How to record inventory in QuickBooks

1
Non-Inventory Part Items in QuickBooks Desktop

• This item type is used for products your company
  buys but does not track. Then, track what you
  receive from vendors and what's still on order.
  An inventory item is a product that is purchased
  for resale and is tracked in Stock and on the
  Balance Sheet. This item is available
  in QuickBooks Desktop and QuickBooks Online. To
  add this as an item, you will need to add a
  new item within the Items app, and
  choose Non-Inventory Part.

2
Inventory' and 'Non-Inventory' products in
QuickBooks

• In QuickBooks, you can't change an inventory item
  to a non-inventory item you can only change it
  to an inventory assembly item.
• On the top menu, click Lists.
• Choose Item List.
• Non Inventory Part Items in QuickBooks Desktop.
• Double-click the non-inventory item.
• Put a check mark on the This item is used in
  assemblies or is purchased for a specific
  customer box.
• Select an expense account on the Expense field.
• Click OK to save it.

3
How to record inventory in QuickBooks

• You credit the finished goods inventory, and
  debit cost of goods sold.
• This action transfers the goods
  from inventory to expenses.
• Since you are not using QB inventory, you must
  use the periodic inventory method.

• Create an asset account called purchases and post
  all purchases of item for resale to that
  account. 
• Periodically, weekly, monthly, etc value the
  inventory on hand, subtract that value from the
  amount shown in the purchases account and do a
  journal entry.

4
How to Track non inventory items in QuickBooks
Source
https//www.businessaccountings.com/
5
Set Up Inventory and Non-Inventory Parts in
QuickBooks

• Write the amount of the company's ending
  inventory in the debit column of the general
  journal. They carry a debit balance. By recording
  the journal entry for bringing the value
  of closing stock into books, we create the asset
  by name Closing Stock a/c. For this we have to
  debit the Closing Stock a/c. The entry is a debit
  to the inventory (asset) account and a credit to
  the cash (asset) account.