Home > Inventory, QuickBooks Tutorials, Setting up Your Company, Web Casts > QuickBooks Inventory – Manufacturers Inventory Assembly Items

QuickBooks Inventory – Manufacturers Inventory Assembly Items

Watch the web cast here: http://nerdenterprises.acrobat.com/p97547554/

When you sell inventory (products) there is a good chance you are in the business of making the products you sell, which means that you buy some products and then use those to create a new, finished product. QuickBooks provides for this using something called “Inventory Assembly Items”. When this happens you need to account for the original inventory you purchase, called Raw Materials and then you have to account for the transfer of that inventory into the final product, called Finished Goods. QuickBooks does have its weaknesses where inventory is concerned, but this represents an improvement along those lines. When you use a properly formatted Excel Template in conjunction with QuickBooks, it can work out very well.

In summary:

  1. Raw Materials inventory are the components that make up your final inventory. These are set up as regular inventory assembly items.
  2. Once the raw materials are used they go in to create “Finished Goods Inventory”. These items are called “Inventory Assembly Items”.
  3. When you first set up the inventory assembly items they will deduct quantities from the component inventory counts.
  4. After that you have to manually transfer quantities from the items to the Assembly items.

 

Watch the web cast here and feel free to ask questions by commenting on this blog post:

http://nerdenterprises.acrobat.com/p97547554/

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