Being a small or medium-sized business, it is very much possible that you have to deal with a number of aspects such as managing inventory like payroll. Indeed, managing inventory is a very critical and problematic area for most of the businesses in today’s context.
To serve the customers timely and effectively, it is necessary to carefully track and manage inventory. And, this could be accomplished by having stringent procedures. This, as a result, pens the need to review the fundamentals to be able to add inventory feature in QuickBooks.
If you want to track the inventory of your business, you can use the ‘item list’. It is to be noted that, to access this feature you first need to activate the QuickBooks inventory feature. Once you activate the feature, you can easily add the accounts that are needed for inventory to your list of accounts.
The following are the steps to enable inventory feature in QuickBooks:
1. Go to the menu button and select Edit as shown in the image above and select Preferences.
2. Now, you will see the ‘Preferences’ dialog box in the left pane, thereafter, click on highlighted ‘Items & Inventory and then select the ‘company preference tab’.
3. In the company preferences tab, click the ‘inventory and purchase orders are active’ checkbox.
4. After the above step, click ‘OK’ when QuickBooks notifies you to close open windows.
Steps to Add an Inventory Item
1. First, go to the ‘Home’ page, and then click the ‘items & services’ icon.
2. In the ‘Item & Services’ list, click on ‘Item’ and select ‘new’.
3. Next, select the ‘New Item’ dialog box, and then select ‘Inventory Part’ from the ‘type drop-down’ list.
4. From the ‘Item Name/Number’ field, simply type an identifier for the chosen item.
5. In the tab ‘Income Account’ field, simply add or select the income account manage income for the item.
6. Complete other required fields, and when finished click ’OK’.