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Inventory items are any items that your restaurant tracks, buys or sells. Every day at wikiHow, we work hard to give you access to instructions and information that will help you live a better life, whether it's keeping you safer, healthier, or improving your well-being. Before you can import inventory into QuickBooks Online, you’ll need to make sure that you have inventory tracking enabled. Select the products in the Product field. This tool allows users to batch adjust quantities in one screen cutting down on the amount and difficulties of making adjustments. SelectInventory Qty Adjustment. How to Set Up Inventory Items for a Small Restaurant in QuickBooks. Then click on Sales, and under Products and Services, turn on “Track quantity and price/rate” and “Track inventory quantity on hand.” Once you’ve enabled these options, you can now download a sheet from QuickBooks Online to fill out so that you can import inventory. Can I set all inventory items to zero all at once? Create a separate account in your chart of accounts to track your adjustments. Tracking your inventory is also a good way to keep abreast on your sales and ensure that sales records are accurate. You don't want to have to pay taxes on inventory that you don't have; therefore, you should always take a regular count and adjust your records as necessary. QuickBooks Online Plus costs $60 per month, and it adds the following inventory management features to the ones that are already in the QuickBooks Online Essentials version: Track inventory items and quantities; Make automatic updates to inventory quantities; Sort items by their taxable and nontaxable status The Product or Service Information window will open. Enter an inventory quantity adjustment. Need to set up a new company in QuickBooks Online? Please help us continue to provide you with our trusted how-to guides and videos for free by whitelisting wikiHow on your ad blocker. Name this account “Inventory Adjustments”, and then Save and Close. And you can specify how QuickBooks determines whether you have or don’t have enough inventory to sell. If you track inventory in QuickBooks Online Plus and Advanced, you can manually adjust an item's quantity without recording a purchase or sale, to match what you actually have in stock. From the Select a Product Type – click on Item. Enter the Adjustment Date. By Stephen L. Nelson . Let’s take a look at the different options when you add new inventory in QuickBooks Online. Step 7 Select "Inventory Asset" as the account type and click "Continue." Today I'll walk you through how I processed an inventory refund from a customer due to the goods arriving damaged. Include your email address to get a message when this question is answered. We use cookies to make wikiHow great. QuickBooks online and Zoho Inventory integration bring out of the best of both the worlds - Accounting and advanced inventory management at a single place. Select Company and then Chart of Accounts. Set up inventory items in QuickBooks Pro 2019 - QuickBooks Desktop 2019. To create this article, 12 people, some anonymous, worked to edit and improve it over time. Adjust Inventory in QuickBooks Desktop Pro- Instructions: A picture of a user making an inventory adjustment in QuickBooks Desktop Pro. Step 2: Set up your inventory adjustment account. This Inventory quantity adjustment feature is a super tool for both accountant and client users. It may very well be a good choice for your business, but here are five reasons why it may not... (NOTE: Unlike the desktop versions of QuickBooks that only update new features once per year, QBO releases new features and functionality more often. Thanks to all authors for creating a page that has been read 105,405 times. In the Action column beside the inventory item you want to adjust, click the drop-down arrow and select Adjust Starting Value. This might not sound like a big deal. 4. It couldn’t be easier – if you use QuickBooks, and you need inventory management, you need Intuit’s Advanced Inventory for QuickBooks Enterprise. I really had to stop and think of the best way to get my end result. Our support number and email are specified in the footer of the page below, we would be glad to hear from you in case of any questions. Select the Account dropdown, then New. With QuickBooks online raw material inventory you'll need to make a manual adjustment to your “non-inventory” items as and when you finish using them in production. With QuickBooks, it is a very simple process to make these adjustments. Then click into “Item” column in the first available row. 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