All Entries Tagged With: "Inventory Cost"

Paying a Bill Before Receiving Inventory in QuickBooks

Buying inventory is simple in QuickBooks. Create a purchase order, receive the items, enter the bill, pay the bill. Simple! Sometimes things don’t occur in this nice sequence, and it isn’t always obvious what the best procedure would be. What if you have to pay the bill before you have received the items? In this article I’ll give you some suggestions as to how to handle this situation.

QuickBooks Inventory Quantity and Value Adjustments

If everything is working perfectly in your QuickBooks company you won’t need to worry about making inventory adjustments. You will receive inventory items, sell inventory items, possibly even build inventory items (assemblies), and everything will balance out. If that describes your company, great! For the rest of us, though, there are times when we will need to make inventory adjustments. The most common question I run into here is “do I make a quantity or a value adjustment?”

Reconciling QuickBooks Inventory Balances

An important part of controlling your inventory is to make sure that your company financial statements match your inventory status. The inventory asset balance in your Balance Sheet should match the value in the Inventory Valuation Summary report. Unfortunately, these values don’t always match, and in this article I’ll talk about some reasons why this can happen, and ways to reconcile your inventory balances.

Shipping Costs and QuickBooks Inventory

What is the “cost” of an inventory item that you purchase? For many businesses we talk about the “landed cost” of the item, which can include not only the purchase cost of the item, but also the shipping cost of the item. In this article I’ll talk about a few ways to handle this in QuickBooks.

The landed cost of an item is usually considered to be the cost of the product plus any relevant logistics costs, such as transportation, warehousing, handling and so forth. The can also be called the  total landed cost or net landed cost.

Understanding QuickBooks Inventory Cost

If you are using QuickBooks to manage your inventory, you need to understand how QuickBooks deals with the cost of inventory items. I’ve been answering a lot of questions about this in the Intuit Community Forums lately, so here is a quick rundown of how things work.

Importing Inventory with Excel

There are a number of reasons why you may want to use Excel to import items to your item list in QuickBooks: Converting a list from another program, making copies of existing items, bulk addition of a new product line, and more. Today I’m going to give you an overview of how to use Excel to manipulate the item list.