What if you need to create a sensible list of product numbers and codes for your inventory list before you even set it up in QuickBooks?

QuickBooks Inventory Setup

Download the template here!

The first thing to do is to set it all up in MS Excel with the right columns laid out in the right order. The important thing to remember when you are setting up your inventory in QuickBooks is that there are certain pieces of information that are required to be filled out:

Item Name

COGS Account (Cost of Goods Sold Account)

Income Account

Asset Account

The fields above are what are absolutely required of you to import your inventory into QuickBooks, however..

I suggest adding a couple of others if you are importing your inventory item(s) for the first time. So the actual list should look like this:

Item Name

Subitem of

COGS Account (Cost of Goods Sold Account)

Income Account

Asset Account

Cost (per unit)

Sales Price (Per Unit)

Quantity on Hand

Total Value

When you watch the video you will see that the last field “Total Value” is calculated. You will also notice that these numbers come in as errors. I suspect it’s because when you are copying and pasting from MS Excel you are really pasting in a formula. The value does translate, but you will have to go in and click on each one to confirm that the result in there is really what you want. Once you do that, QuickBooks will except the data and let you save the items to your Inventory Parts Item List in QuickBooks. You can avoid this before you copy and paste from MS Excel, here’s how:

Select the items in the total value column that have numbers in them. Make sure that you leave at least one row in there with the formula still intact and not included in the selected cells.

Press CTRL + C to copy the range.

Then without doing anything so the same range is still selected paste the values. This will overwrite the formulas with the actual values.

Then you can copy the whole range over to the add/edit multiple list entries in QuickBooks.

With a little bit of planning you can easily set up your inventory in QuickBooks.

 

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