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Inventory

Inventory. 2014. Topics. QuickBooks Tools for Tracking Inventory Setting up Inventory Parts Items Calculating Average Cost of Inventory Invoicing for Inventory Items Purchase Orders Entering Bills for Received Inventory Adjusting Inventory Setting up Group Items Inventory Assemblies

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Inventory

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  1. Inventory 2014

  2. Topics • QuickBooks Tools for Tracking Inventory • Setting up Inventory Parts Items • Calculating Average Cost of Inventory • Invoicing for Inventory Items • Purchase Orders • Entering Bills for Received Inventory • Adjusting Inventory • Setting up Group Items • Inventory Assemblies • Inventory Reports

  3. QuickBooks Tools for Tracking Inventory

  4. Tracking Inventory with QuickBooks • PerpetualInventory • Average Cost method • Not first-in, first-out (FIFO) (Enterprise Only) • Not last-in, first-out (LIFO)

  5. Activating the Inventory Function

  6. Setting up Inventory Items Parts

  7. Calculating Average Cost of Inventory • Each time you sell inventory items • The average cost per unit is multiplied by the number of units sold • This amount is deducted from the Inventory Asset account and added to the Cost of Goods Sold account

  8. Selling Inventory Items • When you sell inventory, always use an Invoice or a Sales Receipt to record the sale • This ensures that QuickBooks updates your inventory records and your financial reports at the same time

  9. Purchasing Inventory • Two ways of purchasing inventory: • Pay for items at the time of purchase using check or credit card • Use the inventory ordering and receiving process

  10. Purchase Orders • Use Purchase Orders to track inventory purchases, and to easily determine which items you have on order

  11. Receiving Shipments Against Purchase Orders

  12. Creating Open Purchase Orders Reports • This report shows the total dollar amount for all openpurchase orders, not just the open balance of each Purchase Order

  13. Checking Purchase Order Status • To check the status of a purchase order or to change or cancel it, edit the purchase order directly • The whole PO remains “open” until all items are received

  14. Entering the Final Shipment • When the final shipment arrives, enter another Item Receipt

  15. Entering Bills for Received Inventory • Select the Vendors menu and then select Enter Bill for Received Items

  16. Handling Overshipments • If your vendor ships more than you ordered on a Purchase Order, you have three choices • Refuse the extra shipment and send it back without recording anything in QuickBooks • Receive the extra shipment into inventory and keep it (and pay for it) • Receive the extra shipment into inventory, send it back and record a Bill Credit in QuickBooks

  17. Handling Vendor Overcharges • If the vendor refunds your money: • Add the refund directly onto your next deposit • Code the deposit to the account and class you used when you recorded the overcharge on the bill • If the vendor sends you a credit memo: • Enter a Bill Credit • Code the Bill Credit to the account and class you used when you recorded the overcharge on the bill

  18. Adjusting Inventory • QuickBooks adjusts inventory with each purchase or sale of inventory • Inventory can also be manually adjusted in case of: • An increase or decrease in the value of your inventory on hand • Change quantity of inventory items

  19. Setting up Group Items • Group Items allow you to bundle products and/or services on sales forms

  20. Inventory Reports • Inventory Item QuickReport • Inventory Stock Status by Item Report • Inventory Stock Status by Vendor Report • Inventory Valuation Summary Report

  21. Inventory Item QuickReport • Generated from the Item List • Report for specific item

  22. Inventory Stock Status by Item Report • A quick snapshot of each inventory part, and the number of units on hand and on order • Inventory turnover, showing a column for sales per week

  23. Inventory Stock Status by Vendor Report • Inventory parts on hand and on order • Sorted by the Preferred Vendor field in the item

  24. Inventory Valuation Summary Report • The value of your inventory items as of a certain date

  25. Summary • QuickBooks Tools for Tracking Inventory • Setting up Inventory Parts Items • Calculating Average Cost of Inventory • Invoicing for Inventory Items • Purchase Orders • Entering Bills for Received Inventory • Adjusting Inventory • Setting up Group Items • Inventory Assemblies • Inventory Reports

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