Enter Inventory in Quickbooks Desktop

  • December 31, 2023

An inventory item is a good that you purchase to resell in an ordinary course of business in a reasonable time frame.

There are 3 categories

  1. Raw Material
  2. Finished Goods
  3. Work in progress

How to Add Inventory in QuickBooks Desktop?

  1. Click on the list menu at the top.
  2. Click on the Items list.
  3. Click on the Item button at the bottom and click on New.
  4. Select the type as Inventory part.
  5. Enter the item name, purchase and sales description, and cost and sales price.
  6. You also need to select the COGS account that will be affected when you record a sale of the item.
  7. You have to select an income account that is affected when you record sales transactions.
  8. Select the asset account that is used to track the value of the items of finished goods.
  9. Click on OK to create the item.

If you get stuck anywhere in the process, feel free to get in touch with SMBAccountants Team, Which is available 24/7.

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