How to Set up and Track Your Stock in QuickBooks Online?

When it comes to managing the inventory for your business, there’s absolutely no search for anything else than QuickBooks. Regarded […]

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When it comes to managing the inventory for your business, there’s absolutely no search for anything else than QuickBooks. Regarded and extensively used by various global brands, QuickBooks is your go-to software for managing all financial requisites of your business.

From tracking what you need at the next immediate disposal to getting prepped with effective alerts on restocking, QuickBooks gets almost all the jobs done for you.

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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.

Thus, to stay handsy at setting up and tracking your stock in QuickBooks Online, this article will guide you with all the steps you should know.

How to Set up and Track your Stock in QuickBooks Online?

Here is the complete information explained in steps on how to set up and track your stock in QuickBooks Online.

Step 1: Enable

The first step when you get on boarded with setting up and tracking your stock in QuickBooks Online is turning on inventory tracking. This step is very essential since unless you make sure that the inventory tracking is on, you cannot proceed with adding your inventory.

  • Tap on Settings and choose the option that says Account and Settings.
  • Find the option Sales and make your selection for the same.
  • Under the Products and Services Section, choose Edit.
  • On the Sales Forms, you would find the Show Product/Service column. Turn on the Show Product/Service column.
  • The next two selections you would find on hand are Track inventory quantity and Track quantity and price/rate. Turn these two on.
  • Tap on Save followed by tapping on Done.

Step 2: Add

After you have turned on the inventory tracking, the next action is to start adding the respective inventory products. Apart from inventory items, you can also go beyond by adding the products and services which you also put up for selling.

Once you get started with adding inventory products, you would find ease at this since you can add them to your sales forms as line items.

One crucial point to note here is that the steps which are involved while adding inventory, non-inventory, and service items are different from each other.

So, make sure, you do not get confused amongst the inventory, non-inventory, and service items. Further in this blog, scan through the FAQ section which will help you to have better clarity on inventory, non-inventory, and service items.

Step 3: Track

Under step 3, you would be needing to keep an extensive tracking of what is being sold. In simple words, once you have added and set up your inventory items, you need to keep a constant track of the products which gets sold.

When you start selling your products/services, there are two ways via which you would be able to track the items you sold:

  • If the mode of payment for the product sold is Pay Later, make sure to create an invoice.
  • If the mode of the payment for the product sold has been instant and, on the spot, make sure to create and add a cash memo.

Step 4: Restock

The best part of QuickBooks is that it keeps you aware and informed on when you need to restock. With that being said, you would be also amused to know that on QuickBooks you can also order inventory right.

Once done, you will be equipped with complete knowledge on tracking what needs to be received from your respective suppliers and what is pending.

When you track, you would find the simple balanced calculation of more items at hand than the number of items you would have received.

Step 5: Analyz

You can further stay one step ahead and feel empowered with the power of analysis that you get to do with the reports generated. These reports let you analyse and check the status of the respective inventory in stock.

Not just that, there are furthermore things that you can leverage from these reports. The list is mentioned below:

  • Check and shortlist your best sellers
  • Check on how much inventory is currently on hand
  • Check on the cost of goods

Thus, hopefully at this stage getting started with both the functions of setting up and tracking your stock in QuickBooks Online looks much easier.

QuickBooks being very friendly with its customers’ interface, it shouldn’t take you much time to absorb the steps mentioned above in this article and master inventory tracking for your business.

However, if at any given point you feel that you need further more information on either setting up or tracking your stock in QuickBooks Online, feel free to quickly dial one of the support executives.

Accounting Professionals, CPA, Enterprises, Owners

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Can I Enter Non-Inventory Products and Services in QuickBooks Online?

Yes! You can easily enter non-inventory products and services in QuickBooks Online without any second doubt.

However, the only thing to make a note of is that the method of adding non-inventory products and services is different from adding inventory items.

How can I Add a Non-Inventory Item in QuickBooks Online?

If you wish to add a non-inventory item in QuickBooks Online, the steps below will guide you for the same:

Visit Products and Services Section.
Tap on New.
Choose Non-inventory or Service.
Create a name (for tracking SKUs, enter an SKU).
Under the Category dropdown, choose the category which describes your product/service.
Tap on the option that takes your declaration for selling the respective product/service to your customers.
Type out a description next that your customers will find on the sales form.
Insert an amount on the Sales price/rate field.
From the Income Account dropdown and choose the account you wish to use for tracking this sale.
For tracking sales tax, go to the Tax dropdown and select tax.
Once done tap on Save and Close.

I Wish to Edit a Product Added. Would I be able to do so?

Yes, of course. Once you have added a product or even a service item and later wish to either make changes or review the same, here are the steps leading to executing the action:

Navigate to Settings. Now select Products and Services.
Look and identify the product on which you wish to make changes.
Under the Action column, choose Edit.
Make the necessary edits.
Once done, choose Save and Close.

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

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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.

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Importer, Exporter & Deleter

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Pricing includes coverage for users
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Accountant Basic

*See our Pricing for up to 10 Company Files.

$499/- Per Year

Pricing includes coverage for users
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Accountant Pro

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Pricing includes coverage for users
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Accountant Premium

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Pricing includes coverage for users
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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.

Get Support

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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