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When you have inventory records in the QuickBooks maintained, it helps in keeping a track of the sales and availability of the products at a particular point in time. While you shift completely to QB Online, you have to import the inventory data safely and accurately to your new software platform, right?
To ensure the inventory is properly imported in QuickBooks, you have to follow different steps, falling into two different categories, one of which is to ensure the Inventory Tracking option is enabled. The option when turned on will make the import and update process for the inventory easier using an Excel sheet.
Steps of Import Inventory into QuickBooks
Step 1: Prepare a Spreadsheet
- Go to Insert option in the menu bar
- Click on Worksheet
- Enter Inventory in column A of the excel sheet
- Make sure to add this for each item on the spreadsheet
- Make column B, enter the item’s name
- In column C, add a description for the item
- For column D, E, and F, have Sales Income, Cost of Goods Sold, and Inventory Asset as your field names respectively
- In column G, enter the quantity or column in which the inventory items are available
- Add the cost of each item in column H. Use standard format – 0.00 and not use the dollar sign.
- In the Column I, enter the sales price
- For column J, add the number of units to be left in stock before being notified to order additional items.
- Column K should be left blank. This will be for the total value of the inventory on the basis of its cost per unit. This will be done automatically when you are using QuickBooks
- Column L will contain the date when the inventory presently in stock would affect your accounts. The format should be DD/MM/YYYY
- In column M, add manufacturer part number. It’s optional
- Put all the details under specific columns for each item that you deal with
Step 2: Import Inventory in QuickBooks and Update
- Go to the File menu
- Click Utilities
- Choose Import
- Choose Excel Files
- Go for Advanced Import
- Click on Browse to locate the Excel sheet you want to import
- Choose to Open
- Choose the worksheet containing the required data
- Uncheck the This Data File Has Header Rows box
- From the drop-down, click on Choose Mapping
- Choose Add New
- Enter Inventory Report under Mapping Name column
- Choose Import Type
- Select Item
- Choose to Save
- Review the items properly and once reviewed, import them
Though the steps are clearly mentioned, there are chances of you being stuck in the process while importing inventory in QuickBooks.
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