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Richard
Richard, Software Specialist
Category: Software
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Experience:  Over 15 year experience in Computers, Mobile devices and Networks
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A quickbooks question: Can I setup an inventory system with

Customer Question

A quickbooks question: Can I setup an inventory system with pictures and price in a quickbooks online version? If so which software will be suitable for this. Basically, I want to simplify a project where I have 300 plus single items that when customer sees the item, check the price, and close the sale. Please answer
Submitted: 1 year ago.
Category: Software
Expert:  Richard replied 1 year ago.

Hi there and welcome

The only version that has this is QuickBooks Online Plus.

Here are some key points it allows

  • The value of an inventory item in your books is the amount you paid for it.
  • Recording the purchase of an inventory item increases the value of Inventory Asset account on your Balance Sheet report by the cost of the item and increases the Quantity on Hand units for that item.
  • Recording the sale of an inventory item decreases the value of Inventory Asset account by the original cost of the item and decreases the Quantity on Hand units for that item.
  • Recording this sale also increases the Cost of Goods Sold account (COGS) by the original cost of the item and increases the Sales of Product Income account by the amount your customer paid you for the item. The difference between the income amount and the COGS amount is your gross profit on that item.

It does allow for a picture as well.

You can see the detailed overview of it here including how to create the item

https://community.intuit.com/articles/1145670-inventory-overview-and-setup

If you would like any additional information or assistance, please do not hesitate to let me know.

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Thank you