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samalia
Moderator

Quick-Look FAQ: Inventory Management

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Quick-Look FAQ: Inventory 

 

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

 

How do I set up and track my inventory?

 

QuickBooks Online makes it easy to manage and track your inventory. Track what inventory 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-inventory 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: Inventory 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 inventory items?

 

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

Learn how to add your inventory 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 inventory 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 inventory adjustment entries. This can greatly impact your accounting. If you're not sure if you should do this, reach out to your accountant.

 

How do I track my services or non-inventory items?

 

We make it easy to track what you earn and spend on your product or services.  You can also enter these products and services you sell as items so you can quickly add them to sales forms. This gives you more detailed financial reports and helps you complete transactions faster.

 

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

 

FIFO (First in, First out)  is how QuickBooks helps track your inventory. 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 inventory items are entered.



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.  

4 Comments 4
Andzeika
Level 1

Quick-Look FAQ: Inventory Management

1. Can I set cost price for inventory to be updated automatically after purchase invoice is entered?

Cost price varies every time you buy products these days.

I have hundreds of products in my inventory list. Changing cost price manually every time is simply not doable for me.

2. What is the quickest way to find a real cost of one inventory item?

3. How can I find out under what purchase invoice number an inventory item had been bought. That's to help me find out how much I've paid for an item

LieraMarie_A
QuickBooks Team

Quick-Look FAQ: Inventory Management

Good day, @Andzeika.

 

It seems like a duplicate post. My colleague has already provided an answer for you. Please refer to this link: https://quickbooks.intuit.com/learn-support/global/manage-suppliers-and-expenses/re-landing-cost-exp....

 

Don't hesitate to drop by here in the Community if you have other questions. I'm always here to help.

Wame
Level 1

Quick-Look FAQ: Inventory Management

I'm actual new to quickbook and I will be using it for school management. I need a guide on how to go by -Billing student both bulk and individually, receiving paying from students, how to group students and identify the student by class
ReymondO
QuickBooks Team

Quick-Look FAQ: Inventory Management

Good day, @Wame.

 

Thanks for choosing QuickBooks as an accounting software to handle your business. I'd be glad to assist you in recording your transaction in the program.

 

The option to send invoices in bulk is unavailable in QuickBooks Online (QBO). Right now, you'll have manually create each transaction and send them individually.

 

Here's how:
 

  1. Click + New.
  2. Select Invoice.
  3. From the Customer ▼ drop-down, choose a customer. Make sure all of their info is correct, especially their email address.
  4. Review the Invoice date. If you need to, change the due date in the Terms ▼ drop-down list.
  5. From the Product/Service column, choose a product or service. You can also select +Add new to create a new product or service right from the invoice.
  6. Enter a Quantity, Rate, and Change amount if needed.
  7. Select a Tax option. If you are unable to see tax, make sure you have set up tax.
  8. Click Save and close or Save and send

 

Once you received the payments, follow the steps in this article to record them in QuickBooks: Record invoice Payments in QBO.

 

With regards to grouping your students, you can utilize our class tracking feature. Use this to track your transactions by departments, product lines, or any other meaningful segments in your business. So when it’s time to run reports, you have a clear picture of each segment’s financial health. 

 

In case you want to personalize your invoices, Here's how to create custom templates.

 

You can leave a comment below if you need more help in handling QuickBooks. The Community is always here to help. Have a good one, @Wame.