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samalia
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Quick-Look FAQ: Manage Your Stock

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Quick-Look FAQ: Stock 

 

Learn how to set up, track and manage your stock in QuickBooks Online Plus. 

 

How do I set up and track my inventory?

 

QuickBooks Online makes it easy to manage and track your stock. Track what stock you have on hand, get alerts when it’s time to restock and see insights on what you buy and sell. You can also enter non-stock products and services so you can quickly add them to your sales forms.

We’re here to help you get it all set up so you can get back to business. 

 

Quick-Tip: Stock tracking is only available in QuickBooks Online Plus. If you don’t have Plus, upgrade your QuickBooks plan to start tracking your inventory. 

 

How do I add new stock items?

 

You can add everything you buy and sell in your stock into QuickBooks. QuickBooks will then update the quantity on hand for you. 

Learn how to add your stock products in QuickBooks Online Plus.

 

Quick-Tip: If you are already keeping track of your products in a spreadsheet, save time and import all of them at once instead.

 

How do I adjust my stock quantity on hand?

 

Once you have set up your inventory, we make it easy to manually adjust an item's quantity without recording a purchase or sale, to match what you have in stock.

 

Quick-Tip: Be very careful editing stock adjustment entries. This can greatly impact your accounting. If you're not sure if you should do this, reach out to your accountant.



What is FIFO and how is it used for stock cost accounting?

 

FIFO (First in, First out)  is how QuickBooks helps track your stock. QuickBooks Online will always consider the first units purchased (First In) to be the first units sold (First Out) and will adjust your assets and Cost of Sales (COS) accordingly whenever sales of stock items are entered.

 

How do I record donated stock?

QuickBooks Online can help you record donated stock you are donating or giving away.

 

What reports can I use to see my sales and stock status?

 

QuickBooks has reports to show you what’s on hand, the cost of goods, and more. Use reports to get helpful insights on the things you buy and sell, and the status of your stock. We’ll show you which reports to run depending on what kind of info you want to see.

 


Don't see your inventory question posted here? Why not post a question in our Community Q&A. This is a quick way to get answers and start discussions with our knowledgeable team of QuickBooks Community experts, and other QuickBooks SMB and Accountant users.