10. Lesson 4: Setting Up Inventory Any business that purchases items ready for resale keeps an of items on hand for sale. QuickBooks uses the to determine the value of inventory, which equals the total cost of the items currently in stock divided by the number of items in stock. Before you can track inventory, you need to verify the inventory tracking fea- ture is turned on in the window. For you to track inventory, you must enter each product into the as an inventory part. When you use QuickBooks to manage your inventory, you will be able to track the of items you have in stock and the of your inventory after every purchase and sale. The window allows you to enter the product you want to order, the quantity, and the vendor. You may receive items with a or without a attached. The window allows you to enter information for inventory parts received. The window allows you to specify the payment method (check or credit card), a date range through which to pay bills, and which bills to pay. The window allows you to enter the adjustment account and either the New Quantity or the Quantity Difference