Inventory item is a good which you purchase to resell in an ordinary course of business in a reasonable time frame.
There are 3 categories
- Raw Material
- Finished Goods
- Work in progress
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How to Add Inventory in QuickBooks?
To Add inventory in quickbooks, you need to follow mentioned below steps;
Total Time: 8 minutes
Step One
Click on list menu on the top.
Step Two
Click on Items list.
Step Three
Click on Item button at the bottom and click on new.
Step Four
Select the type as Inventory part.
Step Five
Enter the item name,purchase and sales description and cost and sales price.
Step Six
You also need to select COGS account that will be affected when you record a sale of the item.
Step Seven
You have to select an income account that is affected when you record the sales transactions.
Step Eight
Select the asset account that is used to track the value of the items of finished goods.
Step Nine
Click on OK to create the item.
Need Professional Help?
If you get stuck anywhere in the process, feel free to get in touch with SMBAccountants Team, Which is available 24/7.
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