en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en it en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en es es es en en tr en en en en en en en en en en en en en en en en fr en de en en en en en en en en en en en en en en en en en en en en en en en en en en en fa fa en en en
Clean Air Zones: How Are They Affecting Truck Drivers?
GE Appoints ONYX Insight as Onshore Wind CMS Provider
William Blair Expands Private Capital Advisory Group
Monthly Leasing & Finance Index New Business Volume Up
Should You Invest in Cyber Security for your Business?
Equipment Finance Industry Confidence Eases in Sept.
GE Appoints ONYX Insight as Onshore Wind CMS Provider
William Blair Expands Private Capital Advisory Group
EV Battery Technology Conference and Exhibition 2023
Quickbooks for Inventory Management
How to use quickbooks for inventory management in a manufacturing company.
Tracking inventory is one of the most important aspects of a business in the manufacturing sector. This is primarily due to the complex accounting requirements of businesses in the manufacturing sector. The complexity arises because of the parallel increase and decrease of items and value of components down the chain along with the necessity to include the overhead charges involved in the manufacturing process. This is where software like QuickBooks is useful with its powerful tools for handling inventory.
If you are small business, you do not have to worry about the unwritten rules of manufacturing where the value of labor and factory overheads are also included in the finished-good-item.
How to manage the manufactured inventory in a simple manner?
In the older versions of QuickBooks Premier (as well as QuickBooks Pro), there is no facility of create accounts for inventory of manufactured goods. The goods or items could be clubbed together into single items and presented in the invoice of the customer.
There is one problem in this type of grouping though. There is no way to track the inventory value of the finished goods.
If there is a need to account the manufacturing of inventory items in QuickBooks Enterprise or Premier editions, inventory assembly items can be added to the Item List. The items which are manufactured by the firm can be recorded as a collective item along with its individual components after the product is finalized.
For instance, your firm trades glass bottles along with other peripherals. But during the summer season, your firm also manufactures a student kit comprising of glass bottles, lunch boxes, napkins and tissue papers. Well, here QuickBooks can record the group of full student kit which amalgamates all the component items together.
How to add inventory assembly items?
In the List window, check for the Item List
Select ‘New’ from the drop-down list, after clicking the Item button
In the Type drop-down menu, select the Inventory Assembly
Mention the account which can be utilized to track in case if the item is sold
The description of the manufactured item needs to be stated
Sales Price box must be entered with the cost that is to be charged
Tax Code depicts if there is a sales tax cost involved for the manufactured product
The Income Account can be used to track the income after the product is being sold
Identify the component items along with the quantity
Asset account cab be used to track the current inventory item’s value
Build Point can be specified to make manufacture more items if the count goes below the specified value
Set the On Hand and Total Value box to zero
Enter the date and the details
How to manage multiple inventory locations?
The recent editions of QuickBooks Enterprise consist of a feature called as Advanced Inventory Tracking, which can assist in storing inventories at more than one location.
Here’s the path to reach at Advanced Inventory setting.
Edit –> Preferences –> Items and Inventory –> Company Preferences –> Advanced Inventory settings.
If you are looking for best return of the QuickBooks investment, get move it to the cloud with QuickBooks Enterprise hosting. The software can be either hosted on Microsoft’s cloud desktop or Citrix XenDesktop as per your requirement factors like security, compliance, and agreement.
Previous article4 Steps to Running an Efficient Construction Site
Next articleAdvantages of an Intuitively Designed Borescope
RELATED ARTICLESMORE FROM AUTHOR
Introducing Movement by project44™
Russelectric Offers Customized Switchgear Simulators
Should You Invest in Cyber Security for your Business?
Subscribe to Industry Today
Our digital media platform offers many opportunities for promotion through independent advertising in the digital magazine, banners, sponsored articles, sponsored content in our Resource Center, and independently authored content.
Want to promote your company? Do you have a story to tell? Submit a brief synopsis on the background of your company, your successes and your plans for long-term growth for review by our Editorial team who will contact you to discuss the project further.
