The inventory management feature in QuickBooks Online is a powerful tool designed for QuickBooks Online Plus and Advanced users. It offers a comprehensive set of functionalities to streamline and optimize inventory management for businesses that deal with stock items. Additionally, QuickBooks offers a robust set of inventory and sales reports to help you keep track of your products, monitor stock levels, analyze sales trends, and make informed decisions.
In this article, we’ll explore the various inventory reports available in QuickBooks Online and how to use them effectively.
Inventory Valuation Summary
This report provides a summary of the total value of your inventory, breaking it down by item. It’s essential for understanding the overall worth of your inventory and tracking its value over time. It displays the name, description, quantity on hand, and total value for each inventory item. You can filter it by date to see changes over time.
QuickBooks Online offers different inventory valuation methods (FIFO, LIFO, Average Cost, etc.), and this report helps you see the impact of your chosen method on inventory values.
Sample inventory valuation summary in QuickBooks Online
Inventory Valuation Detail
The inventory valuation detail report provides a more detailed breakdown of inventory values by item. It’s useful for gaining insight into individual product performance. It includes specific information like purchase cost, sales price, quantity on hand, and total value for each inventory item. This level of detail can help you make pricing decisions and identify underperforming products.
Sample inventory valuation detail in QuickBooks Online
Inventory by Location
If your business has multiple locations or warehouses, this report allows you to track inventory by location. You can view quantities on hand, reorder points, and values for each item at different locations. This report aids in optimizing inventory distribution and reducing shipping costs.
Physical Inventory Worksheet
The Physical Inventory Worksheet in QuickBooks Online is a tool designed to help businesses accurately count and reconcile their physical inventory with the inventory records in their QuickBooks Online account. It serves as a valuable resource for businesses in various industries, including retail, manufacturing, and wholesale, where maintaining accurate inventory records is essential for effective operations and financial management.
Sample physical inventory worksheet in QuickBooks Online
Sales by Product/Service Detail
This sales report helps you understand which products or services are generating the most revenue. It lists individual sales transactions by product or service, showing quantities sold, sales amounts, and more. By analyzing this report, you can identify your best-selling items and adjust your inventory levels or marketing efforts accordingly. Over time, this report can help you spot trends and seasonal fluctuations in your sales data.
Sales by Product/Service Summary
The Sales by Product/Service Summary report in QuickBooks Online is a financial report that provides a summary of your sales revenue grouped by the various products or services you offer. This report offers a quick overview of your income generated from each product or service, making it easier to assess which items are driving your sales and revenue
Incorporating these top inventory reports into your workflow in QuickBooks Online can significantly improve your inventory management, help you make informed decisions, and ultimately contribute to the overall success of your business.