QuickBooks Stock Management: Track Inventory Easily

QuickBooks Stock Management

Managing Stock in QuickBooks Online: What You Need to Know

QuickBooks Online helps businesses track stock, manage product quantities, and keep an eye on inventory value.

However, its stock features are designed for basic inventory tracking. You can record products, costs, and stock levels, but businesses with more complex needs may require a dedicated inventory system.

If you use QuickBooks Online Plus or Advanced, you can set up stock tracking and manage your products within QuickBooks.

In this guide, we will show you how to set up and manage your stock in QuickBooks Online.

Step 1: Turn on Stock Tracking

Before adding products, you need to enable stock tracking within your QuickBooks settings.

To turn on stock tracking:

Go to Settings ⚙ and select Account and settings
Select the Sales tab
Select Edit ✎ in the Products and services section
Turn on Show Product/Service column on sales forms
Enable both:
- Track quantity and price/rate
- Track stock quantity on hand
Select Save and then Done

Step 2: Set Up Your Stock in QuickBooks Online

QuickBooks Online allows you to track stock levels, monitor what you buy and sell, and receive alerts when items are running low.

Stock tracking is available with QuickBooks Online Plus and Advanced. If you already have your products in a spreadsheet, you can import them to save time.

To add a product:

1. Go to Settings ⚙ and select Products and services
2. Select New and choose Stock
3. Add your product Name and SKU
4. Select a category to organise your products

Step 3: Add Stock Quantity, Reorder Points, and Stock Value

Next, add important stock details including your current quantity and reorder levels.

You will need to:

Enter your Initial quantity on hand
Add the As of date for when you started tracking this stock
Set a Reorder point so you know when it is time to purchase more stock
Select your Stock Asset account

QuickBooks uses the stock asset account to track the value of the products you currently have available.

Step 4: Add Sales, Tax, and Purchasing Information

Once your product is created, you can add details for selling and purchasing.

This includes:

Product descriptions for invoices and sales receipts
Sales price/rate
Income account
VAT settings
Purchase descriptions
Product cost
Expense account
Preferred supplier details

Adding these details helps QuickBooks organise your sales and purchasing information while making future transactions quicker and easier.

Manage Your Inventory

Once your products are set up, you can monitor stock levels while creating invoices, sales receipts, and other transactions.

QuickBooks allows you to:

See what stock is currently available
Check what items are on order
Monitor low-stock items
Receive alerts when products reach your reorder point

This helps you keep better visibility over your stock levels and avoid unexpected shortages.

Use Reports to Monitor Stock Performance

QuickBooks Online also provides reports that help you understand your inventory performance.

You can view information such as:

Best-selling products
Stock available
Cost of goods sold
Inventory value

These reports can help you make better purchasing decisions and understand how your products are performing.

Need More Advanced Inventory Management?

For businesses that need more advanced stock control, QuickBooks Online may not provide everything required.

For companies looking for more powerful inventory management and order processing, we recommend exploring OrderTime, an inventory control and order management platform that integrates with QuickBooks Online.

OrderTime can help businesses manage stock more efficiently with enhanced inventory features designed for growing operations.