June 10, 2016
You asked and Intuit listened. QuickBooks Online has made several improvements to their inventory tracking system, making it easier to input, track, and update inventory. Because QuickBooks Online focused on service industries, its inventory module was left a bit lacking when compared to the QuickBooks Desktop version.
Thankfully, Intuit is committed to closing the gap between the two versions by introducing some new updates to their inventory tracking feature, which is available only to users with QuickBooks Online Plus. To access the recent updates, users need to follow these steps to turn on the setting: Gear > “Company Settings” > “Sales” > “Products and Services” > “Track quantity on hand.”
QuickBooks Online Plus has facilitated the inventory experience by automating some processes and adding new features, including:
1. Adjusting the quantity of multiple items at a time.
Using this batch-action feature allows you to save time when you need to update several items at once. Utilize this feature by selecting Gear –> Lists –> “Products and Services” –> select the items you want to adjust –> “Batch actions” –> “Adjust quantity.”
2. Adding an adjustment date, reference number, and memo.
In response to user feedback, a new update was implemented that allows for better tracking. There are now fields for the adjustment date, reference number, and memo, located on the inventory adjustment input screen.
3. Adjusting inventory from the Create (+) window.
Instead of adjusting inventory by pulling up the item list, finding the inventory item, and clicking the “Update” button, you can now access the adjustment screen by clicking on Create (+) button –> “Inventory Qty Adjustment.”
4. Editing starting values.
Originally, QuickBooks did not allow editing to a starting value transaction when adding an inventory item. Users would receive an error message, leaving them unable to enter the transaction. If the wrong quantity was entered and more inventories were subsequently sold, then you would see a negative quantity on hand. However, you can now adjust each of your items following the steps provided by Intuit.
5. Adjusting the quantity or starting value from an inventory item’s Action menu.
A quicker way to update the starting values is available. With your product list open, find the action column of the item you need to edit, click the “Edit” drop-down arrow, and select “Adjust quantity.”
6. Choosing your inventory adjustment account.
Previously, any inventory adjustments were linked to an account called Inventory Shrinkage with no option to change the account. With the latest update, you can now choose the account to adjust inventory through. Find this option on the inventory adjustment page mentioned above.
Don’t see the update you were hoping for? Typically, QuickBooks Online introduces new features each month, so stay tuned for more updates in the future. Contact Christi if you have any questions about the recent updates.
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