How to Add Inventory in QuickBooks? – How to Adjust?
Summary: In this blog, we will derive the steps for How to Add Inventory in QuickBooks Online and on the Desktop. We also provide you with the steps for adjusting inventory.
When it comes to managing inventory for your business, it’s crucial to have accurate records of your stock levels and sales. That’s where QuickBooks comes in, a popular accounting software that simplifies the process of adding inventory.
By adding inventory to QuickBooks, businesses can easily track their stock levels and make informed decisions to help them grow. In this blog post, we will discuss the process “How to Add Inventory in QuickBooks” step-by-step for a more streamlined stock management system.
Whether you’re a small business owner or an accountant, this guide will provide the necessary information to add inventory to QuickBooks efficiently. But first, let’s understand what the QuickBooks Inventory is.
About QuickBooks Inventory
QuickBooks Inventory is a feature within the popular accounting software QuickBooks that helps businesses manage their inventory. It provides an organized system to keep track of stock levels, sales, and costs. With QuickBooks inventory, businesses can easily add and track products, view stock levels, and generate reports.
The feature simplifies managing inventory, which can often be a complex and time-consuming task. By using QuickBooks inventory, businesses can make informed decisions about their stock levels, minimize the risk of stock shortages or overstock, and ultimately increase their profits.
Now, we will add the inventory in QuickBooks Online and Desktop.
How to Add Inventory in QuickBooks Online?
To run a successful business, managing your inventory effectively is essential. QuickBooks Online offers a simple and efficient way to add inventory and keep track of your stock levels. Following are the straightforward steps to add inventory in QuickBooks Online:
- Begin by navigating the “Sales” tab in the left-hand menu and selecting “Products and Services”.
- Click on the green “New” button, which is located in the top right corner of the screen.
- Choose the “Inventory” item type and enter the product name, description, and SKU (Stock Keeping Unit) if applicable.
- In the “Inventory” section, enter the initial quantity of the product and the cost of goods sold (COGS).
- Select the appropriate income account, such as the account of “Sales of Product Income”.
- If you wish to add a photo of the product, click the “Add photo” button and select an image.
- Finally, click “Save and new” if you have additional products to add or “Save and close” if you are finished.
Once you’ve added your products, you can easily view and adjust your inventory levels as needed. QuickBooks Online also allows you to generate reports, which will help you monitor your inventory levels, track your sales, and make informed decisions about your stock. If you want to adjust your QuickBooks Online inventory, the next section is for you.
How to Adjust Inventory in QuickBooks Online?
If you need to adjust your inventory levels in QuickBooks Online, you can easily do so by following these steps:
- First, navigate to the “Sales” tab in the left-hand menu and select “Products and Services”.
- Find the product or service you want to adjust and click on the drop-down arrow next to the “Edit” button.
- Select “Adjust quantity” from the drop-down menu.
- In the “Adjust Quantity” window, enter the new quantity on hand for the product. You can also add a memo or note describing the adjustment’s reason.
- Click “Save and close” to save the changes and update your inventory levels.
How to Add Inventory in QuickBooks Desktop?
If you’re using QuickBooks Desktop, adding inventory to your company file can help you manage your stock levels and stay on top of your sales. Following is the step-by-step guide on how to add inventory in QuickBooks Desktop:
- First, open QuickBooks Desktop and select “Lists” from the menu bar at the top of the screen.
- Click on “Item List” to extend the inventory list.
- Click the “Item” button and select “New” to add a new item to your inventory.
- From the “Type” drop-down menu, select the appropriate item type for your inventory (e.g., “Inventory Part” or “Non-Inventory Part”).
- Enter a name for your item, along with a description and the appropriate unit of measure.
- Next, enter the cost of goods sold (COGS) and the sales price for the item.
- In the “Inventory Information” section, enter the initial quantity on hand, and the preferred reorder point and quantity (if applicable).
- If you want to assign a specific income account to the item, select it from the “Income Account” drop-down menu.
- Finally, click “OK” to save the item and add it to your inventory list.
