An Inventory Part is one type of Item and is maintained on the Lists->Item List menu selection.
See our article on all of the Item types supported by QuickBooks for more information.
Generally speaking, Items are designed to pre-fill invoicing and purchasing forms. An Inventory Part represents an item that your firm keeps on hand for sale to customers. It can be stocked and sold on its own or included as part of an inventory assembly.
Here’s a screenshot of the QuickBooks Item List showing a range of inventory parts:
QuickBooks tracks certain information that apply only to Inventory Parts. Fields tracked only for Inventory Parts include:
- Quantity On Hand
- Quantity On Purchase Order
- Quantity On Sales Order
- Reorder Point
- Asset Account
Some fields are tracked both for Inventory Parts and other item types, such as Inventory Assemblies and Non-Inventory Parts. Some – but not all – of these fields also may be tracked for other item types if you select the checkbox This item is used in assemblies or is a reimbursable charge. These fields are:
- Quantity On Pending Builds
- COGS Account
- Preferred Vendor
The above screenshot shows a mix of inventory parts and sub-items of inventory parts. This structure is often described as a “parent child relationship”, where a sub-item is a child of its parent. While both parent and child items are labeled as Inventory Parts, QuickBooks only tracks quantity information for sub-items (i. e., child items) when this structure is used. It does not aggregate information for parent items where sub-items exist for that parent item.