Comments on: New Feature! Inventory Quantity Tracking

By: Robert

Robert — Mon, 02 Aug 2010 18:37:38 +0000

Inventory tracking based on location PLEASE!!

By: Sheelah kaye Stepkin

Sheelah kaye Stepkin — Fri, 18 Jun 2010 20:07:47 +0000

Inventory Tracking?????? WHAT ABOUT PROGRESSIVE INVOICING…….. ???? DON’T YOU GET IT???? what good is tracking our inventory if I can’t progressively invoice my clientele?

By: ywoolever

ywoolever — Thu, 17 Jun 2010 22:53:08 +0000

After all the input above, now the inventory goes live, I believed! Please let me know.
The webinar supposed to be today at 10PST but QBOE was down.
When the webinar will be resceduled?

Thanks.

By: Theresa Esposto

Theresa Esposto — Tue, 06 Apr 2010 13:57:36 +0000

Thank you – yes it does! And per your recoomendation, I will keep it simple and do exactly as you suggest.

By: BullwinkleJMoose

BullwinkleJMoose — Mon, 05 Apr 2010 15:31:48 +0000

see the follow on post…

By: BullwinkleJMoose

BullwinkleJMoose — Mon, 05 Apr 2010 15:29:39 +0000

I recommend you keep it simple – use one inventory asset account, one cost of goods sold account, one sale-of-product revenue account, as well as one single money account such as checking.

If you have a lot of transactions, you can simplify your life by treating low-cost, low value items as incidental, and merely expensing them when purchased (In QBO, this just means using an item for which quantity-on-hand is NOT turned on – then they’ll automatically be expensed when purchased.)

For the rest,
When you purchase it, credit cash/checking and debit inventory asset by the purchase amount.

When you sell it, make two pairs of entries:
1. debit cash/checking by the amount you receive, and credit sales-of-product-revenue also by the amount you recieve.
2. credit inventory asset and debit cost-of-goods-sold by the amount the item actually cost you.

To be consistent with how QBO does things, determine the item cost by using a first in, first out approach, which simply means if you make multiple purchases transactions, then use the earliest ones first when transfering from inventory asset to cost-of-goods-sold.

Another approach would be to enter the transactions into QBO using 2010 dates, print out your financial statements, DELETE all those transactions, and then enter journal entries reflecting the aggregated financial impact on all accounts as if the transactions had occured in 2009.

Hope this helps. I haven’t filed my 2009 taxes yet, either.

By: Theresa Esposto

Theresa Esposto — Mon, 05 Apr 2010 10:17:32 +0000

I love the new Quantity on Hand and inventory tracking feature but I’m doing a lot of retroactive entries to close out the books for 2009. I need to add starting inventory and track it through the end of 2009. Right now I get the following error message: “You cannot create an inventory start date for an inventory product earlier than the first day of the first month of Tax Year 2010.” Since the feature is now available, why can’t I use it for 2009? If it’s not possible, what is the best way for me to track inventory for 2009? I see people above use Excel. I guess I can do that. Do I credit my Inventory Account? Would I create Inventory sub-accounts for all products? What if I don’t have any associated COGS for start up inventory, e.g., I inherited inventory after I was given the company by an investor/owner? Do I debit Partner’s equity?

By: Alan

Alan — Mon, 01 Mar 2010 02:53:53 +0000

Upon closer inspection, perhaps I could use the item “name” field as my combined mfg/part# field and this would meet my needs as long as the field allows enough characters.

By: Alan

Alan — Mon, 01 Mar 2010 02:50:03 +0000

Another useful tool in inventory management would be a field that helped determine the physical location of the items on hand. For example a field labled “Bin #” or “Location”.

By: Alan

Alan — Mon, 01 Mar 2010 02:41:26 +0000

I am considering QBO for my business, but the inventory system is going to be the deal maker or deal breaker.

Inventory on hand is a must, but another basic requirement for me is a part # field in addition to a description field. For example I sell and stock hundreds of belts. The product description is the same for many different products. For example there could be dozens if not hundreds of items with a description “drive belt”.

My current system allows three entries to help manage the products. They are 1.) “item category” a 3 digit field which I usually use to identify the brand or manufacturer. 2.) “part number” which I usually use to store the manufacturer’s part number. 3.) “Description” which I use the same way as in the examples of QBO to put a general description like “drive belt”.

I suppose I could get by without the “item category” by just prefixing the part # with the category in the same field. QBO of course already has a “description” field. But I just can’t do without a field for the part number.

Is there a chance there will be a part # field to accommodate such applications in the near future?