QuickBooks for Mac 2014 User’s Guide 182
CHAPTER 8
Selling things
If you’re in the business of selling things, you probably acquire inventory and then sell it to your customers. In this
chapter, I’ll show you how to use the inventory features in QuickBooks and how to track the sales tax you’ll need to
pay for the items you sell.
Inventory
Selling stuff? Great! QuickBooks for Mac's inventory features can help you. Here’s an overview of what you can do
to track Inventory in QuickBooks.
• Set up QuickBooks to track inventory. There are a few steps you need to complete to track inventory in
QuickBooks: turn on preferences, set up your items, and set up your accounts.
• Buy your inventory. Whether or not you use purchase orders, there are three ways to record the inventory items
you receive, depending on how you pay for the items.
o Buy items over-the-counter. Write a check or enter a credit card charge to track this in QuickBooks.
o Receive items without a bill. Enter an item receipt and then enter the bill when it arrives.
o Receive items with the bill included. Receive the items and enter a bill at the same time.
• Sell your inventory. Now that you have inventory, it's time to sell it. You can track your sales in QuickBooks.
o Selling inventory to customers. Sell inventory the same way you would sell other types of items: by writing
an invoice or a cash sales receipt.
o You can summarize sales. If you don't need to track cash sales for each customer, you can record all your
cash sales for a specific period of time on a single cash sales receipt.
• Analyzing and adjusting your inventory. Though QuickBooks adjusts your inventory as you buy and sell things,
you may need to do some things manually.
o Adjusting your inventory. If the quantities change because of, say, fire, theft, or breakage, you need to
adjust the quantity on hand for each inventory item affected.
o Analyzing your inventory. You can use inventory reports, the Items list, and the Purchase Order list to get
information about your inventory.
o Taking physical inventory. You can use QuickBooks to create a worksheet for taking a physical count of
your inventory stock.
To give you a feel for how all of this works together, To see how inventory works, we’ll follow Hannah who has
decided to be her own boss and open a new store, Illusion Supplies.
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