Can I use Quickbooks to record the value of my inventory without using it to track individual items? I plan to update the value of my inventory manually as needed.

"Can I use Quickbooks to record the value of my inventory without using it to track individual items? I plan to update the value of my inventory manually as needed.

.@usercontact7 wrote:

I don't need Quickbooks to track the individual items in my inventory--My POS already does that. But I DO want Quickbooks to reflect the asset value of my merchandise."

 

Yes, you can record the Physical Inventory on Hand you have without using the inventory tracking feature in QuickBooks. You will then need to periodically schedule to manually count and record items and keep track of the at cost of what's bought and sold. You can write a Journal Entry to adjust the value of physical inventory on hand. 

In the QuickBooks Chart of Accounts, you do not want to use "Inventory Detail Type" instead you would select Other Current Assets. That way it will not interfer with the QBO's main Inventory tracking system.

See screeshot below for sample reference.

 

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Hope this helps!