What is an inventory part item?
Important: Do not create separate inventory part items
for sales and purchases. You must use the same inventory part item on both sales forms and purchase orders to keep your inventory accurate.
Can I convert a non-inventory part item into an inventory part item?
Examples of inventory items for a contracting business
These instructions tell you how to add inventory part items one at a time. Follow these steps if you are new to QuickBooks. Otherwise, you can use another window to add or edit multiple inventory items and paste from Excel.
To do this task
Turn on inventory tracking, if you have not yet done so.
Set up the accounts you need, if you have not already done so.
In the Company section, click Items & Services.
Click Item at the bottom of the list and click New.
Click the Type drop-down list and click Inventory Part.
If Inventory Part isn't on the list, you need to
turn inventory tracking on.
Enter an item name or number.
What you enter here is displayed in the drop-down list of items
when you're filling out a sales form or purchase order. Enter a
name or number that will help you distinguish this item from all
the others on the list.
If this item is a subitem
of an existing item, select the Subitem of checkbox and
choose the parent item.
(Optional) If you know it, enter the manufacturer's part number.
(Optional) If unit of measure is available, assign a unit of
Fill in the Purchase Information fields. More...
Fill in the Sales Information fields. More...
(Optional) Enter a brief description of the item in the Description on Sales Transactions field. Keep in mind that this is the item description your customers will see.
Note: What you enter in the Description on Sales Transactions field, Sales Price field, and Tax Code field (if applicable) will appear by default whenever you add this item to a sales form. If you need to, you can change any of this default information when you're filling out the form.
In the Sales Price field, enter the price you will most often charge customers for this item.
If you've set a default markup percentage and entered a cost in the Purchase Information area, QuickBooks calculates and enters the sales price for you. You can change this price if you need to.
If you charge sales tax, click the Tax Code drop-down list and choose a tax code for this item.
If you don't charge sales tax, you won't see the Tax Code field.
Click the Income Account drop-down list and choose the account where you want income from the sale of this item recorded.
Fill in the Inventory Information fields. More...
The Inventory Asset account is preselected in the Asset Account field to track the current value of your inventory. You can choose a different account if you want to.
Note: If you use the same account for all your inventory items, the current balance of this account represents the current total value of your inventory.
(Optional) When the quantity of this item gets down to the number you enter in the Reorder Point field, QuickBooks reminds you to order more.
Note: The Inventory to Reorder option must be selected in reminders preferences for this feature to work.
If you track inventory at multiple sites, the reorder point represents the global reorder point across all sites. You can track multiple inventory sites with the Advanced Inventory add-on which is only available in QuickBooks Enterprise Solutions (additional fees may apply). Learn more at www.qbes.com/inventory.
(If Advanced Inventory is turned on) Click Inventory Site Info to enter the reorder points and quantity on hand for each site. You can also enter reorder points for multiple items in one window.
If you already have some of this item in inventory, enter the quantity in the On Hand field. Otherwise, leave the quantity at zero.
The total value of an item is its cost multiplied by the quantity on hand. If you already entered both a cost and the initial quantity on hand for this item, QuickBooks enters the total value for you. If you don't have any of this item in inventory yet, leave the value at zero.
The As of date applies to the On Hand and Total Value information. Today's date is pre-selected, but you can choose a different date if you need to.
Important: If you're converting a non-inventory part item or other charge item into an inventory part item, the "As of" date must be after the date the non-inventory part or other charge item was last used in a transaction.
Click anywhere in the line containing the item.
Click Reports at the bottom of the Item List window and click QuickReport.
Scan the report for the latest transaction date.
(Optional) Click Inventory Site Info to set site specific reorder points. You can track multiple inventory sites with the Advanced Inventory add-on which is only available in QuickBooks Enterprise Solutions (additional fees may apply). Learn more at www.qbes.com/inventory.
(Optional) Click Custom Fields to fill in or define
custom fields for this
Click OK to record the item, or click Next to record the item and start
Change (edit) an inventory part item
Add or edit multiple inventory part items
Inventory assembly item overview
Create an inventory assembly item