QuickBooks Inventory – Managing & Tracking your inventory
Get the new video and template for use with QuickBooks 2011 Here: www.youtube.com As I mention in the video you can e-mail me for a free copy of the template, but if you want it right away you can download it in my knowledge center for : nerdenterprises.com View The Original Web Cast | nerdenterprises.acrobat.com For more great QuickBooks Tutorials and information: nerdenterprises.com April 15, 2009 Managing and tracking your inventory When we sell products it is important to understand the dynamics surrounding inventory and particularly how we use QuickBooks for inventory management purposes. QuickBooks average costs inventory and sometimes that is not the most accurate way to value the inventory we have on hand. This web cast goes over a template I designed in MS Excel that lets you take an inventory report from QuickBooks and export it to my template. There are just a few steps involved in managing and updating your inventory using this template: 1.Run the product listing report in QuickBooks. 2.Customize the report to get only the columns you need and re-order them to match the template. 3.Export the report to Excel and copy and paste the exported report into the template. 4.Update your Inventory. 5.Use your ALT + TAB and Copy & Paste to post your Inventory adjustment in QuickBooks. 6.Analyze your inventory statistics in the template. Inventory is one of the more complex areas when it comes to running a business and it is also the part of your business that carries ...
Video Rating: 4 / 5
Filed Under: Inventory Management
@bluesdealer Sorry I didn’t see the e-mail. You can download it immediately for $10 in my knowledge store. Just visit my main website and click where it says “Knowledge Store”. You can also send another e-mail and I try to get to them as often as I can. There is also a newer template that I started using in 2011 which is in there for sale with a new video. That one might work better for you.
I emailed you a couple weeks ago and have not received a reply. Is there a way I can obtain this template?
Thanks.
ATTENTION: I went to w w w. IncomeDocuments.c o m and was able to print current and past W2 forms, 1099 forms and paystubs online for free!
Jeez!!! You startled me. My eardrums just popped! I’ll be deaf fo life!LOL
P.S. Thanks for the vid. Very helpful.
@nerdenterprises Hahaha… Thanks.
@c4r3on Next time I record something I’ll be sure and redline the inputs
Could you please raise the volume a little more so that I can find an excuse to buy a new pair of speakers?
@npadagas408 If you are not using QuickBooks POS then you have 2 choices. Enter individual sales or a daily summary. That depends on you, how much detail you want in QuickBooks and what is practical (ie if there are an exorbitant # of transactions in a day it may only be practical to do the summary). Pro for MAC can handle it. If you enter as a sales rcpt there is no A/R, but you have to deposit the net amount somewhere. It’s more than I can explain right here.
Do you need Quickbooks POS in a retail setting? Or can you use Quickbooks Pro without entering each transactions. With that said. With Pro, do you have to enter a Sales Receipt for the end of day sales then enter a deposit to offset A/R? We are just starting Quickbooks and we are entering information that goes back to 2010. We have the MAC version. Is it pretty much the same as the Windows version? Thank you!
@TheSugarplum770 The COA or Chart of Accounts is a list of all of your accounts – your bank accounts, income accounts, expense accounts. These are the accounts that appear on your financial reports like your Balance Sheet and your Profit and Loss.
The item list is essentially your product list. these are the things you sell or otherwise charge for. The “Items” that appear in your item list each have to be linked to one of the accounts in your chart of accounts. Usually income or inventory.
What’s the difference between COA and item lists. Please explain in simple terminology. THanks much
Don’t forget to check out the updated QuickBooks for Inventory with QuickBooks 2011 video. There is an updated template to go with it, which is available for download in my brand new Knowledge Center. The Annotation in this video will link you to the new video and the video descriptions have the links.
@guitaristshobi You are correct. You want to do this by posting an inventory adjustment. Go to Vendors, Inventory Activities, Adjust Quantity/Value on hand. Then update the inventory quantities accordingly. At the top right of the Adjustment screen you will see a place to choose the “Adjustment Account”. This is where you will choose “Cost of Goods Sold”. So you are in effect posting the suggested journal entry, but this way you are keeping your quantities accurate.
Hello, i have a question.. How would i manage some itmes that were loss/Theft out of my inventory? someone suggested to pass an entry this way :
Cost of Goods sold Debit
Inventory Asset Credit
If i do so, my COGS will be increased and of course Inventory asset would be Decreased but how will i Out that quantity from my inventory? please help
@BigCatPaylakers Nope! I didn’t see that. I’ve started working on an updated template and updated version of this web cast using QuickBooks 2011. Make sure you crank your volume ALL the way up! It’s better than rock and roll
Wow, blew my ears off my head, can’t you see your audio is red lining?? Anyways, thanks for the video!!
@nerdenterprises Thanks!
If you visit my main blog you can see my video review of QuickBooks 2011
Check out Fishbowl Inventory. We will be releasing Fishbowl Inventory 2011 soon! Also looking forward to QuickBooks 2011!
inflow inventory is better for inventory but no quite as good for the accounting part, although inflow does monthly updates and is getting better and better every month
@fishbowlinventory
Fishbowl is much more effective then WHSE. WHSE Sucks!
This template looks like a nice addition for QuickBooks users. Check out the YouTube video on how to optmize inventory in QuickBooks by Phitch. It would be a nice and easy addition to this template. Phitch starts at just $13 per month.
Or you can save your money and watch this video which shows you how it is VERY EASY using my template! And I’ll send you the template for FREE!!
If you’re serious about having a better way to do inventory control, but you want to keep QuickBooks, consider Fishbowl as an add-on to QB. All the tediousness of spreadsheets and double-data entry goes away, and you can increase your efficiency and productivity.
We’ve got thousands of companies that started small with Excel spreadsheets, but when you’re ready to grow, look at Fishbowl Inventory.
I have found it to be one of the best – that’s why it’s the #1 used accounting software for small business. Perhaps we can start with a specific question and I can give you a specific answer – then you might start to see how it works and it will hopefully start to make more sense to you.