Quick-Look FAQ: Stock Management
Learn how to set up, track and manage your stock in QuickBooks Online Plus.
How do I set up and track my stock?
QuickBooks Online makes it easy to manage and track your stock. Track what you have on hand, get alerts when it’s time to restock and see insights on what you buy and sell. You can also enter non-inventory products and services so you can quickly add them to your sales forms.
We’re here to help you get it all set up so you can get back to business.
Quick-Tip: Inventory tracking is only available in QuickBooks Online Plus. If you don’t have Plus, upgrade your QuickBooks plan to start tracking your inventory.
You can add everything you buy and sell into QuickBooks. QuickBooks will then update the quantity on hand for you.
Learn how to add your inventory products in QuickBooks Online Plus.
Quick-Tip: If you are already keeping track of your products in a spreadsheet, save time and import all of them at once instead.
How do I adjust my stock quantity on hand?
Once you have set up your stock, we make it easy to manually adjust an item's quantity without recording a purchase or sale, to match what you have in stock.
Quick-Tip: Be very careful editing stock adjustment entries. This can greatly impact your accounting. If you're not sure if you should do this, reach out to your accountant.
How do I track my services or non-inventory items?
We make it easy to track what you earn and spend on your product or services. You can also enter these products and services you sell as items so you can quickly add them to sales forms. This gives you more detailed financial reports and helps you complete transactions faster.
What is FIFO and how is it used for stock cost accounting?
FIFO (First in, First out) is how QuickBooks helps track your stock. QuickBooks Online will always consider the first units purchased (First In) to be the first units sold (First Out) and will adjust your assets and Cost of Sales (COS) accordingly whenever sales of inventory items are entered
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