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How to Import Inventory Into QuickBooks

    Import Inventory into QuickBooks

    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

    Total Time: 30 minutes

    Prepare a Spreadsheet

    πŸ’  Go to Insert option in the menu bar
    πŸ’  Click on Worksheet
    πŸ’  Enter Inventory in column A of the excel sheet
    πŸ’  Make sure to add this for each item on the spreadsheet
    πŸ’  Make column B, enter the item’s name
    πŸ’  In column C, add a description for the item
    πŸ’  For column D, E, and F, have Sales Income, Cost of Goods Sold, and Inventory Asset as your field names respectively
    πŸ’  In column G, enter the quantity or column in which the inventory items are available
    πŸ’  Add the cost of each item in column H. Use standard format – 0.00 and not use the dollar sign.
    πŸ’  In the Column I, enter the sales price
    πŸ’  For column J, add the number of units to be left in stock before being notified to order additional items.
    πŸ’  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
    πŸ’  Column L will contain the date when the inventory presently in stock would affect your accounts. The format should be DD/MM/YYYY
    πŸ’  In column M, add manufacturer part number. It’s optional
    πŸ’  Put all the details under specific columns for each item that you deal with it.

    Also Read: How to Produce Physical Inventory in QuickBooks

    Import Inventory in QuickBooks and Update

    πŸ’  Go to the File menu
    πŸ’  Click Utilities
    πŸ’  Choose Import
    πŸ’  Choose Excel Files
    πŸ’  Go for Advanced Import
    πŸ’  Click on Browse to locate the Excel sheet you want to import
    πŸ’  Choose to Open
    πŸ’  Choose the worksheet containing the required data
    πŸ’  Uncheck the This Data File Has Header Rows box
    πŸ’  From the drop-down, click on Choose Mapping
    πŸ’  Choose Add New
    πŸ’  Enter Inventory Report under Mapping Name column
    πŸ’  Choose Import Type
    πŸ’  Select Item
    πŸ’  Choose to Save

    Review the items properly and once reviewed, import them

    Final Words

    In such a scenario, you are free to call our representatives on QuickBooks support phone number  and they will guide you through the process.

    Don’t forget that we are available to assist you 24/7. Call us anytime and get guidance.