Comments on: QuickBooks Inventory: Initial Balances

By: Charlie

Charlie — Mon, 28 Dec 2009 17:26:12 +0000

Valerie, that all depends on what kind of transaction you used to consume the part in the first place, and why it was returned. Let’s say that you sold this item in an invoice, and it was returned because the person didn’t want it. You could just delete the invoice (if this was the only item on it) and that would return the item to stock and remove the receivable. You could create a credit memo and add the item to that memo – that would create a credit and return the item to stock. If you had used an inventory adjustment to consume it in the first place, you could either delete that adjustment or use the same account. There are hundreds of ways of dealing with it, you have to first look at the transaction that consumed the item and then at the reason for the return.

By: valerie sooy

valerie sooy — Mon, 28 Dec 2009 16:36:19 +0000

Charlie,
Thank you for your help. When I do an inventory adj., which adj. account should I use? My book tells me to use 8220-Inventory Adj., however I do not have that option

By: Charlie

Charlie — Wed, 23 Dec 2009 17:52:04 +0000

Valerie, for the assembly itself, you can either enter a credit memo (if you are reversing out an invoice) or an inventory adjustment.

For the components, that is tougher. You can do individual adjustments if you wish, for each component. Or you can delete the original “build” transaction – but note that this is a bit dangerous for several reasons, and I usually don’t recommend that.

By: valerie sooy

valerie sooy — Wed, 23 Dec 2009 14:31:56 +0000

When an inventory assembly is returned, how do I get it back into stock

By: Charlie

Charlie — Mon, 23 Mar 2009 02:55:18 +0000

I can’t give you a full answer in a simple comment in a blog like this. In addition, I’d need to know a lot more about your situation and business practices before I could give you a good answer. Briefly: Assuming that you still own that inventory that you are giving to the sales reps, and assuming you have the Premier or Enterprise version of QuickBooks, I would consider creating a dummy “customer” record for each sales rep, and then create a sales order for each one. When you give them an item, add it to the sales order. If they return it or sell it, remove it from the sales order. Then all you have to do is to look at the sales order for that rep and you know what they have. Also, if you have your preferences et up properly, the items that are assigned to sales reps are not in your “available” inventory that you can sell (or give to another sales rep), but are still in your “on hand” inventory so that you can still show that you own them.

By: marci

marci — Sun, 22 Mar 2009 20:14:33 +0000

Hi Charlie,

I would like your advise on the best way to keep track of inventory that I give to my sales reps. Basically, I give them inventory, which they go out and sell to stores. How do I keep track of the inventory that I gave them and the inventory that they later sell? i appreciate any help you can give me!

By: Charlie

Charlie — Mon, 09 Feb 2009 20:59:50 +0000

Emelinda: You have several options, it is hard to give you a direct answer via this blog/comment. It depends on how you want to cost things, and control things. If you want to control the amount of each type of material that you have, so you know what exactly you have in stock for planning purposes, you have to create an item for each one (inventory part) and you have to receive that item in the “receive inventory” feature – with bill if you want to track costs. If you want to generalize a bit, you can create an item for each general kind of item. Or, if you aren’t tracking specific costs of specific items, and aren’t tracking quantity on hand, you can just create a generic item for each general type of material as “non-inventory” items, which expenses them when you purchase and doesn’t track quantity.

By: Emelinda C. Palattao

Emelinda C. Palattao — Mon, 09 Feb 2009 14:26:38 +0000

I am using different kinds of materials for every style of dress that I produce. Do I have to immediately codify the item upon purchase? Do I have to give a name for the product/style that I will produce upon purchase of the material? When I buy material do will I use the command received items and bill?

By: Charlie

Charlie — Thu, 11 Dec 2008 22:01:50 +0000

That is a bit off this topic, Lesly, but I’ll give you some ideas.

First, look at the “build” transaction. Is it marked “pending”? If so, the build didn’t take place.

If it isn’t pending, then where are you looking at to see the quantity of the components that were consumed? If you are looking at a report, make sure that the report dates match the date of the build transaction. If the report is dated before the date of the build, the report won’t show the component consumption.

If you still aren’t sure, then find one of the items that should have been consumed, in the item list. Right click on it, display the “QuickReport”. Set the dates of the report to cover the period of time when you issued the build. You should see a transaction for that consumption, with a type of “build assembly”. If that is found, you actually did the build and it is showing up.

By: Lesly J.

Lesly J. — Thu, 11 Dec 2008 21:45:26 +0000

I built an iventory assembly, but I still have those quantities availiable on these items in my inventory list, eventhoug I used the full amounts on that assembly. What did I do wrong? How do I correct this problem?

Please help.
Thanks,
Lesly