Process of Adding Inventory in QuickBooks
Managing and tracking the inventory is a task which takes a lot of time and is one of the important tasks. It ensures that enough products are there with you, so that you can serve your customers and keep them happy.
By enabling this feature of inventory tracking and using the feature, you will be able to manage your inventory in better way and will also receive the alerts, when the time for reorder or creating the purchase orders arrive.
1. Get the inventory tracking enabled in the QuickBooks
- Go to top toolbar and tap on the Edit
- After that from drop-down list, click on Preference.
- Now on the box’s left hand side in the list,
- click on the Items and Inventory.
- To indicate the options, tap on the tab of Company Preferences.
- Make sure that you put the check mark on the option of Inventory and purchase orders are active, you can also decide that whether you want to receive the warnings or not about the purchase orders that are duplicate, and whether you are having enough entry in stock to sell.
- Then click on OK
2. Get The Inventory Items Record Created
- Go to main menu and click on List, and then go to drop-down menu and select Item List, in order to get the inventory items record created.
- Now go to the bottom of the box of Item List and then tap on Item and after that on New in order to get the new inventory recorder.
- Then select Inventory Part from options and get the information filled to it, for example purchase information, part number, cost, item and other required information.
- Then click on OK once you are done
3. Get The Item Added to Inventory
Then get the item added to inventory.
- Go to top main menu and then tap on Vendors and after that click on Vendor Center.
- Click on the New Transactions and after that on the Receive Items, in order to get that inventory entered which is already been paid by you.
- If the payment is not done by you already then tap on Receive Items and Enter Bill, in order to get the time entered and to generate the bill.
- Select the suitable time, which you are willing to add, to do that go to drop-down list and then add the information that is needed, for example cost, quantity and description.
- In case there is the bill which is related with item, then check the box of Billable.
- After you are done, click on the Save & Close, if in case you have to add more items then tap on the Save & New
Recording Inventory in the Journal Entries in QuickBooks
1. Creation of Asset Account
A. Step One
- Tap on the menu of Lists and after that select the Chart of Accounts
B. Step Two
- Tap on the button of Account and then click on New
C. Step Three
- Now in the field of Type, select the Other Asset
D. Step Four
- Click on Continue and then get the name of your asset enetred, for example, Current Inventory
E. Step Five
- Click on Save & Next
F. Step Six
- Click on the button of Account and then tap on New
G. Step Seven
- Now from the field of Type, select Income
H. Step Eight
- Tap on Continue and after that get the account entered for the offset of purchases from Current Inventory account of yours. Name it the way so that it represents the type of inventory it is, such as Purchased Inventory
I. Step Nine
- Click on Save and Close
Issues faced by the Users
- How non-inventory items are different from the inventory items? Or
- How inventory is entered in the QuickBooks? Or
- How inventory is corrected in QuickBooks?
Need Professional Help?
If you too many such doubts or questions, or you are facing issues other than the ones which are mentioned here, or if you are willing to know more about how inventory purchases are entered in QuickBooks then get in touch with our SMB QuickBooks tech support helpdesk on smbaccountants.com.
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