Question: Can I keep a simple inventory of all shop equipment in QuickBooks Online?
I need to list all shop equipment we have here in the shop. I just need the item and quantity. We do not sell these items so there are no prices involved, its just the equipment we use in the day to day business.
Answer: Yes You Can!
You will need PLUS plan do this tracking. Essentials and Simple Start do not have tracking features.
First, make sure to enable the tracking feature setting ON.
From the home page screen > gear (company gear) > settings > company settings > sales > products and services > tracking features ON (Track quantity and price/rate and Track quantity on hand) > save
Second, create a new dummy Inventory Item called Shop Equipment, then any items you create for the actual “Shop Equipment” (parent) will be marked as sub-items of that dummy Inventory Item.
To create a new item:
From the home page screen > gear (company gear) > settings > products and services > new (upper right corner)
When you create the new items:
- Select “I track quantity on hand for this product” checkbox.
- Enter “Initial Quantity on Hand.”
- Enter “As of Date.”
- Purchasing Information: enter information for more details (optional).
- Cost: DO NOT ENTER A COST (leave it blank for the cost field). Equipment Inventory for this special work-around method in QBO cannot track the cost of the item. If you enter the cost your accounting will be totally messed up. It will add value to the Inventory Asset Account.
You can also create a customized Equipment Inventory Report if necessary.
To create customize report:
From the home page screen > gear (company gear) > settings > products and services > run report (upper right corner)
- Select “Customize” button
- Choose “Change Columns” under Rows/Cloumns
- Add “Create Date” (this will give you information on when this was added)
- Remove not needed columns (like description, price, cost)
- Go to Header/Footer section and change “Report Title” as you need it
- Run Report
- Select “Save Customizations” blue button (if you want to create your own customized report for future use). Next time go to report and select “My Custom Reports, this report will be on the list.
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