QuickBooks Online Plus: how to add beginning inventory quantity on hand

There is no way to upload the inventory list from Excel spreadsheet or transfer from QuickBooks desktop. Will need to enter one inventory item at a time.

•Click “Gear” icon (located top right hand corner next to company name)
•Select “Product and Services” from Lists menu
•Click “New” button
•Select checkbox “I track on hand for this product…”
•Enter quantity under “Initial Quantity on Hand”
•Enter “as of date”
•Enter “Price/Rate”
•Enter “Cost” ==> IMPORTANT DATA
It will add Inventory as debit to Inventory Asset (current asset) account and credit to Opening Balance Equity account.

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