Tracking inventory overview and set up – QuickBooks desktop Pro Premier Accountant Enterprise

Inventory feature in QuickBooks Desktop can track the current number in stock and the value of your inventory after every purchase and sell the items to your customers. With QuickBooks Desktop Premier or QuickBooks Enterprise versions, you can even keep track of products you assemble and resell (finished goods), adding assembled units to inventory and deducting component units from inventory when you build assembly items.

To start with, you may want to be familiar with these basic steps related to questions about Tracking Inventory in QuickBooks:

1) To turn on Inventory: Go to Edit menu at the top > select Preferences > choose Inventory & Items > Company Preferences > checkbox “Inventory & Purchase Orders are active” > click OK.

Turn Inventory On


2) Create Inventory Items: Go to Lists menu at the top > Items List > Select Item tab at the bottom > click Item (or drop-down arrow) and select New > Type = Inventory Part and create a new item.
These three fields are important to set up inventory items. See screenshot sample.
For COGS Account field = Cost of Goods Sold account type from the Chart of accounts
For Income Account field = Income account type from the Chart of Accounts
For Asset Account field = Inventory Asset account which is part of the Other Current Asset on the Chart of Accounts

You do not want to put in On Hand/Total Value info here.

Create Inventory Item


3) For adding purchased Inventory items: Use Enter Bills under Vendor menu at the top or Write Checks menu under Banking at the top. Always use ITEMS tab, never Expenses tab.
4) For selling Inventory items: Create Invoice (or Sales Receipt). Use ITEM Code in the sales form. This will also automatically post COGS to P&L by reducing inventory counts.

Enter Bill or Check Use Items tab

Create Sales

Inventory Stock Report


If you need more info, you can always click HELP menu at the top and select QuickBooks Desktop Help and type INVENTORY HELP in the search field. If interested, you can also watch my famous how to inventory video tutorials on YouTube.

QuickBooks Desktop Part 10: Inventory – All you need to know about QuickBooks Inventory

Set up multi-user or network for QuickBooks Desktop

Set up multi-user or network for QuickBooks Desktop
QuickBooks Help
The following articles can help you get started if this is your first time to install and use QuickBooks Desktop in a multi-user or network environment. Follow the steps in the order shown below.

Installation and setup
Install QuickBooks Desktop
Add Windows admin rights to allow configuration of multi user access
Map a network drive (optional)
Configure Firewall and Internet security settings for QuickBooks Desktop
Set up the QuickBooks Database Server Manager and scan your file
Open a company file that is located on a remote computer
Note: If you are a new QuickBooks user, after installing Create a QuickBooks Desktop company file first before doing step 2.


Also, see helpful article:
How to Install QuickBooks Desktop

QuickBooks 2018 Desktop – New Features


QuickBooks Premier Desktop. Buy Now!

QuickBooks Pro Desktop. Buy Now!
QuickBooks Mac Software. Buy Now!
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QuickBooks 2018 Desktop New Features Video Playlist

QuickBooks 2018 Desktop New Features List – Video Tutorials

1. Switch to Multi-Monitor mode
2. (WARNING Display scaling to 100%)
3. Stay Logged in
4. Search in Chart of Accounts
5. Cash-Accrual Toggle on Reports
6. Show Past Due stamp on invoices
7. More secure Webmail
8. Copy and Paste Line Keyboard shortcuts
9. Payroll Liability Reminder Badge (US Enhanced Payroll)
10. Merge duplicate vendors (Accountant only)
11. Enhanced Inventory Reports (not available in QB Pro)

QuickBooks Enterprise Platinum and Accountant:

  • Enhanced Sales Order Fulfillment
  • Mobile Barcode Scanner Support

Here is a list of the past release dates of QuickBooks.

Release dates of QuickBooks

QuickBooks VersionRelease Date
QuickBooks 2018September 26, 2017
QuickBooks 2017September 27, 2016
QuickBooks 2016September 25, 2015
QuickBooks 2015September 22, 2014
QuickBooks 2014September 23, 2013
QuickBooks 2013September 10, 2012
QuickBooks 2012September 26, 2011

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