Otherwise, you can enjoy the rest of your day. Take care!

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Level 11

I’m importing my existing inventory for the first time and I’m not sure how or if I need to show cost of the items so then I can process sales of the items in the future?

@SarahannC 

 

"Before that, let's make sure that the Import Style feature is turned on. Go to the Gear icon. Select QuickBooks Labs under Your Company."

 

This has nothing to do with importing products and services items into QBO. Enabling Import Style feature from the QuickBooks lab is able to import the DOCX template for the sales form like Invoice type.

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Level 11

I’m importing my existing inventory for the first time and I’m not sure how or if I need to show cost of the items so then I can process sales of the items in the future?

@duckdrop7 

 

I’m importing my existing inventory for the first time and I’m not sure how or if I need to show cost of the items so then I can process sales of the items in the future?

 

If you're importing inventory items with quantity on hand, you need to enter the COST field. This is your actual cost, you paid buying these items. It will create a transactional journal, adding value to the Inventory assets account and the other side goes to Opening Balance Equity account. 

 

If you don't quantity on hand and you're importing the product/services items list, you can even enter "0" (or estimated cost) in the Cost field. Your actual Cost will pick-up when buying inventory from vendors using the Item details tab.

 

Hope this helps!

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