Tag: Inventory Cost
QuickBooks 2012
QuickBooks 2012 is coming out this month, is it a good update? The short answer is “yes”, but with my usual cautionary statement of “wait until it matures a bit”. I don’t recommend that you use the “R1” release of QuickBooks in any year – the R1 release is almost like a second stage “beta […]
Item Types in a QuickBooks Bill of Materials
QuickBooks Premier and Enterprise provides us with 11 different item types, of which 5 can be used as component items in an inventory assembly. Which should you use, and why? Each of the item types have their own characteristics and uses.
QuickBooks Inventory Analysis with EZ Analytics
Intuit has been promoting a new class of add-on applications that work with your QuickBooks desktop application, but are accessed via the web. In this article I’ll review one of these applications, EZ Analytics for Inventory, an excellent inventory planning and management tool that will work with your QuickBooks data.
Understanding QuickBooks Total Bill of Materials Cost
In a prior article I talked about the cost and avg cost fields in the item list. In this article I’ll talk about a related value, the Total Bill of Materials Cost which you will see listed at the end of a QuickBooks bill of material.
Dealing with Scrap in QuickBooks Manufacturing
Many manufacturers have to deal with scrap in their manufacturing process. That is, the consumption of component materials beyond what is defined in the bill of materials due to waste, trimmings, left over sections or other variable consumptions. QuickBooks doesn’t deal with this directly. Let’s talk about some ways to handle it.
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 […]
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 […]
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 […]
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 […]
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.
