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.
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.
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