{"id":1001206,"date":"2018-07-13T13:46:22","date_gmt":"2018-07-13T17:46:22","guid":{"rendered":"http:\/\/blog.bmcgiverncpa.com\/?p=1001206"},"modified":"2020-01-22T04:03:44","modified_gmt":"2020-01-22T04:03:44","slug":"creating-items-in-qbo","status":"publish","type":"post","link":"https:\/\/www.bmcgiverncpa.com\/blog\/index.php\/2018\/07\/13\/creating-items-in-qbo\/","title":{"rendered":"Creating Items In QuickBooks Online"},"content":{"rendered":"<p><em>QuickBooks Online is good at managing and tracking inventory \u2013 as long as you\u2019ve created thorough records.<\/em><\/p>\n<p>When you first started your business, you might have been able to keep track of your merchandise by counting manually. But as you and your product list grew, this became impractical. You might have recorded it all in a spreadsheet, or even a box full of notecards.<\/p>\n<p>QuickBooks Online has a much better way. Whether you sell products or services or both, you need records of specific items to use in transactions and reports. Those records are especially important if you have physical inventory; they can store details that help you know, for example, when it\u2019s time to reorder.<\/p>\n<p>Building a database of your inventory is<!--more--> time-consuming work that requires a lot of detail. But the information it supplies will be of great significance as you make critical buying decisions.<\/p>\n<p><strong>Detailed Templates<\/strong><\/p>\n<p>It\u2019s easy enough to create your individual records. To get started, click the gear icon in the upper right corner of QuickBooks Online and select <strong>Products and Services <\/strong>under <strong>Lists<\/strong>. A table will open that will eventually contain a comprehensive list of what you sell. Click <strong>New <\/strong>in the upper right corner, and the <strong>Product\/Service information <\/strong>pane slides out. You\u2019ll see your four options here:<\/p>\n<ul>\n<li><strong>Inventory<\/strong>: Products you buy and\/or sell<\/li>\n<li><strong>Non-inventory<\/strong>: Products you buy and\/or sell that don\u2019t require tracking<\/li>\n<li><strong>Services<\/strong>: Services you sell<\/li>\n<li><strong>Bundle<\/strong>: Products and\/or services that you sell together<\/li>\n<\/ul>\n<p>We\u2019ll focus on the first option. Click <strong>Inventory<\/strong>. Enter the product\u2019s <strong>Name <\/strong>and <strong>SKU <\/strong>(if there is one) and click the pencil icon to upload a photo if you\u2019d like. If this item is going to be a <strong>sub-product or service <\/strong>of another, you\u2019d click the box in front of that option and select the \u201cparent\u201d product or service from the drop-down list.<\/p>\n<figure id=\"attachment_1001207\" aria-describedby=\"caption-attachment-1001207\" style=\"width: 335px\" class=\"wp-caption alignright\"><img loading=\"lazy\" class=\"wp-image-1001207\" style=\"float: right!important; width: 335px;\" src=\"http:\/\/www.byfsite34.com\/blog\/wp-content\/uploads\/2018\/03\/QBO-0418-image-1.jpg\" alt=\"\" width=\"335\" height=\"280\" srcset=\"https:\/\/www.bmcgiverncpa.com\/blog\/wp-content\/uploads\/2018\/03\/QBO-0418-image-1.jpg 335w, https:\/\/www.bmcgiverncpa.com\/blog\/wp-content\/uploads\/2018\/03\/QBO-0418-image-1-300x251.jpg 300w\" sizes=\"(max-width: 335px) 100vw, 335px\" \/><figcaption id=\"caption-attachment-1001207\" class=\"wp-caption-text\">To create an <strong>Inventory<\/strong> item record in QuickBooks Online, you\u2019ll have to fill in several fields.<\/figcaption><\/figure>\n<p>How many do you currently have of that item? Enter the number in the field to the right of <strong>Initial quantity on hand<\/strong>, and then enter the <strong>As of date <\/strong>in the next box. When your stock level hits a certain number, you\u2019ll want to reorder more. Enter that number in the box to the right of <strong>Reorder point<\/strong>.<\/p>\n<p>Your item needs to be assigned to an <strong>Inventory asset account<\/strong> for tracking and reporting purposes. This field should default to <strong>Inventory Asset<\/strong>. If it doesn\u2019t, or if you want a more thorough explanation of this element of accounting, contact us.<\/p>\n<p>Enter a description of the item in the <strong>Sales information <\/strong>box; this will appear on sales forms. What will your customers be charged for it? This is the <strong>Sales price\/rate<\/strong>. The <strong>Income account <\/strong>should automatically display <strong>Sales of Product Income<\/strong>, and you should click in the box in front of <strong>Is taxable<\/strong> if that\u2019s the case.