One of the most important statistics is inventory turnover, which allows businesses to make better marketing, manufacturing, and pricing decisions. You won’t be able to fine-tune your business practices unless you have proper inventory management. Here you will read about how to receive inventory on QuickBooks desktop and if you want to know more about QuickBooks features like QuickBooks pro advisor and how to set up an employee for direct deposit in QuickBooks then click on these links.
How to Add Inventory Items in QuickBooks Desktop
Inventory items are recorded in QuickBooks as an asset. After you enable the inventory management feature, you can add and track items in your inventory. You can even set up a low-stock alert to receive notifications when the item runs out of stock. Furthermore, the inventory items.
Step 1: Enable Inventory Management
Follow the steps below to enable inventory tracking in your company file:
- From the main menu, select Edit.
- Choose Preferences
- Select Items and Inventory from the left panel.
- Select the option ‘Inventory and Purchase Orders are Active’ from the Company Preferences tab.
- Click the Ok button.
Although inventory tracking is available in all versions of QuickBooks Desktop, the Pro version cannot track inventory using the FIFO or LIFO methods. Instead, the average cost method is used to determine the value of the inventory.
Step 2: Create an Item for Tracking
Before you can track an item in QuickBooks, you must first create it. Complex inventory management is not possible with QuickBooks, but if you only buy finished goods from a vendor, inventory management will suffice. If the material is used to make a finished product, you can enter each purchased item as a sub-part of the main item to simplify inventory management.
Follow the steps below to create a new inventory item in QuickBooks Desktop:
- Click on Items & Services from the dashboard.
- Click the Item button, followed by the New
- Select Inventory Part.
- Enter critical information such as Item Name/Number.
- By clicking on Income Account, you can select an account to track the inventory item
- Enter any additional information about the inventory item.
- Click the OK button.
QuickBooks has been updated to include the inventory item. You can now keep track of the item’s current stock and update the quantity whenever you send a purchase order to a vendor.
How to Add Non Inventory items in QuickBooks?
Inventory items are those that you buy from a vendor and sell to a customer. These items are typically required to track a business. Non-inventory items, on the other hand, are those that you either buy or sell. The majority of these items do not require tracking. Bolts and nuts for machinery are examples of these items.
If you want to add non-inventory items to QuickBooks, follow the steps below:
- Select Item from the Items & Services menu.
- Select New. The New Item dialogue box will appear.
- Select Non-Inventory Part from the drop-down menu.
- Enter the item’s name/number.
- Choose the account you want to use to track the inventory.
- Fill in the blanks with the remaining information. Click the OK button.
You can convert the item to an inventory item type if you want to associate checks and bills with it. The majority of the inventory management tool’s features are geared toward inventory items.
How to Add Inventory in QuickBooks for MAC?
Before you can begin inventory management for an item, you must first create it in QuickBooks for Mac. After you’ve created the item, you can edit and update the quantity as needed. You can also use the item to update the quantity when creating purchase orders or checks.
Follow the steps below to create an item in QuickBooks for Mac:
- Select Lists from the main menu.
- Select Items.
- The Item List window will be displayed. Select the Plus + icon.
- Choose New Item.
- Select the type of item you want to make.
- Fill in the item’s required information. You can create new fields based on your preferences by using the Custom Fields option.
- Save the file.
You can even change the information you entered in QuickBooks for a specific item. Follow the steps below to update or add inventory in QuickBooks for MAC:
- Select Items from the Lists menu.
- Open the Item for which you want to make changes.
- In the Edit Item window, make the updates.
- Click on Ok.
