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 Desktop?
To Add inventory in QuickBooks, you need to follow mentioned below steps;
Total Time: 8 minutes
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Step One
Click on the list menu at the top.
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Step Two
Click on Items list.
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Step Three
Click on the Item button at the bottom and click on new.
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Step Four
Select the type as Inventory part.
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Step Five
Enter the item name, purchase and sales description, and cost and sales price.
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Step Six
You also need to select the COGS account that will be affected when you record a sale of the item.
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Step Seven
You have to select an income account that is affected when you record sales transactions.
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Step Eight
Select the asset account that is used to track the value of the items of finished goods.
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Step Nine
Click on OK to create the item.
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