Once you’ve added your items to your inventory list, you can easily track your stock levels and generate reports to monitor your sales and make informed decisions about your inventory. QuickBooks Desktop also allows you to set up alerts to notify you when your inventory levels are low or when it’s time to reorder.
Below are the steps for adjusting the inventory in QuickBooks Desktop.
How to Adjust Inventory in QuickBooks Desktop?
To adjust inventory levels in QuickBooks Desktop, you can follow these steps:
- First, open QuickBooks Desktop and navigate to the “Lists” menu.
- Select “Item List” from the drop-down menu.
- Find the inventory item you want to adjust and double-click on it.
- In the “Edit Item” window, pick the “Quantity on Hand” field.
- Enter the new quantity on hand for the product and any other necessary information.
- Click “OK” to save the changes.
You can use the “Adjust Quantity/Value on Hand” feature if you need to adjust multiple inventory items at once. The following are the steps:
- First, navigate to the “Inventory” menu and select “Adjust Quantity/Value on Hand”.
- Select the inventory items you want to adjust by checking the boxes next to their names.
- Enter the new quantity on hand for each item and any other necessary information.
- Click “Save and Close”.
When you adjust your inventory levels in QuickBooks Desktop, the system will automatically update your accounts and make the necessary adjustments to your COGS and income accounts.
QuickBooks Desktop also allows you to run reports to view inventory levels and track sales. You can monitor your stock levels and make informed decisions about your inventory.
How to Add Inventory in QuickBooks Mac?
To add inventory in QuickBooks Mac, the following are the simple steps:
- Firstly, open QuickBooks and go to the “Lists” menu.
- From the drop-down menu, select “Items”.
- To add a new item, click the “+” button at the window’s bottom.
- Choose “Inventory Part” using the drop-down “Type” menu.
- Enter the necessary details for the item, such as the name and description.
- In the “Inventory Information” section, specify the quantity on hand and the cost of goods sold (COGS).
- Select the appropriate income account, like the account of “Sales of Product Income”.
- If desired, add a photo of the item by clicking on the “Select Photo” button and selecting an image.
- Finally, click “OK” to save the item.
After knowing how to add inventory in QuickBooks mac items, you can easily view your inventory levels and adjust as needed. With QuickBooks for Mac, you can generate reports to monitor your inventory levels, track your sales, and make informed decisions about your stock.
If you need to make any changes to your inventory levels, you can follow a similar process to the one outlined above and update the relevant information for each item.
In conclusion, adding inventory in QuickBooks is an essential step for any business. By following the simple steps outlined in this guide, you know how to add inventory in QuickBooks, which can help you make informed decisions about your stock levels and improve your overall business operations.
Whether you’re using QuickBooks Online, QuickBooks Desktop, or QuickBooks for Mac, the process is straightforward and can be easily customized to fit your specific needs. With the ability to generate reports and adjust inventory levels as needed, QuickBooks provides a valuable tool for businesses of all sizes.
Q. Can I add inventory items in bulk in QuickBooks?
A. Yes you can use the Import feature in QuickBooks to add multiple inventory items at once. You will need to create an Excel or CSV file with the item details and import it into QuickBooks. This can save time if you have a large number of items to add.
Q. What if I make a mistake when adding inventory in QuickBooks?
A. You can edit or delete the item if you make a mistake when adding inventory in QuickBooks. Simply locate the item in the Items list and click the Edit or Delete button. If you have already used the item in transactions, you may need to adjust those transactions as well.
Q. How can I set up inventory tracking in QuickBooks?
A. To set up inventory tracking in QuickBooks, you will need to enable inventory tracking in your company preferences. You can then create inventory items and enter information such as quantity on hand and cost of goods sold. QuickBooks will track changes to your inventory levels as you make sales and purchases.
Q. Can I track inventory in multiple locations in QuickBooks?
A. Yes, you can use the Advanced Inventory feature in QuickBooks to track inventory in multiple locations. This feature allows you to set up multiple warehouses or bins and track inventory levels in each location. You can also use this feature to transfer inventory between locations and set reorder points for each item.