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