Setting Up Inventory and Reports in QuickBooks Online

 

Setting Up Inventory & Reports in QuickBooks Online || Bookkeeper Supporting Services

Would you like to jump right in on learning everything there is to know about Setting up Inventory and Reports in QuickBooks online? Well then let's do this final setup article setting up Inventory & Reports in QuickBooks Online || Bookkeeper Supporting Services we can go straight to the learning.

The final preparation steps are below

1.      Setting Up inventory in QuickBooks Online setup customer list, setup vendor list.

2.      Setting up Inventory Reports Trial Balance, profit and loss statement, transaction list by customer, & transaction list by vendor

As a bonus we will learn how to change the company name and address in QuickBooks Online. That prints on the reports and the documents.

 

Please note however these will be shown in an abbreviated quick way because it is assumed that most of you know how to do these steps if not then you can take the first few articles bookkeeping-services of the bookkeeper supporting services. Bookkeeping Services QuickBooks online course available right here on this very website https://www.bookkeepersupportingservices.com/search/label/Bookkeeping-Sevices

 

 

This is only to prepare your QuickBooks Online account for the rest of the course the next article will be the first actual learning topic.

1.    Setting up inventory in QuickBooks Online?

Setting Up inventory in QuickBooks Online

A.      Setup customer list,

B.      Setup vendor list.

 

A.     Setup customer list,

 

So let's just get through this first we have to setup customer list in QuickBooks Online. Who do we have we have Alan arby, Betty boop, and candy Charles. The additional Customer information that's beside their name like address and phone number would not be relevant to this article.

So we want to do the minimum setup so that we can hurry up and start to learn.  You might have learned in a previous course or on your own to add customers.

 

How do I setup customer list in QuickBooks Online?

We click sales and then we click customers now that we're in the customer section. This is what you see if it's the very first time that you're coming to the customer list. Click add customers manually and then you get your first one I like to put cap locks on ALAN ARBY and save.

Now you're currently in Alan’s records you have to click customers again to see him as the first one on the list. Then click new customer BETTY BOOP then click save.  Again we're currently in Betty’s records we have to again click customer to go back to the main list now we have two. New customer CANDY CHARLES and of course click save. Let’s click customers to see the full list these will be the three example customers that we work with in this inventory course.

 

B.      B.. Setup vendor list.

Now what's next well the vendor list CON EDISON, VERIZON STAPLES and UPS Will be the vendors that give us our normal expenses. Then there's ADDIE’S ORCHARD and SAM’S FARM and those will be the two vendors that we actually purchase our merchandise from and again the additional vendor information is not relevant to this inventory course.

 

How do I setup vendor list in QuickBooks Online?

so let's go ahead and click expenses and then click vendors and of course if it's the first time coming to the vendor window we will click add vendor manually CON EDISON Click save. Now we're in EDISON’S record. We have to again click vendors and then click new vendor and we click VERIZON that's the electric company here in New York click save. Then again click new vendor STAPLES we buy our supplies from STAPLES click save. Then of course the last vendor for expense will be U P S save.

How do I setup Merchandise Vendor in QuickBooks Online?

Now we'll add our two merchandise vendors the same way new vendor EDDIES ORCHARD save. New vendor SAM’S FARM and click save. Now we have our list of vendors on the vendor list and we're almost finished with the final setup.

 

Setting Up Inventory Reports in QuickBooks Online.

Now we will set up Inventory reports In QuickBooks Online Trial Balance, profit and loss statement, transaction list by customer, & transaction list by vendor

Trial Balance

The best report is the trial balance. We want the trial balance to show the results of all transactions regardless of date.

 

How to setup trial balance in QuickBooks Online?

So this is what we would do in the left panel we would click reports now here are the standard reports and we will put the ones that we want in the custom report section. So click standard and scroll down and let's find the trial balance you might have to scroll very far down to the accountants section for my accountant all the way down trial balance click on it now of course it's empty because we haven't done anything yet. We want to change the date pull down to all dates and then click run report. Now the trial balance will show us the results of all transaction regardless of date.

Save Trial balance in Custom reports Section

We want it to look in customize section click save customization and then again we have a choice to change the name but we won't just click save. Now if you click reports and click custom reports you'll see the trial balance is here and all we have to do is go to custom reports if we want to find anything and we can click and it opens exactly the way we saved it with all dates.

 

How to setup profit and loss statement in QuickBooks Online?

Let’s again click reports now what's the next report the profit and loss statement very important to look at when we're studying inventory.

Setup profit and loss statement

So we go to the standard and pull down to profit and loss statement. Click on profit and loss but it only shows year to date click the pull down date menu and choose all dates. Now that it's showing the results of all transactions regardless of date.

Then we will click save customization and again we could change the name but let's leave it and just click save.

So now when we click reports custom report we have these two reports and they will help us find everything that we entered and they will also show us the results of the transactions that we put into QuickBooks online.

 

How to setup transaction list by customer in QuickBooks Online?

 

What’s next transaction list by customer and transaction list by vendor so they're very easy to find and put in.

Setup transaction list by customer

we click reports in the area of standard reports just go slowly who owes you no it's not here it's under the section of sales and customers, transaction list by customer click on it make sure that the pull down says all dates. Then run report and now that it shows all the dates. Click save customization and then click save.

Setup transaction list by vendor

let's do the same thing for vendors, reports click standard go all the way down go slowly but go all the way down to the vendor section expense and vendors transaction list by vendor click on it. Then we change the date pull down to all dates run report now it says all dates save customization and save.

What you must be accustomed to is, if you're trying to find a transaction that you entered you can click reports and click the custom report area and using one of these four reports will help us find anything that we previously entered very quickly and very easily.

 

How to change the company name and address in QuickBooks Online?

How to change the company name and address in QuickBooks Online?  We will use the account settings and for some of you this is called company settings but it's in the same place and it does the same thing and you will learn more about the account settings window in a future article.

 

but for now let's just do this go to the top right and click the cog wheel then go all the way to the left where it says either account settings or company settings depending on which version of QuickBooks you signed up for when you click cog wheel or gear icon you get the area of defaults and options that control the entire account.

You will notice if you click in the left panel there are different categories of company settings. The one we will change is this company and there are different sections in the company settings. We’re changing the company name so you would have to click pencil tool and again you would have to type in cap locks hold in the FRUIT GUY because he sells fruit click save.

See it changed it then click done.

Now when you go back to your dashboard it should say hold in the FRUIT GUY the company that buys and sells fruits.

Congratulations you're all set up and prepared to learn the first educational article that follows this one the topic is non-inventory parts.

 

You can comments in comments section if you have a question about the course or a question about the content or any other issue. I usually get back to pretty quickly and I will give you my best possible answer.  I thank you again for reading the article Setting up Inventory & Reports in QuickBooks Online || Bookkeeper Supporting Services and I hope you enjoy the learning.