As you record inventory purchases and sales in QuickBooks, the program keeps track of your inventory behind the scenes, just as the point-of-service system at the grocery store does when a cashier scans items. This chapter begins by reviewing the setup tasks that make the program work this magic.
Good inventory management means more than just updating the number of items that QuickBooks thinks you have on hand. To keep the right number of items in stock, you also need to know how many you’ve sold and how many are on order. And to make decisions like how much to charge or which vendor to use, you have to evaluate your purchases and how much you pay for your inventory. QuickBooks’ inventory reports and Inventory Center help you look at your inventory items and transactions. In this chapter, you’ll learn how to make the most of both these features.
The Inventory Center is available only in QuickBooks Premier and Enterprise. If you have QuickBooks Pro, you can run inventory reports, but you don’t have access to the center.
Another important aspect of inventory is keeping your QuickBooks records in sync with what’s sitting on the shelves in your warehouse. Inventory can go missing due to theft or damage, so you might not have as many products in stock as you think you do. QuickBooks can’t help with the dusty business of rifling through boxes and counting carafes, coffee mugs, and the occasional centipede. But after the counting is complete, the program ...