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To set up inventory in Jonah's beverage system, create two SKUs for each item: one for kegs/bottles and one for shots/pints/glasses. In the club inventory files, select the club and area, then add a new SKU for the bottle/keg. Include the SKU number, item name (with "bottle" included), category, and cost. Repeat this process for shots/pints/glasses with a separate SKU. This ensures accurate tracking and management of your inventory.