Setting up QuickBooks Online with End of the Year Trial Balance
Thank you for your articles; I have learned so much from them.
I have set up my products and chart of accounts in QuickBooks Online. I am about to enter the year end figures on my Trial Balance. My inventory figure is made up of products with SKUs which I need to track. I am wondering how to bring the products into QBO without double-counting -first through the Trial Balance and also by importing the inventory quantities. Could you please shed some light on this?I will appreciate your help.
First, I am so glad that you have found our QuickBooks tutorials helpful. Now onto your question regarding setting up inventory. The best way to setup inventory is to enter the quantity on-hand and the cost when you create the items in QuickBooks. I recommend that you put everything in an Excel spreadsheet and just import it into QuickBooks. I have included instructions below on how to import items into QBO. It will also give you access to download a sample worksheet so that you know how to set yours up.
1. Click on the Gear icon
2. Navigate to the Products and Services (located under the Lists column)
3. Click the arrow to the right of the New button (located to the upper right)
4. Click Import
5. Immediately below the field where you would upload your file you will see a blue link that says “download a sample file”
Make sure that you go to Company Settings and turn on the SKU field. Watch the How To Set Up Products and Services video tutorial to learn how to do this part.
Please let me know if you have any additional follow-up questions.
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