Inventory tracking options for QuickBooks Pro 2019. There are many different ways to track inventory using accounting software like QuickBooks Pro 2019. We can enter the inventory into the system and QuickBooks can help us track the inventory. QuickBooks will increase inventory when we purchase and record the decrease when we sell the inventory as well as the related expense in the form of cost of goods sold. Entering inventory into QuickBooks in this way would be using a perpetual inventory system. We could also use a periodic inventory system. We could track the inventory in some other format, such as an Excel sheet and only record the purchase of inventory and not reduce inventory with each sale. Instead we can count the inventory at the end of the day, week, or month and then make periodic adjustments, reducing inventory to our count and recording the related expense on a periodic basis. Finally, if we do not hold a lot of inventory we could just expense the inventory at the time of purchase rather then at the time of sale or on a periodic basis, this method not being proper accrual accounting but is a simple method that could provide the information we need.
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