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May 1, 2023
Question

How do i record opening stock of over 350items worth over £35000 , how do i reconsile that on quickbook and under what section do i do that ?

  • May 1, 2023
  • 1 reply
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I have just registered the business and have these stocks as opening stock already , wishing to get that money paid for the goods as the business makes sales

1 reply

May 1, 2023

Hi, georgino. 

 

I have some information that will help you track items and open stocks in QuickBooks Online.

 

If you buy and sell products and services but don't keep track of them as stock, you can set them up as product and service items. 

 

Here's how:

 

  1. Go to Get paid & pay, then Products & services.
  2. Click on New, then choose Non-stock or Service.
  3. Add a name for the item.
  4. From the Category ▼ dropdown, select the category that best describes your product or service. 
  5. Select the I sell this product/service to my customers checkbox. If you don't sell the item, you can leave it unchecked.
  6. Enter a description. This is what your customers will see on their sales form.
  7. Enter an amount in the Sales price/rate field. If you charge a variable rate for services, you can leave the Sales price/rate data field blank. Add the price when you fill out the invoice or sales receipt.
  8. Pick the Income account ▼ dropdown and the account you want to use to track the sale.
  9. If you need to track sales tax, select tax from the Tax▼ dropdown. 
  10. Once done, hit Save and close.

 

You can find more information about the setup in this article:: Add product and service items to QuickBooks Online. This includes instructions for adding a service or purchasing information if you want to keep track of how much you spend on a product or service.

 

Otherwise, If you want to track product quantities, add them as stock items, these links below will guide you through the setup:

 

 

Furthermore, you can also use and add the product and service to your invoices, sales receipts, and other sales forms to track your income and expenses.

 

Let me know if you have other questions or concerns about item stocks in QuickBooks. I'd be happy to assist.