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Setting Up and Inventory Tracking in QuickBooks Online

Setting Up and Inventory Tracking in QuickBooks Online

Do you know the process to set up and track inventory in QuickBooks Online plus and advanced? Well, we can help you with that. QuickBooks Online has everything that you need in order to manage your inventory. You can track what’s on hand, and further get alerts when it is time to restock and check insights on what you buy and sell. Not just that, but you can also enter non-inventory products and services so that you can add them to the sales forms quickly. Well, this segment is curated to help you in successfully setting up and tracking inventory in QBO. Thus, make sure to stick around this segment or connect with our technical team at +1-844-499-6700, and our certified ProAdvisors will help you with your queries.

Note: The inventory features are available only for QuickBooks Online Plus and Advanced. Thus, if you have not upgraded to plus or advanced, then upgrade QuickBooks plan to start tracking your inventory.

Also Read: How to Change Service or Inventory Item Types in QuickBooks?

Steps to set up and track your inventory in QuickBooks Online

Step 1: Turn on Inventory tracking in QuickBooks

In case you haven’t yet, simply turn the settings so that you can add your inventory using the steps below:

  • The very first step is to head to the settings tab and choose account and settings
  • After that, choose sales tab
  • Now, select edit in the products and services section
  • The next step is to turn on show product/service column on sales forms
  • You can also turn on price rules in case you wish to set up flexible pricing for the things you sell
  • After that, turn on both track quantity and price/rate and further track inventory quantity on hand
  • The user will then have to select save and done

How QuickBooks handles inventory account?

QuickBooks considers the first items you purchase as the first items you sell. Accountants consider this method as first in, first out i.e., FIFO. In case you are not moving from average costing or a product that uses it, then let the IRS know you are switching to FIFO.

Step 2: Add your inventory products

You can simply add your inventory items along with other products and services you sell into QuickBooks. This further lets you quickly add them as line items to sales forms. The steps to add inventory, service items, and non-inventory are different.

Also Read: How to Turn off Sales Tax in QuickBooks Online 

Add products you want to track as part of inventory

You need to follow the steps to add inventory items. These are products you sell that let you set and track the product quantities.

Add products and services you buy or sell, but don’t track as part of your inventory

QuickBooks will not track quantities for these items:

  • Perform the steps to add service items. These are the services that you sell to the customers
  • Perform the steps to add non inventory items. These are the things that you buy or sell but don’t track as inventory
  • Carry out the steps to create bundles. These bundles let you group multiple products or services together.

Step 3: Keep a track of what sells

After you set up all inventory products, track them when they sell. This can be done:

  • Create an invoice in QuickBooks, if you will get paid later
  • Now, add a sales receipt if your customer paid on the spot
  • Learn how to apply for QuickBooks payments

QuickBooks further decreases what’s on hand by the amount on the invoice or sales receipt.

Check what’s on hand and what’s on order as you work

You need to check what’s on hand and what’s still on order, as you work on an invoice, sales receipt, or another type of transaction. You simply need to hover your pointer over the quantity you entered for an item to check for more info.

In case you set reorder points, QuickBooks will also let you know when something’s running low. Also, in case you set a low stock alert, the software will let you know when something’s running low.

Set up and track your inventory in QuickBooks Online

Step 4: Restock your inventory

QuickBooks will tell you when it is the time to restock. You can order inventory right in QuickBooks. And further track what you get from vendors and what’s still on order. After you are done, the quantity on hand automatically increases by the number of items you get.

Step 5: Use Reports to Check Status of the Inventory

You need to access the reports to instantly see the best sellers.

Also Read: Fix Damaged Transactions in QuickBooks Desktop 


Towards the end of this segment, we believe that the information discussed above might be of great help in setting up and inventory tracking in QuickBooks Online. However, if you have any queries, then connecting with our technical support team is suggested. We are a team of certified QB ProAdvisors who work round the clock to provide the best assistance. For more queries dial +1-844-499-6700.

