Inventory management or tracking is one of the most important tasks performed by QuickBooks. If you don’t know how to do that already then today we will find “How to track inventory in QuickBooks“.
The basic purpose of this QuickBooks feature is to gain an insight into the availability of the product and the fulfillment of customer requirements. And this can only be done if you are tracking your physical inventory.
Table of Contents
Inventory for QuickBooks
The different QuickBooks versions i.e. QuickBooks Pro, Premier, and Enterprise editions are stuffed with the inventory tracking feature. This feature is usually disabled at the time of installation. The user needs to enable, and configure the feature within QuickBooks to use the inventory tracking functions. The feature helps in smooth inventory management and at the same time, the user can receive alerts when the time arrives to reorder and create purchase orders for the products.
Steps to Track Inventory in QuickBooks
- Go to “Edit” from the top toolbar
- Click on “Preferences” from the dropdown list.
- View the list option on the left-hand side of the box
- Click on “Items and Inventory”
- Click on the “Company settings” tab, this will show your options.
- “Inventory and purchase orders tab should be active and must be checked.
- You also have the option to choose a warning message that will notify you about duplicate purchase order numbers.
- You should also receive messages about the stock in hand.
- Click “OK.” and this will save your preferences.
Steps to Create a Record of Inventory Items in QuickBooks
- Go to the main menu and click on “List”
- Select “Item List” from the dropdown menu
- Scroll down to the bottom and you will see the “Items” option. Click on it.
- Choose new to add any new inventory.
- Choose “Inventory Part” from these items
- Enter the information, such as the item and part number, purchase information, cost, and other information requested
- Click “OK” once done.
How to Add the Item to the Inventory?
Before you know, how to track inventory in QuickBooks, you should have the items added to the program. You can do this by following the below-given steps:-
- Go to the top main menu and click on “Vendors” and then “Vendor Center”
- Click on “New Transactions”
- Click on “Receive Items” to enter inventory that is previously paid
- In case not paid then Click on “Receive Items and Enter Bill” to add the time and generate a bill
- Choose the time you want to add from the drop-down list
- Enter the information that is required such as description, quantity, and cost.
- In case the bill is related to the item – Check the “Billable” box
- Once done Click on “Save and Close” or if you have more items to add
- Finally, Click on “Save and New.”
Hope you are now able to figure out your issue, but in case you are still facing the error track inventory in QuickBooks, then connect with our QB experts. It hires experienced QuickBooks professionals who provide quick assistance to resolve all the QuickBooks errors in the minimum wait time.
In case you wish to fetch assistance you can immediately contact QuickBooks Consultant which is one of the reliable QuickBooks Consultant agencies.