How to Set Up & Track Inventory In QuickBooks Online?

The best way to understand how well your business is running is to analyze your sales records. The QuickBooks Inventory Tracker gives you accurate data so that you can calculate your profit margin and refine your sales strategy. You can also use QuickBooks Online to check your sales orders and make sure you complete all pending orders on time. This blog will help you set up the inventory tracker on your QuickBooks Online account. You can also call the QuickBooks phone number and consult a professional software expert to learn more about how you can use QuickBooks to boost your sales and improve your business.

Steps to Set Up Inventory In QuickBooks Online

Inventory in QuickBooks Online helps you track the cost of each and every item you sell. The inventory tracker gives you a broad overview of which products are selling and which are simply collecting dust on the shelves. You can refer to the steps give below to find out how to set up Inventory In QuickBooks Online:

Step 1: Click on the gear icon located in the upper right corner and select the ‘Account and Settings’ option.

Step 2: Go to the menu on the left of your screen and navigate to the Sales Tab located just below ‘Billing and Subscriptions.’

Step 3: Select the small pencil icon near the right corner and then press ‘On’ so that you can track inventory quantity on hand. Press ‘Done’ to save the changes.

Step 4: Press the gear icon and then click ‘Products and Services’ to create a new Inventory Item in QuickBooks

Step 5: Enter the relevant information for the New Item. You will notice that some information is optional while some information is required.

Step 6: Go to the Inventory asset drop-down menu and click on the option to add an asset account. Be sure the account is of the Inventory detail type.

Step 7: For the ‘Income Account’ field you can select the ‘Sales of Product Income’ option, and in the ‘Expense Account’ field you can choose ‘Costs of Goods Sold.’

After you set up your inventory items, you will be able to run a product or service list report in QuickBooks. The steps mentioned above may differ based on which version of QuickBooks Online you are using. If you have any trouble setting up Inventory in QuickBooks, you can call the QuickBooks customer support number and ask for additional assistance. Professional software experts and QuickBooks technicians are available 24 hours a day and will give you the best solution to fix any technical error you may encounter.