Inventory Item

Inventory Item
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Inventory Item
Video Length: Video Size: File Size:
4 Minutes 56 Seconds Up To Full Screen 6318 KB

QuickBooks Online Training
 
Video Tutorial Over Inventory Items

You can use QuickBooks to track the items you keep in inventory and sell to your customers.

Some reasons for tracking inventory in QuickBooks

If your business purchases items that are ready for resale, keeps them in inventory, and then sells them, QuickBooks can track the current number in stock and the value of your inventory after every purchase and sale. QuickBooks can even keep track of products you assemble and resell (finished goods), adding assembled units to inventory and deducting component units from inventory when you build assembly items (QuickBooks Premier or Enterprise editions only).

With Advanced Inventory, you can also:

  • track multiple inventory sites

  • track serial or lot numbers

  • use FIFO as your inventory costing method

Here are the benefits of setting up inventory parts as items and using QuickBooks inventory tracking:

  • When you use purchase orders to buy inventory items, QuickBooks updates your inventory, so you know which items are on order and when they're due to be received.

  • You can easily keep track of the cost to you of the items you have sold (the cost of goods sold).

  • You can easily keep track of the income you receive from the resale of inventory items.

  • You always know your current quantities on hand.

  • You always know the current value of your inventory.

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