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Chapter 14. Using Inventory Features > Setting Up Inventory Items

Setting Up Inventory Items

When you set up an inventory item in QuickBooks, you provide descriptive information about the item and basic facts such as cost, sales price, sales tax treatment, and preferred vendor. You can indicate how many you prefer to keep in stock so QuickBooks can warn you when stock is running low.

Set Up Inventory Items

Select Item List from the Lists menu.

Press Ctrl+N.

Select Inventory Part from the Type drop-down list.

Enter the name of the item as it will appear on your inventory list.

Enter the name of the item as it appears on purchase orders and bills when you purchase this item.

Enter the cost you pay when you purchase this item.

Enter the cost of goods sold (COGS) account that will be charged when you purchase this item.

Enter the vendor where you prefer to shop for this item.

Enter the name of the item as it appears on invoices when you sell this item to your customers.

Enter the sales price you charge for this item. If the price varies, you can leave this blank.

Enter the income account that is credited when a customer purchases this item.

Enter the asset account that is increased when you add this item to your inventory.

If you want to be reminded to reorder this item, enter the quantity of items that represents the cutoff for reordering.

Click OK.


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