In this movie, you'll see how to create inventory part items. The movie shows how to record an inventory adjustment to add inventory value and quantity on hand to a QuickBooks company file. It describes which account to use for the adjustment account and how to quickly find all the inventory items in the file.
- If you have inventory as of your start date,…you have to tell QuickBooks about the quantity…and value of what's in stock,…and inventory adjustment makes short work…of this setup task.…In this case, we have to create inventory items first,…because the invoices that we created earlier…didn't have any inventory on them,…so we don't have inventory in this company file yet.…Let's go to the item list.…On the home page, head to the company section…and click "items and services".…
That opens up the item list window.…To create a new item, head down…to the bottom left corner and click the "item" button,…and then you can choose "new",…or you can just press control-N.…That opens up the new item window.…In the type box, QuickBooks selects "service",…but we want to choose "inventory part".…When you do that, all the fields change,…so you can define your inventory.…Let's start by creating the inventory part…for all of Glow Face Lotion.…
In the item name slash number box,…I type the name of the item.…Then I'm going to head down to the "cost" cell.…
- Convert existing data into a QuickBooks format.
- Identify how to create a company file from scratch.
- Recall how to add accounts and subaccounts to a company file.
- Create products and services in QuickBooks.
- Define the opening balance.
- List open transactions.
- Apply changes to sales tax balance.
- Identify how to adjust inventory.
- Modify the closing date.