How to Import and Update Inventory in QuickBooks

by James Antonio

Any big or small sized business relies on the QuickBooks software for managing their finances. These financed matters can be time consuming and demand a hell lot of accuracy. One of the superbly advanced functions of QuickBooks, inventory tracking is another feature to look for. Efficiency and accuracy are the highly appreciated features for this. QuickBooks coupled with integrated tools and programs can make you nothing less than a pro. Follow steps to Import and Update Inventory in QuickBooks.

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There will be several situations, you need to add items to your company’s QuickBooks database. It appears to be a simple process if you import data from a spreadsheet. The basic requirement for the process is to keep your data in the right format. With this approach, you can also seamlessly add new inventory items to QuickBooks.

Steps to Import and Update Inventory in QuickBooks

Step 1: You can create an Excel sheet which can have a comma-separated values spreadsheet. The data can include the inventory items you wish to import in columns with header titles. It should correspond to the column headers in your inventory list within QuickBooks.

Step 2: Then, you need to open QuickBooks. After this, you should open the company file for the business you wish to update with new inventory.

Step 3: The next step is to click “File tab” from the program menu at the top. Then you should go the “Utilities tab“. And, then you need to Click on the “Import button.” Choose the specific “Excel files.”

Step 4: You should click on the “Advanced Import.” And, then you need to click on the “Browse button” in order to locate the file that you want to import on your computer. You can consider your preference and choose from Excel and .csv files.

Step 5: As another step, you should press double-click on the filename or make it selected. Press “Open tab” If your existing worksheet is an Excel file with multiple sheets, then you need to select the specific sheet you wish to import data from. You can always select from the drop-down menu to choose a sheet in this Excel workbook.

Step 6: Then you can choose “Add New action” from the drop-down menu next to “Choose a mapping.” If you set up your columns correctly in your spreadsheet, you will have no problems with data mapping, matching the columns in the Quicken inventory data with your imported spreadsheet.

Step 7: After this, you need to click on the name of the header titles which will be as per your preference in your spreadsheet to ensure the access of a drop-down menu. This drop down menu is of the Quicken inventory column headers. Then you need to choose the correct Quicken header title, if for some reason your spreadsheet header title is incorrect.

Step 8: As a second last step, you should click on the “Save action tab” when you finish the mapping header titles. After this, you need to click on “Preview” in order to see what the imported items will look like in Quicken. In case, you see any mistake, then you can click “Cancel” and try to re-map your columns.

Step 9: Click “OK” if the preview looks correct. Then you should click on “Import tab.” A dialog box will appear that tells you how many records were imported and if there were any warnings or errors to be taken care of. When you are satisfied with the results, you can Click “Save.” You will get an inventory list with the new items that will be visible on the screen.

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How do I Import Data into QuickBooks online?

Here’s the process of importing your file:

First of all, you need to Sign in to QuickBooks Online.
Then go to the top right corner and select Settings or gear icon. Then, you need to choose the import Data action.
After this, you need to select Products and Services.
Select the Browse option which enables you to upload the file from your computer.
Another option is to upload the data from Google Sheets. For this, you just need to choose the Connect to sign into your Google account. And each sheet of data will be in your easy access.
Select the Next button.
Try to map your information to your best knowledge.
Then hit the Next button as the final step.

When should you Adjust Inventory?

There will be several situations where you may need to apply adjustments to your inventory. In other words, the negative inventory quantity adjustments are often required to address. Some of the examples are listed below:

Waste entry is best defined as an Expired or obsolete inventory (can be commonly found in the track record of food and consumer goods).
Breakage Entry: An entry that has damaged goods listed that cannot be legally sold as new.
Shrinkage is another kind of inventory which can be counted as goods lost to theft.
Write-offs: Inventory lost to other reasons.

How to Record Inventory Adjusting Entries?

Adjustments for inventory losses can be done via two accounting entries. First of all, the amount of loss is entered as a credit to an inventory asset account. Another entry will be a corresponding debit entry, which is made to the appropriate expense account. This account may be called a “loss of inventory” or “write-down of inventory” account. This approach will keep your inflow and outflow of funds and investment in check.

Features of Dancing Numbers for QuickBooks Desktop

Imports

Imports

Exports

Exports

Deletes

Deletes

Customization

Customization

Supported Entities/Lists

Dancing Numbers supports all QuickBooks entities that are mentioned below:-

Customer Transactions

Invoice
Receive Payment
Estimate
Credit Memo/Return Receipt
Sales Receipt
Sales Order
Statement Charge

Vendor Transactions

Bill
Bill Payment
Purchase Order
Item Receipt
Vendor Credit

Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

Technical Details

Easy Process

Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

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Pricing

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$199/- Per Year

Pricing includes coverage for users
  • Services Include:
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  • Unlimited Import
  • Unlimited Delete

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Accountant Basic

*See our Pricing for up to 10 Company Files.

$499/- Per Year

Pricing includes coverage for users
  • Services Include:
  • Importer,Exporter,Deleter
  • Unlimited Users
  • Unlimited Records
  • Upto 10 companies

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Accountant Pro

*See our Pricing for up to 20 Company Files.

$899/- Per Year

Pricing includes coverage for users
  • Services Include:
  • Importer, Exporter, Deleter
  • Unlimited Users
  • Unlimited Records
  • Up to 20 companies

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Accountant Premium

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$1999/- Per Year

Pricing includes coverage for users
  • Services Include:
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  • Unlimited Users
  • Unlimited Records
  • Up to 50 companies

Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


Which file types are supported by Dancing Numbers?

XLS, XLXS, etc., are supported file formats by Dancing Numbers.


What is the pricing range of the Dancing Numbers subscription Plan?

Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


How can I contact the customer service of Dancing Numbers if any issue arises after purchasing?

We provide you support through different channels (Email/Chat/Phone) for your issues, doubts, and queries. We are always available to resolve your issues related to Sales, Technical Queries/Issues, and ON boarding questions in real-time. You can even get the benefits of anytime availability of Premium support for all your issues.


How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

First, click the import button on the Home Screen. Then click "Select your file" from your system. Next, set up the mapping of the file column related to the QuickBooks field. Dancing Numbers template file does this automatically; you just need to download the Dancing Number Template file.

To review your file data on the preview screen, just click on "next," which shows your file data.


What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

Furthermore, using Dancing Numbers saves a lot of your time and money which you can otherwise invest in the growth and expansion of your business. It is free from any human errors, works automatically, and has a brilliant user-friendly interface and a lot more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

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Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.

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