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How to Set up Inventory in QuickBooks Desktop?

Managing the finances wing of the company can be a cumbersome task and at times gets overwhelming. During these situations, […]


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Managing the finances wing of the company can be a cumbersome task and at times gets overwhelming. During these situations, you cannot afford to drop the world behind and stay hooked on managing finances and accounts only.

Here’s where you critically need software that gets the job done for you hassle-free! Speaking of the same, QuickBooks is the name that stands eminently to be one of the most reliable and widely used software for managing the accounts and finances of your business.

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Dancing Numbers helps small businesses, entrepreneurs, and CPAs to do smart transferring of data to and from QuickBooks Desktop. Utilize import, export, and delete services of Dancing Numbers software.

While discussing the importance of QuickBooks, what is listed as a primary subject in this article is managing the inventory of your business.

Redundant to explain the enormous importance of inventory for your business, QuickBooks has already addressed it by adding a dedicated feature for managing inventory.

In this article, an extensive guide is laid out below for you to know and understand all about QuickBooks Inventory Feature.

How to Set up Inventory in QuickBooks Desktop?

Let’s get started with the steps involved.

Step 1: To start with, first, open QuickBooks Desktop.

Step 2: Choose Edit from the Menu option.

Step 3: Select Preferences.

Step 4: In the next step, navigate to the list which would be located on the left and tap on Items & Inventory.

Step 5: Press the Company Preferences tab and make Inventory and Purchase Orders active by checking the box.

Step 6: For this step, tap on OK and you would find a warning message which would display a message that will suggest the software close all its open windows so that it can change this preference.

Step 7: Tap on OK on the warning message.

When you are done with setting up the inventory feature in QuickBooks, the next mandated action that follows is to start adding the inventory.

How to Add Inventory in QuickBooks Desktop?

Here is a guide for understanding how to add inventory in QuickBooks too:

Step 1: Open QuickBooks and go to the Home Page.

Step 2: Choose Items & Services.

Step 3: In this step, choose Item from the List dialog box and click on New.

Step 4: Under the Type dropdown, choose Inventory Part. When you action this, a couple of options would be displayed. You can see these options under the Type window which needs to be filled.

To fill this,

  • Insert item identified on the Item Name/Number field.
  • Keep the Unit of Measure blank unless you are using the current version of QuickBooks Premier.
  • Fill out all the details for the Sales Information and the Purchase Information.
  • Once the above step is done, QuickBooks will be able to detect the COGS account automatically. COGS account is the Cost of Goods Sold account.
  • Go to the Income Account section and add the Income Account. This critical to keep a track of the income which is incoming from the respective inventory item that you are adding.
  • Fill in the rest of the details and when done, select OK.

So, what are you waiting for? Start by yourself by setting up the inventory feature and adding the respective inventories to your QuickBooks account. Hope this article was helpful in terms of obtaining answers for the above-mentioned.

However, make sure you follow the steps closely since most of them are critical and only when you have actioned them correctly, they will result in successful conclusions for you.

If you feel, you are still unsure about setting up the inventory feature or adding the inventories to your QuickBooks account, then do not hesitate.

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What is the Core Importance of the Inventory Feature in QuickBooks? What are the Benefits Associated with it?

Managing inventory is no joke and takes a lot of effort to keep track of. With the Inventory feature, QuickBooks makes managing inventory super easy and effortless for you.

Here are a few of the crowned benefits of the feature:

Keep a close watch on all the business items which are currently present in the stock.
After every purchase or sale of an item/items, you can start tracking the respective inventory value.
Keep a count of items present in the warehouse since excessive pile-up of stocks might bring in head-on charges while a shortage of stock will compromise sales of the company.
Verify the existing condition of items present in the warehouse.

Once I have Set up the Inventory Feature in QuickBooks, What are the key Actions I can Start Leveraging?

When you are all set up with QuickBooks inventory feature, you can start leveraging:

Keeping inventory records updated
Set reminders before stock runs out beyond a certain point
Manage inventory seamlessly

I have Heard a lot about Advanced Inventory in QuickBooks Desktop Enterprise. For What Actions or Activities will the Advanced Inventory in QuickBooks Desktop Enterprise be helpful for me?

Advanced Inventory in QuickBooks Desktop Enterprise is the more technically sounded level of managing your inventories in QuickBooks.

Here are the beneficial activities you can unlock from this:

Sales order fulfilment process
FIFO costing
Bar code scanning
Serial or lot numbers
Bin or lot tracking
Multiple location inventory

How to turn on the Advanced Inventory in QuickBooks Desktop Enterprise?

To turn on the Advanced Inventory in QuickBooks Desktop Enterprise, you need to be actioning the steps mentioned below:

Tap on Edit and click Preferences.
Navigate to the list which would be located on the left and tap on Items & Inventory.
Move to the Company Preferences tab.
Make Inventory and Purchase Orders active by checking the box.
Tap on Advanced Inventory Settings. In case, you are facing difficulty or is unable to make the feature active, you need to make the QuickBooks identify it by syncing the license data online.
Go to the Help menu.
Choose Manage my License.
Navigate to Sync License Data Online to activate Advanced Inventory in QuickBooks Desktop Enterprise.

Would I be Able to Set up the Non-inventory Parts too in QuickBooks?

Yes, you can set up the non-inventory parts in QuickBooks. In doing this,

Visit the Home Window and tap on Items and Services.
Hit the cursor on the Item button and choose New; this will open a new window.
Choose Non-Inventory from the drop-down menu.
On the Item Name/Number field, enter the name for the respective item and choose the account for which you are wishing to link.
If needed, consider filling out the remaining info for the item and click OK to start adding the non-inventory part.

Features of Dancing Numbers for QuickBooks Desktop

Imports

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Exports

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Deletes

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Customization

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Supported Entities/Lists

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

Customer Transactions

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

Vendor Transactions

Bill
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Purchase Order
Item Receipt
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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

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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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