Thank you for contacting us.
We will follow up with you as soon as possible to talk about what Industry Today can do about your needs.
Get Featured in the SPOTLIGHT - Reach Your Targeted Audience and Grow Your Business. Learn more About Industry Today.
Thank you! Your subscription has been confirmed. You'll hear from us soon.
Subscribe to Industry Today
Country *--- Select ---AfghanistanAlbaniaAlgeriaAmerican SamoaAndorraAngolaAnguillaAntigua & BarbudaArgentinaArmeniaArubaAustraliaAustriaAzerbaijanAzoresBahamasBahrainBangladeshBarbadosBelarusBelgiumBelizeBeninBermudaBhutanBoliviaBonaireBosnia & HerzegovinaBotswanaBrazilBritish Indian Ocean TerBruneiBulgariaBurkina FasoBurundiCambodiaCameroonCanadaCanary IslandsCape VerdeCayman IslandsCentral African RepublicChadChannel IslandsChileChinaChristmas IslandCocos IslandColombiaComorosCongoCongo Democratic RepCook IslandsCosta RicaCote D'IvoireCroatiaCubaCuracaoCyprusCzech RepublicDenmarkDjiboutiDominicaDominican RepublicEast TimorEcuadorEgyptEl SalvadorEquatorial GuineaEritreaEstoniaEthiopiaFalkland IslandsFaroe IslandsFijiFinlandFranceFrench GuianaFrench PolynesiaFrench Southern TerGabonGambiaGeorgiaGermanyGhanaGibraltarGreat BritainGreeceGreenlandGrenadaGuadeloupeGuamGuatemalaGuernseyGuineaGuinea-BissauGuyanaHaitiHondurasHong KongHungaryIcelandIndiaIndonesiaIranIraqIrelandIsle of ManIsraelItalyJamaicaJapanJerseyJordanKazakhstanKenyaKiribatiKorea NorthKorea SouthKuwaitKyrgyzstanLaosLatviaLebanonLesothoLiberiaLibyaLiechtensteinLithuaniaLuxembourgMacauMacedoniaMadagascarMalawiMalaysiaMaldivesMaliMaltaMarshall IslandsMartiniqueMauritaniaMauritiusMayotteMexicoMidway IslandsMoldovaMonacoMongoliaMontenegroMontserratMoroccoMozambiqueMyanmarNamibiaNauruNepalNetherland AntillesNetherlandsNevisNew CaledoniaNew ZealandNicaraguaNigerNigeriaNiueNorfolk IslandNorwayOmanPakistanPalau IslandPalestinePanamaPapua New GuineaParaguayPeruPhilippinesPitcairn IslandPolandPortugalPuerto RicoQatarReunionRomaniaRussiaRwandaSaipanSamoaSamoa AmericanSan MarinoSao Tome & PrincipeSaudi ArabiaSenegalSerbiaSerbia & MontenegroSeychellesSierra LeoneSingaporeSlovakiaSloveniaSolomon IslandsSomaliaSouth AfricaSouth SudanSpainSri LankaSt BarthelemySt EustatiusSt HelenaSt Kitts-NevisSt LuciaSt MaartenSt Pierre & MiquelonSt Vincent & GrenadinesSudanSurinameSwazilandSwedenSwitzerlandSyriaTahitiTaiwanTajikistanTanzaniaThailandTogoTokelauTongaTrinidad & TobagoTunisiaTurkeyTurkmenistanTurks & Caicos IsTuvaluUgandaUkraineUnited Arab EmiratesUnited KingdomUnited States of AmericaUruguayUzbekistanVanuatuVatican City StateVenezuelaVietnamVirgin Islands (Brit)Virgin Islands (USA)Wake IslandWallis & Futana IsYemenZambiaZimbabwe
Business Type *--- Select ---ManufacturerContractorDistributorPR Company/Advertising AgencyMarketing AgencyMediaConsultingFinancial ServicesService ProviderOther