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Track inventory in QuickBooks

If your company sells products to customers, you may want to track inventory. QuickBooks can track inventory levels, decrease inventory quantity automatically when you make a sale, and prompt you to reorder inventory when your levels are low.

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Can you help me decide whether to use QuickBooks inventory?

Can you help me decide whether to use QuickBooks inventory?

How can I use integrated third-party inventory software with QuickBooks?

There are several inventory management software applications available. Some of them are designed to integrate with QuickBooks so that you manage inventory within the third-party application, but are able to view inventory information within QuickBooks.

Many third-party software applications have the ability to export journal entries into a format that can be used by QuickBooks. If you use third-party inventory software, work with the software vendor or a professional advisor to help you export data from the inventory software and import it as journal entries into QuickBooks.

It is important to set up and map the fields from the inventory software to the fields in QuickBooks. Before doing any imports, back up all of your QuickBooks data correctly. After you import information, review your chart of accounts, your items list, and your financial reports to ensure the entries imported correctly.

How can I use other third-party inventory applications with QuickBooks?

If your third-party inventory application does not integrate with QuickBooks, you may still be able to use some data in QuickBooks. Some examples of this include:

  • A fruit juice company purchases its raw goods—prunes—for use in its prune juice. After the prunes have been pitted they are ground and combined with water to become the finished product—prune juice. What was originally measured by weight (the prunes) are now measured by volume (the prune juice). Their juice-industry specific software manages all the costs to determine the cost of goods sold for each case of juice.

    In QuickBooks, the company tracks the raw goods as an asset, but they do not add items to inventory until the third-party inventory application determines the cost of goods sold for each unit.

  • Another company purchases the raw goods to make pizza (flour, tomato sauce, cheese, etc.) with QuickBooks. They "sell" the goods to another inventory application that manages the ingredients used to create a pizza. QuickBooks then "buys" the pizza as an inventory item from the third-party inventory application and sells it as it would any other inventory item.

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11/23/2017 10:37:04 AM
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