As you log each buy and sale, QuickBooks Desktop adjusts inventory amounts and values. However, you may need to modify now and then to keep your QuickBooks inventory status accurate. Don’t worry if you don’t know how to do it. We’ll assist you in determining what type of change you require and how to make it.
Please note that you need to update your finished goods inventory? If you don’t need to return an assembly’s pieces to your list, use this method. This is what you can do if you need to “unbuild” an assembly item and restore its components to inventory.
Step 1: Turn on inventory tracking: Make sure to switch on your inventory settings first, if you haven’t previously.
- Select Preferences from the Edit menu.
- Choose your items and inventory. After that, go to the Company Preferences tab.
- Purchase orders and inventory are both active.
- If there aren’t enough goods to sell, choose to Warn. After that, select the type of warning you wish to see.
Please note that if you’re using QuickBooks Enterprise, you can choose from a variety of options. Harmful inventory quantities must be avoided. This aids in the accuracy of your books.
- Select Enable in the UNIT OF MEASURE section if you use a unit of measure to track products. Learn how to use the unit of measurement in QuickBooks.
- When you’re finished, click OK.
Step 2: Assemble the components of your product: Set up all of the parts you’ll need to produce your product after your settings are in order.
- Set up an inventory portion if you want to keep track of a component’s quantity.
- Set up a non-inventory part if you use a component that you don’t (or can’t) track.
- Set up other charge items if you incorporate extra charges or fees in each construct.
Please note that don’t set up the same thing repeatedly. Check your shopping list to check whether any of the items you require are already in your possession.
Step 3: Include the bill of materials for your product: Make a list of all the parts that go into making a single product. This is referred to as your bill of materials in QuickBooks. It allows you to keep track of the inventory parts you put together and subsequently sell. Learn how to create an account of materials and track it.
Please note that you need to create a group item instead of a single item for things you buy or sell together but don’t track as a single item. For instance, a fruit, cheese, or wine gift basket.
Step 4: Create your product: You can begin building your items when you’ve set up all of the pieces and added them to your bill of materials. Discover how to put inventory elements together to create finished things.
Step 5: Keep a record of your sales: Are you ready to begin selling? There are two ways to keep track of each sale.
- If your consumer will pay you later, create an invoice.
- If they paid on the spot, make a sales receipt.
Please note that you need to create sales orders to track backorders if you don’t have enough products developed yet. Turn the sales order into an invoice whenever you have enough things to sell to a customer.
Step 6: Check your stock and pending builds: When it’s time to produce more products, QuickBooks will remind you. You can run reports at any moment if you require a fast overview of your inventory status. Go to Reports and then Inventory to find the information you need.
Step 7: Contact vendors to reorder components: You can place an order directly from QuickBooks if you require additional components. Then you can keep track of what you get from vendors and what you still need to order. When you do, the quantity of each component you have on hand immediately rises by the number of items you get. Send a buy order to your vendor to refill components. Then keep track of what you get.
In conclusion, QuickBooks Desktop software is accounting software that comes along with so many features that make the accounting software one of the leading accounting software. In this blog, you will get to know more about how can you relieve inventory in QuickBooks, so please read the whole blog very carefully till the very end. I hope that this blog was a little help and was worth your time.