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.
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.
At Dancing Numbers, dedicated executives are here to assist you effectively and address your queries with patience and understanding.
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+1-800-596-0806 or chat with experts.
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
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.