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Turning on inventory in QuickBooks online is as simple as 1,2,3,4,5,6!  Ok let me explain what that means in the 6 steps below:

Turn On Inventory Preferences

This is how to turn on inventory in QuickBooks desktop in 6 steps:

Step 1: Open QuickBooks Desktop and log in to your company file.

Step 2: Go to Edit in the top menu bar and select Preferences from the dropdown.

Step 3: In the Preferences window, click on Items & Inventory from the left-hand panel.

Step 4: Select the Company Preferences tab.

Step 5: In the section titled “Inventory and Purchase Orders,” check/tick the box next to Inventory and purchase orders are active.

Step 6: Lastly click OK to save your changes.

By enabling inventory tracking in your preferences, QuickBooks will start tracking items purchased and sold, helping you stay organized and make informed business decisions. For more detailed steps on how to set preferences for inventory, you can refer to this guide by QuickBooks.

Verify Your QuickBooks Version

If you cannot find the following features in your              QuickBooks then you need to ensure your version supports inventory. The following QuickBooks Desktop versions support inventory features:

• QuickBooks Desktop Pro
• QuickBooks Desktop Premier
• QuickBooks Desktop Enterprise

So you need to install one of the three versions above to activate/turn on inventory features for efficient monitoring of stock.

Add Items to Your Inventory

Once inventory tracking is enabled, you can start adding items to your inventory list. This step is crucial for QuickBooks to accurately track and manage your stock.

1. Go to the Lists menu in QuickBooks and select Item List.
2. Click the Item button at the bottom of the list and select New to add a new item.
3. In the New Item window, choose Inventory Part if you’re adding a physical product.
4. Fill in the necessary details such as the item name, description, sales price, and cost.
5. Under the Inventory Information section, set the Initial Quantity on Hand and the As of Date to accurately reflect your current stock levels.
6. Click OK to save the item.

This will add the item to your inventory list, and QuickBooks will track your stock levels automatically. For a more comprehensive breakdown on adding items, you can check this tutorial by Intuit QuickBooks.

Track Inventory and Create Reports

Now that your inventory is set up, QuickBooks Desktop allows you to track inventory and generate valuable reports. Some of the reports you can use include:

• Inventory Valuation Summary: This report shows you the value of your inventory based on cost and quantity on hand.
• Inventory Stock Status by Item: This report gives you a quick view of your stock levels for each item.

To access these reports, simply go to the Reports menu, choose Inventory, and select the desired report.

QuickBooks Desktop will automatically update your inventory levels as you create sales orders, purchase orders, and enter transactions. This will ensure that your inventory records are always accurate, allowing you to make data-driven decisions for your business.

For more detailed information on running inventory reports, check out this resource by QuickBooks.

Conclusion

Turning on inventory in QuickBooks Desktop is a straightforward process that will help your business track products, maintain stock levels, and create useful reports. The inventory section offers many other features like setting up items, reviewing stock levels and other reports connected to Inventory, all this is geared towards making your stock management in QuickBooks easier.

For further assistance and troubleshooting, visit the QuickBooks Help Center.

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