Inventory tracking: the #1 requested feature is now live!

[Note: As of June 13 2014, the QuickBooks blog has moved to qboblog.com. Follow us there!]

(See bottom of this post for info on a free Intuit webinar on this feature).

Do you sell widgets? Or books? Or dolls? Or scuba gear? Or other random specialty parts that you need to keep track of, in a way that would make an accountant proud? Well, product-based businesses rejoice! QuickBooks Online Plus users who sell merchandise can now easily create, manage and send professional Purchase Orders (POs) and track your inventory right from your QuickBooks Online accounts:

  • Automatically track and adjust Quantity on Hand inventory.
  • Be IRS-compliant when accounting for the purchase and sale of inventory items.
  • Categorize your purchase of inventory items by Product/Service, Vendor, Location, or Class, in real time.
  • Link POs to payments to vendors via Bills, Checks, Cash Purchases, or Credit Card charges to accurately identify open purchase orders.
  • Automatically update Balance Sheets and Profit & Loss reports when a bill is entered into QuickBooks Online.
  • Customize your PO forms with your company logo and up to three custom fields.

Sample Products & Services list in QBO Plus

QBO Plus tracks Quantity on Hand Inventory.

And for you accounting pros out there, you’ll be interested to know that QuickBooks Online uses the FIFO (first in, first out) costing method. (Desktop versions of QuickBooks use “average costing”).

QuickBooks Online Plus users: to turn on inventory, choose Company > Preferences > Products and Services > Quantity on Hand.

Other QuickBooks Online users: Login to your account and click “Upgrade” in the upper-right corner to get this feature.

Not a QuickBooks Online user? Click here to learn more and try it free for 30 days.

 

Explore posts in the same categories: Features, News

12 Comments on “Inventory tracking: the #1 requested feature is now live!”

  1. Steve Kinder Says:

    I am already very pleased with QhickBooks Online, but this inventory tracking has me even more excited. Thank you.

  2. Kish Says:

    We’ve been waiting for this for a long time.

  3. Peyton Lacy Says:

    We missed this webinar, can we stream it?

  4. notthatsteve Says:

    Great to hear your feedback! Keep it coming.

    Hi Peyton, the webinar isn’t until June 17, so hopefully you’ll be able to make it. If not, we post past webinars. You can go to http://community.intuit.com/small_business_events to watch and listen at your convenience.

  5. RENEES Says:

    OK SO HOW DOES IT WORK? AND WILL IT WORK WITH MULTIPLEPARTS ON ONE ITEM SALE AND NOT HAVE TO TIE INTO EVERYTHING ELSE JUST INVENTORY TRACKING THATS WHAT IS NEEDED YOU GUYS HAVE EVERYTHING ELSE BUT THAT.

  6. Jessica Says:

    Love the new inventory features! I am finally able to use QB online. But I need Pack Slips. Right now the online version is complicated to print invoices without printing dealers cost. Then I have to go back and change the print features to print the costs so I can get the invoice to my dealers. Would be nice to set up a pack slip and be able to tfer the data into an invoice with a click or two like you can with the estimates. Absolutely agree agree about needing more levels of users!

  7. Janis Says:

    I have been using QuickBooks Enterprise Solutions: Manufacturing and Wholesale Edition for years. I really like the inventory control tool of being able to (build and) sell an assembly from components purchased and QB relieves inventory for the components.
    Online Plus has been suggested because of our multiple sites but not having this feature is a major handicap. If the Online Plus program has this, I haven’t found it.
    Please advise / help.

  8. Senesi Ernst Says:

    thanks for the feature of inventory tracking, I had some customers asking me about inventory tracking , they are very concerned about the quantity of merchandise on hand. This will help them to purchased quantity ask needed or real needed.


  9. I found this information very helpful and with try it on my passwords on my sites. Thank you for the information.


  10. OK – the fact that this is online is so far the ONLY thing I think is convenient.
    Other than that it’s VERY slow compared to the computer version, I am completely flabbergasted as to why my inventory information did not carry over to this version of QB from my desktop? I specifically signed up for a high-priced version of this because I was told I could do inventory tracking. However, NOBODY told me I was going to have to RE-enter every cost of goods sold and quantity on hand for every single item!!!! This is ridiculous!!! Do you know how long it has taken me to enter all of those items over the past 4 years? Do you know how much it’s going to cost me to have somebody sit and hand enter all of this stuff? Not to mention counting the inventory on hand since obviously the last 3 weeks of transactions have not been tracked. This MAJOR inferiority of the Online version should be a fact which is PLASTERED all over your information when business owners are trying to make a decision to switch. I feel like I’ve been duped and also feel like I’m stuck with no other solutions.
    Secondly – entering invoices and sales receipts is 3 times slower than it was before because the auto-fill only works with major category headings, not sub-items. So now I must click and scroll through a drop down list for every single item I sell. I used to be able to just type a couple of letters and the correct thing would come up. Why does the auto-fill not recognize the sub-items??!!


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