QuickBooks Inventory – Tracking Finished Goods – Part 7

Posted by on May 2, 2011 in Inventory Module | 0 comments

In starting off this next segment on inventory and the tracking of finished goods, I must let you know that you will need the Premier or Enterprise Solutions edition in order to create inventory assemblies. QuickBooks Pro will not do this for you.

Also, if you are a manufacturer of a unique item, then there are other products on the market that would be better for you. QuickBooks does not track inventory throughout a manufacturing process. To find out about those software products just contact me.

QuickBooks Premier does let you track the building and the sale of finished goods using assembled items. These items are created using the same icon and steps you should be familiar with, if you have been following this site.

There is a bit of difference in these type of inventory items, in that when you define them, you also tell QuickBooks how many of each is needed to create the finished product. You can then keep track of how many items are left in your stock after a sale, on order, cost of goods sold and of course the value of the inventory.

Your decision with these items, is whether to create them as a group or as inventory assemblies.  Both of these will appear as a single entry on a purchase or sales form.

Group items can be useful in entering if that item is made up of  several different types of items. Confused, stay with me and I’ll explain.

Say you sell a display which contains a number of different items, but those items are also costed separately. What you could do is create a group, which contains for example: 16 or item A, 12 of item B and 14 of item C. The cost of the display would be sold at set price but QuickBooks would know how many of A, B and C items to remove from inventory when you sell that display as a group.

You could also have QuickBooks print that group as individual items on the invoice if the Customer required that. That picture of the invoice came out really light but it does say plumbing group on first line and the second line is the tax.

Now if you have a Cusotmer that has a lot of groups on an invoice then you could just print the group as a single item instead of cluttering up the invoice with pages of items. On screen you would be able to see the separate line items that make up this group.

This group item also save you time in entering, since it comes as a one line item with the all the details of what it is comprised of.

Once again this is very light but the invoice does have the three items which make up this plumbing group, listed individually along with their cost.

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