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Close Your Books in QuickBooks Desktop

Close Your Books in QuickBooks Desktop

Want to close your books in QuickBooks desktop? Well, this is now possible, as we have curated this segment sharing the complete steps that you can implement to close your books in QuickBooks successfully. You can close your accounting periods to ascertain that old invoices from invoice don’t accidentally update the old accounting periods in QuickBooks. It is possible to close your books at the end of every fiscal year. Also, QuickBooks creates automatic adjustments in preparing for the coming year. To find out the entire procedure to close books in QuickBooks successfully, make sure to read this segment. Or you can further get in touch with our technical support team at  +1-844-499-6700.

Read Also: How to Resolve QuickBooks Reporting Problems?

Year-end adjustments QuickBooks desktop makes automatically

QuickBooks Desktop carries out year-end adjustments based on the fiscal year start month. Let us understand that:

  • QuickBooks adjusts the income and expense accounts at the end of the year to nullify them and let the user start the new fiscal year with zero net income
  • QuickBooks further makes an adjustment entry to net income. Like, if the profit for the year was $12000, the equity section of the balance sheet shows a line for a net income of $12000 on the last day of the fiscal year
  • On the first day of the fiscal year, the QuickBooks increases the retained earning equity account by the previous year’s net income and decreases the net income by the same amount. This will start new fiscal year with a net income of zero.

Important Points to close books in QuickBooks Desktop

Before you close the books, keep a check on the following points:

Advantages to closing the books

Restricted access: The user can create a closing date password in order to restrict access to data from the prior accounting period, that includes the details of every transaction. The user needs to find out the closing date password and have the right permissions to modify or delete transaction in a closed period.

Reporting: Note that the changes made after the closing date to the transactions dated on or before the closing date show in the closing date exception report.

  • To run the report and move to the report’s menu
  • Furthermore, select the accountant and taxes and further select the closing data exception report
  • The closing date history shows the current and past closing dates and the user who set the closing date.

Also Read: Find QuickBooks License Number – Quick Steps

More about closing books in QuickBooks Desktop

  • Note that the closing entries are made after recording all the adjusting entries. And when the books are closed, the user isn’t supposed to enter any entry for the fiscal year.
  • There are certain programs that restrict the user from making any entry even if that entry corrects or makes the books accurate
  • QuickBooks lets the user to enter transaction that affect the balance of the closed fiscal year. But it either tells the user that it isn’t something we recommend or it will ask for the closing date password if you set up one.
  • QuickBooks doesn’t have an actual transaction for closing entries that it creates. After you run a report, the program computes the adjustments. However, the user can’t QuickZoom on these transactions. The adjustments are termed as closing entry.
Close books in QuickBooks Desktop
  • Note that closing entries are the entries made at the end of the fiscal year to transfer the balance from the income and expense account to retained earnings. The user aims at zero out the income and expense accounts, and then add the fiscal year’s net income to retained earnings.
Close your books in QuickBooks Desktop

Steps to close the books in QuickBooks Desktop

You can try performing the below steps to close books in QuickBooks easily:

  • Initiate the process by heading to QuickBooks and further click on edit and preferences tab
  • Choose accounting tab and select the company preferences tab
  • The user will then have to click on the set date/password tab.
Close books in QuickBooks desktop -set date
  • You need to enter the date you wish the books to be closed and set the password and click on ok tab
  • After that, the closing date will be set
  • No invoices edited prior to the particular date will sync into QuickBooks
  • If an invoice from the closing date or earlier syncs, you will get a notice to let you know that the period is closed
  • Lastly, the sync process is successful, though the invoice did not get updated in QuickBooks

You might find this helpful: Sign In to QuickBooks Online Account


Now that you know what is the process to close books in QuickBooks desktop, it is time to implement the steps right away. However, if you fail to do so for some reason, then contacting our QuickBooks support professionals might help. You can dial our tech-support number i.e.,  +1-844-499-6700, and our certified QuickBooks ProAdvisors will help you with your queries.

