![]() This will show up on forms you send to customers, such as sales receipts and invoices Enter your product description in the “Description” field.This account is set up by QuickBooks for you automatically, but if you want to, you can change itĪfter this is done, you will also want to continue setting up your product’s description, sales and purchasing info, and tax: Go to “Inventory Asset Account” and set it to “Inventory Asset”.QuickBooks will send you a warning to order more if the quantity of your inventory item falls to the reorder point The number you enter here will serve as the lowest number of an inventory item you want to have on hand before you wish to order more. Fill in the “Quantity at Hand” for your product (note: you should do a physical count of your inventory before this, as changing the initial quantity later can cause some accounting errors).Select the category from the “Category” dropdown menu.Go to the “Unit” dropdown menu and select the unit.You can also set the SKU (stock keeping unit) code for your product to help you track your product later on Navigate to either the gear icon, then “Products and Services”, or alternatively, select “Get paid & pay”. ![]() Here’s a step-by-step guide on how to do it: You can set up QuickBooks Online inventory assets if you have QuickBooks Online Advanced or Plus. How do I enter an inventory asset in QuickBooks Online? However, “QuickBooks inventory asset” can also refer to the value of the inventory items in QuickBooks, and how they are tracked in the accounting system. Both terms refer to the goods a business has available for sale. There might be some confusion between the terms “inventory” and “inventory asset” as they are often used interchangeably. What is the difference between inventory and inventory assets in QuickBooks Online? Or in other words, if each of your microphones was worth 100 dollars, and you had five available at hand, the value of your inventory asset account would be 500 dollars. The value of an inventory asset account is the total value of the inventory assets you have on hand. You should find your inventory asset accounts under “Other Current Assets”. You can see the value of your current inventory assets on your balance sheet. The number of microphones you currently have prepared and are ready to be sold would be considered inventory assets.Īs inventory assets can be converted into cash through sales (in fact, that’s basically their purpose), they are considered current assets. Let’s say that you’re a manufacturer that produces microphones. In QuickBooks Online, inventory assets refer to the inventory items you have at hand and ready to sell. ![]()
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