Can I track stock manually?

If you're using QuickBooks Online Plus, you should probably use the built-in stock feature instead of tracking stock manually.  If your version of QuickBooks Online doesn't include the stock feature, you can follow these steps to manually track the value of your stock assets:

1. Create an account to track your stock value:
   1. Go to the Gear Icon and choose Chart of Accounts.
   2. Click New.
   3. Select "Current asset" in the Category Type drop down.
   4. Select "Other current assets" as the Detail Type.
   5. (Optional) Input a unique Name (system default will be "Other Current Asset"), Number, Description, and opening Balance for the account; click Save and Close.
   6. If desired, you can create an account for each type of stock. For example, if you sell used cars and motorcycles, you'd create an account for cars and another for motorcycles.
2. Create an account to track your cost of sales.
   1. Go back to the Chart of Accounts and click New.
   2. Select "Cost of sales" in the Category Type drop down.
   3. Based on the descriptions given pick the closest type of Cost of Sales that matches your situation; if you are not sure use "Other Costs of Service - COS", click Save and Close.
   4. (Optional) input a unique Name, Number, and Description for the Cost of sales item, click Finish.
3. When you purchase stock (using Cheques, Expenses or Bills), use the asset account you created to track its value in the Account field. This "transfers" the money into the asset account, increasing the value of your stock.
4. When you sell stock:
   1. Go to the Plus sign (+) and click  Journal Entry.
   2. On one line, enter a Debit to your cost of sales account for the original cost of the product you sold. Do not use the sales price.
   3. On the next line, enter a Credit for the stock asset account for the original cost of the product you sold.
   4. Click Save.

This Journal Entry decreases the value of your stock (indicating you have less) and increases your Cost of sales.