QuickBooks Online Inventory Management

Master QuickBooks Online Inventory Management

This comprehensive QuickBooks Online course equips you with the skills to expertly manage your business's inventory using QuickBooks Online Plus, Accountant's Edition, or QBO Advanced – the versions that specifically track inventory quantities. Become proficient in all aspects of buying, selling, and general merchandise management within QuickBooks.

What You'll Learn:

• Product & Service Setup: Learn to effectively list your products and services in QuickBooks Online. Discover how to add "non-inventory" items to your product list and understand when to utilize them.
• Activating the Inventory Module: This tutorial guides you through activating the QuickBooks inventory module to accurately track your on-hand merchandise quantities.
• Inventory Transactions – Sales & Purchases: Master recording all inventory transactions, including:
  • Credit and cash sales with invoices.
  • Credit and cash purchases with vendor bills.
  • Utilizing the purchase order feature and generating reports to manage backorders.
• Inventory Returns: Understand and efficiently process customer and vendor returns with clear, step-by-step instructions.
• Inventory Reporting & Error Correction: Learn to leverage powerful inventory reports to identify and resolve inventory-related errors. Discover how to make necessary inventory adjustments for unusual situations.
• Prepaid Inventory Mastery: Unlock my proven method for handling prepaid inventory transactions – a valuable skill for efficient financial management.
• Fundamental Inventory Accounting Concepts: Gain a solid understanding of core inventory accounting principles, explained in plain language, even if you have no prior accounting knowledge.
• Inventory Costing Methods: Explore both the "Perpetual" (the standard in most accounting programs) and "Periodic" inventory costing methods. Learn how QuickBooks Online calculates the changing purchase cost of merchandise using the "First-In, First-Out" (FIFO) method. Understand how to perform cost of goods sold adjustments using the periodic method to determine your gross profit.

Important Note: While this course is specifically designed for QuickBooks Online Plus, Accountant's Edition, and QBO Advanced, the concepts are broadly applicable to these QuickBooks Online versions.

I'm here to support your learning journey! Feel free to reach out with any questions or concerns. I wish you success and enjoyment in mastering QuickBooks Online inventory management! – Mark