<\/p>\n<p>If you buy the item to resell, enter a description in the <strong>Purchasing information <\/strong>box, and provide <em>your <\/em><strong>Cost<\/strong>, the price you pay when you buy the item from another source. The <strong>Expense account <\/strong>should default to <strong>Cost of Goods Sold<\/strong>.<\/p>\n<p>When you\u2019re done, save the record.<\/p>\n<p><strong>Viewing Your Records<\/strong><\/p>\n<p><strong>\u00a0<img loading=\"lazy\" class=\"aligncenter size-full wp-image-1001208\" src=\"http:\/\/www.bmcgiverncpa.com\/wp-content\/uploads\/2018\/03\/QBO-0418-image-2.jpg\" alt=\"\" width=\"769\" height=\"292\" srcset=\"https:\/\/www.bmcgiverncpa.com\/blog\/wp-content\/uploads\/2018\/03\/QBO-0418-image-2.jpg 769w, https:\/\/www.bmcgiverncpa.com\/blog\/wp-content\/uploads\/2018\/03\/QBO-0418-image-2-300x114.jpg 300w, https:\/\/www.bmcgiverncpa.com\/blog\/wp-content\/uploads\/2018\/03\/QBO-0418-image-2-768x292.jpg 768w\" sizes=\"(max-width: 769px) 100vw, 769px\" \/><\/strong><\/p>\n<p style=\"text-align: center;\"><em>Once you create a record for an item or service, it will appear in this table.<\/em><\/p>\n<p>You don\u2019t have to create records for absolutely every product or service you sell before you start using them. When you create an invoice, for example, and you open the drop-down list under <strong>Product\/Service<\/strong>, the option at the top of the list will be <strong>+ Add new<\/strong>. Select that, and the <strong>Product\/Service information <\/strong>pane opens. You can create a record on the fly.<\/p>\n<p>To get to the list of the product and service records you\u2019ve created, click the gear icon in the upper right and select <strong>Products and Services<\/strong>, like we did early on here. You\u2019ll see a screen similar to the one pictured above. You\u2019ll also notice that you can link to several action screens from each entry.<\/p>\n<p>If you maintain careful item records, you\u2019ll be able to create a number of reports that can advise you on the state of your inventory. Click on <strong>Reports <\/strong>in the toolbar, and then <strong>All Reports | Manage Products and Inventory<\/strong>. These reports are fairly self-explanatory, but by customizing them, you can get even more focused insight. We can help you with this. We\u2019d also be happy to go over any other aspect of inventory-tracking and management that\u2019s confusing. Just let us know when you want to get started.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>QuickBooks Online is good at managing and tracking inventory \u2013 as long as you\u2019ve created thorough records. When you first started your business, you might have been able to keep track of your merchandise by counting manually. But as you and your product list grew, this became impractical. You might have recorded it all in [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[47],"tags":[97,98,99],"yst_prominent_words":[],"_links":{"self":[{"href":"https:\/\/www.bmcgiverncpa.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/1001206"}],"collection":[{"href":"https:\/\/www.bmcgiverncpa.com\/blog\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bmcgiverncpa.com\/blog\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bmcgiverncpa.com\/blog\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bmcgiverncpa.com\/blog\/index.php\/wp-json\/wp\/v2\/comments?post=1001206"}],"version-history":[{"count":1,"href":"https:\/\/www.bmcgiverncpa.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/1001206\/revisions"}],"predecessor-version":[{"id":1001210,"href":"https:\/\/www.bmcgiverncpa.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/1001206\/revisions\/1001210"}],"wp:attachment":[{"href":"https:\/\/www.bmcgiverncpa.com\/blog\/index.php\/wp-json\/wp\/v2\/media?parent=1001206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bmcgiverncpa.com\/blog\/index.php\/wp-json\/wp\/v2\/categories?post=1001206"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bmcgiverncpa.com\/blog\/index.php\/wp-json\/wp\/v2\/tags?post=1001206"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.bmcgiverncpa.com\/blog\/index.php\/wp-json\/wp\/v2\/yst_prominent_words?post=1001206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}