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To set up a beverage inventory system in a nightclub, you need two SKUs for each item – one for the bottle or keg and one for the shots, pints, or drinks. Start by going to club inventory files, choose your club and area, and create a new SKU for the bottle. Assign a category, cost, and name with "bottle" for easy identification during counting. Repeat this process for shots, glasses, or pints to effectively track inventory and sales.