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3150bcstore-gmai
July 30, 2020
Question

How can I record my opening balance for my inventory account?

  • July 30, 2020
  • 1 reply
  • 0 views
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1 reply

M
Maybelle_S
July 30, 2020

Hey there, @3150bcstore-gmai.

 

We can create an inventory account to record your opening balance in QuickBooks Online (QBO). 

 

Here's how:

  1. Go to the Accounting menu.
  2. Select Chart of Accounts, and then click New.
  3. Click the Account Type drop-down arrow, and then choose Other Current Assets.
  4. From the Detail Type drop-down arrow, choose Inventory.
  5. Type in the appropriate account name.
  6. From the When do you want to start tracking your finances from this account in QuickBooks? drop-down arrow, choose Other.
  7. Select a date, and then enter the amount.
  8. Click Save and Close once done.

You can check this link for more information: Enter opening balances for accounts.

 

I've also added this link about adding inventory products in QBO: Add inventory products in QuickBooks Online.

 

Feel free to drop a comment below if you have other questions. I'm always happy to help. Take care!

H
hosbrook41
March 23, 2021

Hello!

I want to add Inventory accounts so that I don't have just one BIG list of inventory. I want to add Stemmed Wine Glasses, Stemless Wine Glasses, etc. My questions are:

 

1.) Since I have already been tracking my inventory, what do I put for an opening balance, and from what date?

2.) Should I make it a sub-account of Inventory?

 

Thanks for your help in advance!

Mary

Angelyn_T
Angelyn_T
March 23, 2021

Hi, @hosbrook41.

 

I'm here to share with you some insights about managing inventory items as well as products and services in QuickBooks Online.

 

Inventory and accounts are two different features in QBO. Thus, they have a different setup from your file. You can create your accounts through the Chart of Accounts. Then, link it to your items from the Products and Services.

 

Here's how to add a new account:

 

  1. Open your QBO account, then click on Accounting at the left pane.
  2. Click on Chart of Accounts.
  3. Pick the account type, detail type, then enter the name of the account.
  4. For the balance, you can enter the account's balance depending on the following option.
    • Beginning of the year
    • Beginning of the month
    • Today 
    • Other
  5. Hit Save and Close.
  6. Repeat the steps to create another account.

 

Once done, you can go to the Products and Services window to set up your inventory items.

 

  1. Go to the Gear icon, then select Products and Services.
  2. Hit New, then click on Inventory Item.
  3. Fill in the item details (name, category, initial quantity on hand, as of date).
  4. Set the correct accounts under the Income account and Expense account section.
  5. Click on Save and close.
  6. Do the same steps for other inventory items.

 

For more tips about accounts and inventory items, I recommend checking out these links:

 

 

On the other hand, please feel free to open the topics from our help articles for more hints and resources while working with QuickBooks in the future. 

 

Let me know how else I can assist you with setting up your QuickBooks accounts and inventory items. I'm always here to help. Have a good one!

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