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Hey there, QuickBooks Community! We’re back with a brand new Quick Tips Tuesday. Tired of manually managing your inventory? Do you struggle with keeping track of what’s on hand and when it’s time to restock? With QuickBooks Online Plus or Advanced, you have everything you need to manage your inventory at your fingertips. Today, I’m gonna walk you through some tips and tricks for using the built-in inventory feature in QuickBooks.
Reminder: This article is for QuickBooks Online Plus or Advanced subscribers. If you’re subscribed to Simple Start or Essentials, then inventory can still be manually tracked.
Before we dive in, let’s make sure you’re all set up for tracking your products first. If you haven’t yet, start by turning on these settings so you can add your inventory.
- Go to Settings ⚙ and select Account and settings.
- Select the Sales tab.
- Select Edit ✎ in the Products and services section.
- Turn on Show Product/Service column on sales forms.
You can also turn on price rules if you want to set up flexible pricing for the things you sell. - Turn on both Track quantity and price/rate and Track inventory quantity on hand.
- Select Save and then Done.
Now you can add your inventory items as well as other products and services you sell into QuickBooks. This lets you quickly add them as line items to your sales forms. Okay! Now let’s get into some Quick Tips.
Quick Tip 1: Set Up Reorder Points
Staying on top of reordering is essential to keep your business running smoothly. By prioritizing the most in-demand products and setting up reorder points, you’ll ensure that your shelves stay stocked and ready for your customers. A reorder point is the threshold when you should reorder more of an inventory item. QuickBooks Online uses reorder points to let you know what’s running low and what’s out of stock. We’ll help you set them up, so you’ll always have what your customers want.
You have two ways to set up your products’ reorder points.
- If you have new products, you can enter reorder points when you add what you sell in QuickBooks.
- If you have saved products that don’t have reorder points, edit those products to add. Follow the steps below to do this.
Edit a product to add a reorder point
- Go to Get paid & pay and select Products & services (Take me there).
- Find the product you want to have a reorder point.
- Select Edit ✎ in the Action column.
- In the Reorder point field, add the threshold when you should reorder more stock.
- Select Save and close.
Quick Tip 2: Audit Your Inventory Regularly
Inventory audits are crucial for the success of any small business as they provide accurate insight into the availability and levels of your products. You’ll want to make sure conducting these audits regularly, so that you can quickly address any inaccuracies in your inventory. QuickBooks Online first and foremost is an accounting software. This means QuickBooks will allow you to record a sale for an item even if your inventory is out of stock.
Count of your entire inventory
- Go to Business overview then Reports (Take me there), or go to Reports (Take me there).
- Search for and open an Inventory Valuation Detail report.
- From the Report period dropdown, select All Dates.
- Select Run report.
If you have negative inventory for a product, you'll see a negative amount in the QTY column. Take note of how much you potentially oversold.
Quick Tip 3: Use Reporting to Regularly Review Your Inventory
Generating inventory and sales reports will help you identify trends and areas of demand within your business, allowing you (the business owner) to strategize accordingly. Ultimately, staying on top of these reports can lead to better financial decision making and long-term business success.
QuickBooks Online reporting will allow you to:
- See your best sellers
- Check what’s in stock
- Check what’s still on order
- Customize reports tailored to your business needs
More questions? Check out some additional resources around this topic below
- Set up and track your inventory in QuickBooks Online
- Add product and service items to QuickBooks Online
- What is FIFO and how is it used for inventory cost accounting?
Well, there you have it. A fast guide and a few tips for getting started with managing your inventory in QuickBooks Online. I hope you found this helpful. What topic would you like to see next time on Quick Tips Tuesday?
