QB Issue Resolution:

The key here is to select the correct Account Type and Detail Type in order to track inventory.

For creating inventory asset tracking in QBO, here is the right way to create a new account in the Chart of Accounts.

Account Type = Other Current Assets

Detail Type = Inventory

Name = Inventory Asset (this is the default name QBO creates it). Better to keep it that way.

 

Hope this helps!

 

Inventory Asset Account

Resolution for Issue 'I just Started. I added a new product for sale in my retail business. Should its account be Inventory or Inventory Asset? what’s the difference between the 2?' available: Yes (Solved).
Source: Intuit Community forum.

I just Started. I added a new product for sale in my retail business. Should its account be Inventory or Inventory Asset? what’s the difference between the 2?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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