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Chapter 1. Setting Up Your Company with ... > Setting Up Inventory Part Items

Setting Up Inventory Part Items

Items are the things your company sells. They include services you provide, products you manufacture or purchase for resale, and other charges such as shipping and sales tax. Anything you list on an invoice is considered an item. Just as with the income and expense accounts, you can choose to enter your items during the EasyStep Interview process or enter items after the interview is completed. Any items entered in the interview can be edited later if you need to make changes. The types of items you are asked to enter during the interview include service items, non-inventory part items, other charge items, and inventory part items.

Set Up Inventory Part Items

In the EasyStep Interview, select Yes when asked whether you want to set up an inventory part item.

Click Next.

Enter a name for the inventory part item you want to set up. This is the name you use when describing this item in your inventory.

Enter a sales description for this inventory item. This is the name that appears on an invoice when someone purchases this item.

Enter a sales price for this item. This is the price at which the item is normally sold to a customer.

Indicate whether this item is subject to sales tax. Note that this option does not appear if you did not turn on the sales tax preference earlier in the interview.

Did You Know?

Entering a sales price is optional. If this price varies from one customer to the next, you might want to leave the sales price field blank and enter the correct price on the customer invoice each time you sell this item.

See Also

See Chapter 6, “Collecting and Paying Sales Tax,” on page 173, for information on how sales tax is applied to inventory items and which customers are affected by this charge.

Indicate the income account your company uses to reflect the revenue from the sale of this inventory item.

Enter the description you use when purchasing this item from a supplier.

Enter the cost you pay when you purchase this item from a supplier. If the cost varies each time you purchase the item, you can leave the cost area blank.

If you want QuickBooks to remind you when to reorder this inventory item, enter the number at which you want to receive a reminder.

Enter the number of pieces of this item you have on hand as of the start date for your company.

The value of this starting inventory is calculated automatically based on the amount you entered in step 7.



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