A.3.5a Create an Inventory Product with Quantity
- 26 steps
Start in the Sample company.
1
To complete this exercise, you must be in the Sample company. From your QBOA account, click on the Gear icon on the top right corner of the screen, then select Sample company.
Note that you will be logged out of your current account. If you are sure, click "Continue" to confirm.
The Wrong Way
First we'll need to recreate Craig's error in the Sample company.
2
From the left navigation bar, hover over Sales, then select "Products & services".
3
Click "New".
4
Click "Inventory".
5
In the Name field, type "Cherub".
6
In the Category field, select "Fountains".
7
In the Initial quantity on hand field, type "10".
8
In the "As of date" field, select today's date.
9
In the Sales price/rate field, type "300".
10
In the Cost field, type "125".
11
Click "Save and close".
Because he entered an initial quantity, QBO created a balancing Opening Balance Equity entry. Let's take a look.
12
Click "Accountant Tools".
13
Click "Chart of accounts".
You may need to click "See your Chart of Accounts" if this is your first time visiting the Chart of Accounts in the Sample company.
14
On the Opening Balance Equity row, click "View register".
