The term inventory means a complete detailed list of items, goods, stock of an organization, company or store. For example, a wholesaler or retailer inventory stands for the goods he purchases and sells. And for manufacturing companies inventor, it consists of components like, raw materials and the goods which are manufactured using those raw materials. Better learning will sustain best practices, let’s start how to set up and track inventory in QuickBooks.
Inventory tracking is the process through which a company or firm can have detailed monitoring of its goods which is to be purchased or to be sold. It can be done either manually or automated way, both ways are available to use according to your convenience.
The manual way is the oldest way of inventory tracking which is done by hands with a system known as a card system or cards whenever inventory was purchased or sold it is mentioned manually in the card. with the advancement in technology nowadays many large scales companies use an automated way of the tracking system. This reduces a lot of manual errors which are caused by manual inventory tracking.
Why It Is So Important?
Inventory tracking is important as it will be helpful in determining either you are gaining profit or losing on each goods or products. It is also used for deciding whether the selling goods are worthy to sell or they should be removed from the list.
How To Enable Inventory Tracking In QuickBooks?
There are two ways to enable inventory tracking one way is you can do it with quantity on hands or the other way is to import your products and services from spreadsheets or excel.
ENABLING THE INVENTORY TRACKING BY QUANTITY ON HANDS:
- Select the gear icon.
- Go to your company and click on the account and setting.
- Select sales in the left sidebar.
- Select a pencil next to the product and services and tick mark the option track inventory quantity on hands.
- This leads to enable a new item type called inventory item when selecting new under product and services.
- Then click Save.
ENABLING THE INVENTORY TRACKING THROUGH SPREADSHEET:
- First of all, navigate to the product.
- Then click on the export list.
- On the file, you have exported the head to the inventory.
- 0 indicates the product not available for track inventory.
- Change 0 to 1 then leave.
- Then save the file accordingly.
- In vend navigate to products.
- Then click on import.
- Attach the file which has to be used for the process.
- Then click continue with the import.
How To Create Inventory Tracking In QuickBooks?
You can easily set up inventory to tracking with the help of excel template:
- Open excel first.
- Then click cell A1, which should be a first smaller box in the upper left corner of the blank spreadsheet.
- Type ‘item’ in the cell.this is the column you label.
- Click cell B1 which is next cell over, right next to the cell you just typed in.
- Type ‘Amount’ which will be a label for that column.
- Then click cell C1.
- Type ‘cost’.
How To Add Inventory Tracking?
This helps you to see all the products and services with available quantities, costs. Selling prices and more. To move forward to the page
- Select the gear icon on the toolbar then.
- Go to list select product goods and services.
While working on-page there is an option to choose or to add individual items by selecting the new button or import from excel in bulk amount
How To Edit Inventory Tracking?
- You can edit multiple products by placing a check mark in the box next to the items and choose the appropriate option at the top.
- Different categories, assigned to make the items inactive.
Frequently Asked Questions
1. What is inventory control?
Ans:- Inventory control focuses on warehouse management. It’s less about having the right amount of inventory, and more about keeping track of the inventory that is already in your warehouse.
2. What is an inventory management system?
Ans:- An inventory management system tracks the sale, purchase, and payments related to goods, raw materials, and finished products. Many inventory tracking software systems track inventory in different ways, such as by bar-code or serial numbers, by radio-frequency identification (RFID), or through wireless tracking technology.
3. Is it possible to connect the existing sales channels or apps?
Ans:- Yes. You can easily connect to existing apps such as Shopify, Big Commerce, Square, PayPal, and other sales channels that you may already be using.
From the above, it can be concluded that inventory tracking is a quite good thing, as we are living in a competitive market where time management plays a vital role. The accuracy is needed to stand in the market and inventory tracking helps you by saving not only your time but also protect from error. The inventory tracking can be helpful to small scale industries, freelancers or many more startups in order to achieve their goals. I hope this post will help you to track inventory in QuickBooks online. If you are still unable to set up or track inventory, contact our QuickBooks Support team and get instant help.