Learn how to add your stock products in QuickBooks Online Plus.
Add everything you buy and sell in your stock into QuickBooks. Then, let QuickBooks update the quantity on hand as you work so you don't have to. Once you're set up, it's easy to track stock 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 stock, here's how to add them to QuickBooks.
Step 1: Turn on stock tracking
Make sure to turn on stock tracking so you can add stock items.
Step 2: Add your product’s name, SKU, and category
Once settings are in order, here’s how to add your stock products.
Tip: Already keeping track of your products in a spreadsheet? Save time and import all of them at once instead.
- Go to Sales, then Products and Services.
- Select New or Add a product or service. Then select Stock.
- Add a Name, SKU, or category for what you're tracking. Tip: Categories let you group your products and services together so they’re easier to find.
Step 3: Add your product’s quantity, reorder point, and stock asset account
- Add your product’s Initial quantity on hand. Then enter when you started tracking that quantity in the As of date field.
Note: If you’re new to QuickBooks, 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 financial year, enter your products’ quantities at that time.
But if you’re simply adding a new product from a supplier, enter “0” as its initial quantity. Then, after saving, track how many of this product you receive from suppliers. This ensures you don’t double its initial quantity.
- Add a Reorder point to get alerts when it's time to reorder.
- Select the Stock asset account ▼ drop-down and select Stock Asset. QuickBooks uses this account to track the cost of all the products you have in stock (or stock value).
Step 4: Add your product’s sales, tax, and purchasing info
- Add your product’s description on sales forms. This shows on invoices, sales receipts, and other forms you send to customers.
- Select the Income account ▼ drop-down and find the account you use to track what you sell.
- Select the Tax▼ drop-down and choose the tax rate to be used for the item. If you don’t see this drop-down, set up sales tax in QuickBooks.
- Add your product’s description on purchase forms. This will show on bills, purchase orders, and other forms you send to suppliers.
- Add the product’s Cost. If this changes, don’t worry. You can still enter the updated price when you buy supplies.
- From the Expense account ▼ drop-down, select Cost of Sales. QuickBooks uses this account to track the cost of products you sell.
- Select a preferred supplier. QuickBooks remembers your preferred supplier so you can reorder this product easily.
- Select Save and close.
|Tip: You can use an income account QuickBooks already set up for you. But if you need a new account, scroll to the top of the drop-down list and select + Add new.|
As you start selling new products, you can use the same steps to set them up.
Change a non-stock product to stock
Need to start tracking supply of a product you set up as non-stock? Change its type to stock instead of creating a new item.