Other Related Articles:

Fix Damaged Transactions in QuickBooks Desktop 

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Deposit Payments into Undeposited Funds Account in QuickBooks 

Undeposited Funds in QuickBooks

Find QuickBooks License Number – Quick Steps

Find QuickBooks License Number – Quick Steps

If you reinstall or install QuickBooks desktop, you need a product and license number to access the software. At times, one might not be able to find the product number. Using an incorrect license number can drag you into registration errors in QuickBooks Desktop. So, in such a scenario, you can find quickbooks license number by performing a bunch of steps. QuickBooks lets you find important product information for QuickBooks and connected products including product name, product number, version, license number, and release. In this segment, we will help with how to find QuickBooks license number and other related information and get access to QuickBooks. For more details, make sure to abide by the article, or you can also connect with our technical support professionals at +1-844-499-6700, in case you need any sort of technical guidance.

Read Also: How To Check The Product Version And Release Of Your QuickBooks?

Find your QuickBooks product number, license number, version, and release

If you are an accountant or ProAdvisor who is on a PAP i.e., ProAdvisor Program software bundle, then here are the steps that you need to follow:

  • Initially, you need to sign in
  • Once done with that, choose products and services and further show more products and details
  • The next step is to choose PAP Enterprise Software Bundle and click on Details.
  • You now have to go for Show More and then click on Intuit QuickBooks Desktop Accountant Plussubscription current version, in order to view the license and product information of the latest version.

Find QuickBooks License Number for QuickBooks Desktop (Pro, Premier, or Enterprise)

If you are a QuickBooks Pro, Premier, or Enterprise user, then here are the steps that you need to follow:

  • To begin with, open QuickBooks Desktop.
  • Once done with that, press F2 key
  • You now have to search for the product name, product number, and license number in the product information window.
  • Followed by, search for your release at the end of the product name.

Note: In case you bought a digital version of QuickBooks from Intuit’s website, then you can find your product info in the original purchase confirmation email. Whereas, if you purchased QuickBooks from a retail store, then you need to look for the label on the package next to the UPC code.

Till the time your product is registered with Intuit, you can get access to your info online. You can visit Intuit CAMPS to get the product and license number. In case you haven’t registered your product any further, then you might be able to find the license number using these steps. You can therefore use the QuickBooks product number lookup.

  • You need to search for your version in the version used on the file section. The list is sorted by date with the most recent version at the bottom and the oldest one at the top.

Also Read: How to Fix QuickBooks Freezing Problem in Desktop?

Steps to find license number and product information for QuickBooks Basic and Enhanced Payroll

  • The very first step here is to open QuickBooks Desktop
  • After that, head to the employees menu and choose payroll center
  • The next step is to choose the payroll tab.
  • And also you will see your version in the subscription statuses window

Steps to find the license number for QuickBooks Desktop for Mac

  • You need to first open QuickBooks Desktop for Mac.
  • After that, head to the help menu and then choose Product information.

Also Read: How to Manage Your Account, Products, and Subscriptions in QuickBooks?


Now that you know what steps are required to find license number in QuickBooks, it is time to implement the steps manually. Just in case you have any queries, or if you need any sort of technical guidance at any point in time, feel free to connect with our technical support team at +1-844-499-6700, and we will provide you with immediate support and assistance.


More helpful articles:

How to Fix QuickBooks Point Of Sale Invalid Product Number – Error 176109?

How to Register or Activate QuickBooks Desktop?

QuickBooks Downloads Desktop – Complete Guide

How to Fix Intuit QuickBooks Error 31:SE_ERR_NOASSOC?

How to Fix Intuit QuickBooks Error 31:SE_ERR_NOASSOC?

