Manage Inventory in QuickBooks

Manage and Track Inventory in QuickBooks Online

QuickBooks Online has everything you need to manage your inventory. Track what's on hand, get alerts when it’s time to restock, and see insights on what you buy and sell. You can also enter non-inventory products and services so you can quickly add them to your sales forms. We’ll help you set it all up and get going.

*You will need the Plus Plan in QuickBooks Online to manage inventory. Inventory management is run through QuickBooks only. Inventory features are available for QuickBooks Online Plus and Advanced. If you don’t have Plus or Advanced, upgrade your QuickBooks plan to start tracking your inventory.

How to Mange/Set-Up Inventory Inside of ThoroVet:

Learn how to set-up and track inventory through QuickBooks Online with the guide below, video overview, or by going to: QuickBooks Inventory Guide in QuickBooks Help Center.

Inventory is tracked inside of your QuickBooks. ThoroVet is able to sync the information each time a product is used/dispensed and tied to an invoice. The invoice must be synced to QuickBooks in order for the information to sync over. ThoroVet will sync your products sold when you create your invoice within ThoroVet and sync with QuickBooks online. If you are going to track inventory, it is important to make sure that whichever way you set-up your products/inventory should reflect how you will bill for items within your ThoroVet invoices to ensure that the items sync properly to QuickBooks. For example, selling Vet Wrap per roll versus by the case (which is likely how you re-order, but is not how you dispense). Selling certain medications per mL, per tablet, or per tube/bottle may depend on each product. Example: Phenylbutazone powder will likely be tracked per container or tube of oral paste, where Dermosedan® injectable is likely going to need tracked per mL for tracking inventory when the drug is used during treatment to track when a full bottle is low, and so forth.

Inventory Overview Video:

How to Mange/Set-Up Inventory In QuickBooks Online Pro:

Step 1: Turn on inventory tracking

If you haven’t yet, turn on these settings so you can add your inventory.

  1. Go to Settings ⚙ and select Account and Settings.
  2. Select the Sales tab.
  3. Select Edit ✎ in the Products and services section.
  4. Turn on Show Product/Service column on sales forms.
  5. You can also turn on price rules if you want to set up flexible pricing for the things you sell.
  6. Turn on both Track quantity and price/rate and Track inventory quantity on hand.
  7. Select Save and then Done.

Learn how QuickBooks handles your inventory accounting

Step 2: Add your inventory products

Now you can add your inventory items as well as other products and services you sell into QuickBooks. This lets you quickly add them as line items to your sales forms. The steps to add inventory, non-inventory, and service items are slightly different:

Add products you want to track as part of your inventory

  • Follow the steps to add inventory items. These are products you sell that let you set and track product quantities.

Add products and services you buy or sell, but don’t track as part of your inventory

  • Follow the steps to add service items. These are the services you sell to customers. For example, landscaping or bookkeeping services.
  • Follow the steps to add non-inventory items. These are things you buy or sell but don’t (or can’t) track as inventory. For example, nuts and bolts used in an installation.
  • Follow the steps to create bundles. Bundles let you group multiple products or services together. For example, a gift basket of fruit, cheese, or wine. Adding products in a bundle saves you from having to select them one by one in invoices or receipts.

Note: Remember, QuickBooks won't track quantities for services, non-inventory items, and bundles.

{How to Edit Individual Existing Items to Track Inventory}:

Step 1. Go to Invoicing > Products and Services screen. Select the item you would like to set as an Inventory Item.

Step 2. Edit the item and change to "Inventory" type. Adjust any other options as needed including Cost of Goods Sold tracking.

Step 3: Keep track of what sells

Once you set up all your inventory products, you track them when they sell. There are two ways to track what you sell:

QuickBooks then decreases what’s on hand by the amount on the invoice or sales receipt.

{ThoroVet will sync your products sold when you create your invoice within ThoroVet and sync with QuickBooks online.}

Check what’s on hand and what’s on order as you work with a quick hover

Check what’s on hand and what’s still on order as you work on an invoice, sales receipt, or another type of transaction. Just hover your pointer over the quantity you entered for an item to see more info.

If you set reorder points, QuickBooks will also let you know when something's running low. If you set a low stock alert, QuickBooks will also let you know when something's running low.

Note: To check all your products’ quantity on hand, go to the Sales menu then the Products and services tab. Or run reports to check what's in stock at any time.

Step 4: Restock your inventory

QuickBooks tells you when it’s time to restock. You can order inventory right in QuickBooks. Then, track what you receive from vendors and what’s still on order. When you do, the quantity on hand automatically increases by the number of items you receive.

Learn how to reorder anything that’s running low or out of stock.

Step 5: Use reports to check the status of your inventory

Access reports to instantly see your best sellers, what’s on hand, cost of goods, and more.

Learn how to use reports to see inventory status and performance.

Report Examples:

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