How Inventory Works in Quickbooks Online (QBO)

If you want to use the Inventory module in QBO, you need to have the QBO Plus subscription or higher. If you need a new QBO account, make sure you get the best deal on QBO for a full year here: www.claracfo.com/QBO

Inventory is anything that you buy from vendors (or make yourself) and sell to customers. Knowing how inventory works in QBO can help you track, measure, and report your inventory correctly. This video will help you understand how inventory flows through QBO.

0:00 Inventory overview
1:20 Screenshare of QBO - where to find inventory
2:34 Creating new inventory items
7:36 Selling inventory items - invoicing
8:40 Accounting effect of selling inventory
9:49 Buying new inventory - bills
12:00 Accounting effect of buying inventory
14:54 What to do as you scale
16:50 What QBO level has inventory?

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Hannah Smolinski is a #CPA and the Founder of Clara CFO Group. Find out more about Clara CFO Group at https://claracfo.com/


Disclaimer: This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience.

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