QuickBooks Error 31 : SE_ERR_NOASSOC is a unique error experienced by QuickBooks users. This error can be a bit confusing for QuickBooks users, as it is a bit tricky to handle. There is no definite reason why such an error shows up. However, you might experience this issue at any time such as, while installation, updating or upgrading it. However, it mostly appears while opening payroll reports in Excel. It may slow down your work and impact your productivity. But the good thing is, QuickBooks Error code 31 is fixable.

To help you tackle the QuickBooks error 31, here we are with this article, sharing the quick solutions for the same. Make sure to read this article till the end, or you can further connect with our technical team at +1-844-499-6700, and let them help you with the issues further.

Read Also: What are the important tips for QuickBooks bank reconciliation?

What is QuickBooks Error Code 31?

This error mostly appears while opening payroll reports in Excel. Other occasions when this issue may crop up are when you install the software, update it, launch it, sync it, try to open it, delete or remove a file, export a file, print something, or import or add accounts on Microsoft Windows 7, 8, 8.1 or 10. A malicious software, corruption in software, or hardware malfunctioning may trigger this error.

Another major reason behind the occurrence of this error may be the lack of affiliation in QuickBooks report layouts and Excel. A damaged Microsoft Office establishment may also cause Intuit QuickBooks Error Code 31.

Steps to Troubleshoot Intuit QuickBooks Error Code 31

This article is aimed to assist you fix QuickBooks Error Code 31. Here are the steps you can follow (in the given order) to resolve this issue.

  1. The very first step is to find out the reason of this error and that may be with computer equipment, windows, internet connection, security software, or with any third-party software.
  2. To start with, you can check if the Windows operating system is working properly. If your Windows OS is not updated, it may create issues.
  3. Remove all security software that you may have installed recently.
  4. Turn off the Firewall.
  5. Ensure that you haven’t opened any other application while you are trying to fix Intuit QuickBooks Error 31.
  6. In case the application was working fine lately with your security software, check if the security software is updated.
  7. Remove or uninstall and application or software that you have installed of late.
  8. Make use of Windows Explorer to explore the file where error message is found.
  9. Now, double-click the file where error message is found, and you will receive a prompt requesting you to choose a program to connect the file.
  10. Select Excel and click Ok to connect the format with Excel and you should be able to successfully open the payroll report.

Read Also: How to Fix QuickBooks desktop for Mac errors?

Winding Up!

Toward the end of this segment, we hope that the information discussed in above might be of some help in getting rid of the QuickBooks error 31. In case the issue still persists, you can contact QuickBooks error support team. You can contact our experts at +1-844-499-6700 for quick and precise solutions. We are available round the clock and offer you the best services that your business deserves.


FAQs Related to QuickBooks error 31:SE_ERR_NOASSOC

How Do I fix a QuickBooks error?

You can run QuickBooks install diagnostic tool to fix common install issues using the steps below: 
Open QuickBooks tool hub and further choose installation issues. 
2. You then have to choose QuickBooks install diagnostic tool 
3. After the tool finishes, reboot the system and start QuickBooks and further open the data file.

How do I fix a bank connection in QuickBooks?

You need to first move to bookkeeping and choose transactions. After that go for bank transactions. Also, choose update now link from the Let’s fix this bank connection banner. And perform the onscreen prompts to update the connection.

How do I fix a locked file error in QuickBooks Desktop?

You can check for multiple host computers and stop hosting on all workstations. 
1. The first step is to open QuickBooks. 
2. And then, from the file menu, choose utilities tab. 
3. Also, close QuickBooks. 
4. Repeat the steps above on all workstations that do not host the company file. 
5. The last step is to open QuickBooks try doing the task that caused the issue.

How do I repair a QuickBooks backup file? 

The first step is to move to the file menu and further hover over the utilities tab. You can also choose the rebuild data option. And perform the necessary fixes for the same. 


Few other helpful articles:

QuickBooks File Doctor tool to Repair Damaged Company Files

Fix QuickBooks Unrecoverable Error

Steps to disable merchant services in QuickBooks desktop for MAC

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