How to record Beginning Inventory and Ending Inventory?

Hey there, @faasconsultant-g.

I'm here to share with you some insights about recording beginning and ending inventory in QuickBooks Online (QBO).

We can create an inventory account to record your opening balance in QBO. 

Here's how:
 

1. Go to the Accounting menu.
2. Select Chart of Accounts, and then click New.
3. Click the Account Type drop-down arrow, and then choose Other Current Assets.
4. From the Detail Type drop-down arrow, choose Inventory.
5. Type in the appropriate account name.
6. From the When do you want to start tracking your finances from this account in QuickBooks? drop-down arrow, choose Other.
7. Select a date, and then enter the amount.
8. Click Save and Close once done.
   
    

You can check this link for more information: Enter opening balances for accounts.

While the ending inventory formula is Beginning Inventory + Purchases – Sales = Ending Inventory. Beginning inventory plus purchases is referred to as the cost of goods available for sale. The goods are either sold or remain in the ending inventory. When items are sold, the current cost is moved from inventory into the cost of goods sold (COGS) account.

I've also added this link about adding inventory products in QBO: Add inventory products in QuickBooks Online.

Additionally, I'm including this reference that is helpful in checking the best sellers, what’s on hand, the cost of goods, and more among all of your items: Use reports to see your sales and inventory status.

Feel free to drop a comment below if you have other questions. I'm always happy to help. Take care!