Use inventory part items to represent materials or parts you buy, track as inventory, and then resell. You can keep track of how many items remain in stock after a sale, how many items you have on order, your cost of goods sold, and the value of your inventory.
If Inventory Part isn't on the list, you need to turn inventory tracking on. Choose QuickBooks > Preferences and then click Inventory. Select the “Inventory and purchase orders are active” checkbox.
You may use letters or numbers, up to a maximum of 31 characters. The item name you enter here appears on the Item list you choose from while entering a sale or purchase. It prints on invoices, sales receipts, estimates, or purchase orders only if you print Item columns.
QuickBooks uses the purchase cost and purchase description you enter here on purchase orders, and checks, credit cards, and bills you use to pay for this item.
QuickBooks uses the sales description and sales price on invoices, cash sales, and credit memos relating to this item.
Your company assets are the things that your company owns.
QuickBooks distinguishes between two types of assets: