Inventory tracking is an important step in QuickBooks Online. It is very important as it gives an exact picture of your business if you are a product-based company.
How to track Inventory in QBO?
l Choose the settings tab from the top of the program. From the submenu find the company icon.
l The Company Settings window will open
l Click Sales on the left
l Make sure that inventory settings are turned on
n Show Service in the forms provided – Adds a product within the sales pages that you get. Ensure the feature is turned on.
n Track quantity and price/rate – Supplements Quantity and Rate fields to sales forms to track this information for products and services. Check to turn on this feature.
n Track the quantity you have – The program allows you to track each product by means of set of algorithms and calculations. Make sure to turn on this feature.
l Once Done -> Click Save
If you are running a product based company and involved in sale of products, you will be quite aware that it is so important to track the inventory. QuickBooks helps its users is inventory tracking and ease out regular tasks. You need to assure that you are using QuickBooks plus that includes the inventory tracking feature. Then make sure that your system/software settings are ready for inventory tracking. If you have lot of different products that you want to group together you can use categories to find your products more easily. You can also filter your reports by category and category that makes sense for your business. You can next category to more levels by creating sub categories. Now you are ready to add each of your product to QuickBooks, you can enter each product manually. You can even add a picture of your product. If you already got a long list of products in a spread sheet you can import them and save a lot of time.
You shout check out the sample file before you import it would be best to use the same headers as used in the sample file. After you get your product’s set up, you already start buying and selling products. To purchase products create a purchase order to send to the vendor. When you receive the products you ordered, copy the information in the purchase order to create a bill. Creating a bill from the purchase order, your QuickBooks software should be aware that you have received all the products you have ordered. QuickBooks then increases the quantity on hand by the number of items you have ordered. When you sell products you can create an invoice to receive payments later, or a sales receipt if you have already received the payment. After you save the invoice receipt and sale receipt, QuickBooks decreases the quantity on hand of the product you sold by the amount on the sales form.
You can always adjust the quantity on hand of any product in your list. Reports give you a picture of your inventory. Sales by product service summary shows you your best-selling products. Inventory evaluation summary shows you the value of your inventory. Take some time to explore all the inventory reports to find the one that is most valuable to you. Now, its the users turn to track your inventory in QuickBooks.
For further help and queries related to "How to track inventory in QuickBooks" QuickBooks support team is always there to help you. The support team can be approached via phone, email or live chat option. They provide instant services and solutions for all problems on QuickBooks inventory tracking. Else you can also reach to other QuickBooks agencies that hire top QuickBooks professionals who are experienced and knowledgeable. Connect with them through the toll free number 1800-274-4168 and garner instant QuickBooks solutions.