How to Track Inventory in QuickBooks Pro?

QuickBooks help in handling inventory easily where the users can track the buying and selling records of every product. This facility helps business owners to remain up-to-date with transaction records of each customer and product. Let us know in this article how users can track inventory in QuickBooks Pro.

How to Track Inventory in QuickBooks Pro?

Users can keep a track of inventory in QuickBooks Pro in the following ways:

Adding a new vendor in the vendor list

  • Select “Vendors” from the main menu of QuickBooks Pro
  • Select “New Vendors”
  • When the window opens for the “New Vendor”, fill in the contact profile in the “Address Info” tab
  • Click on “Additional Information” tab
  • Fill in your account number and credit line information
  • Click close

Update the current vendor’s information if necessary

  • Select “Vendors” from the main menu of QuickBooks Pro
  • Select the name of the Vendor whose information needs to be updated
  • When the window opens for the “Vendor”, make changes in the contact profile in the “Address Info” tab
  • Click on “Additional Information” tab
  • Fill in your account number and credit line information if necessary
  • Click close

Turn on inventory tracking

It is to be noted that the inventory tracking is not turned on by default in QuickBooks Pro. You have to do it manually.

  • Go to “Main Menu” of the QuickBooks Pro
  • Click on “Edit”
  • Click on “Preferences”
  • A list of inventory is displayed on the “Preferences” window
  • Choose “Items & Inventory” from the list
  • Now, choose “Company Preferences”
  • Click on the first checkbox
  • This turns on “inventory tracking”.
  • Click on “reorder reminders”
  • Click on “duplicate purchase order”
  • Click close

Create inventory items

  • Go to QuickBooks Pro “Main Menu”
  • Click on “Lists”
  • Click on “Item List”
  • Click on “Item-New”
  • The “New Item” window opens
  • Add information about the inventory item in the required fields given, which include item name/number, wholesale cost, preferred vendor, and item description.

Enter inventory items

This the final step of tracking inventory in QuickBooks Pro.

  • Go to QuickBooks “Main Menu”
  • Click on “Vendor Center” tab
  • Click on “Receive Items”
  • From the “Item” drop-down box, choose the required inventory item. Fill in the quantity. The other fields like as cost, an amount will be automatically filled by the software.
  • If the inventory requires payment, you have to choose “Receive items and enter bill” from the menu.
  • Enter the quantity in the relevant inventory item
  • The remaining fields like as vendor, payment terms, amount, the due date will be automatically filled by the software.

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