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Mark Rhoa
Jan 6, 2021 9:40 PM UTC
Question

Non-Inventory Items

Hello,

 

We currently buy dies that we use to stamp out gaskets.  We have been entering the dies as non inventory items, which I don't think is correct.  What should we be entering them as?

8 replies

MonicaM3
MonicaM3
Level 5
Jan 6, 2021 10:09 PM UTC

 

Hi @Mark Rhoa,

 

Your company’s Chart of Accounts is as unique as your business. Having said that, I’d recommend asking your accountant about how to categorize the dies. That way, went it comes to tax time, they are reporting correctly.

 

I’d be happy to help with any other questions or concerns, just drop a comment below. I’ll be here!

Mark RhoaAuthor
Jan 7, 2021 4:03 PM UTC

When do Non Inventory items get charged to COG?  After they are bought or after they are invoiced?

MadelynCModerator
Moderator
Jan 7, 2021 6:32 PM UTC

 

I'm happy to help clarify non-inventory items for you, @Mark Rhoa!

 

The Costs of Goods Sold (COGS) account tracks all costs associated with the items you sell, which allows you to calculate gross profits accurately. Generally, COGS is affected only when you sell your items.

 

That means non-inventory items are recorded in your Profit & Loss statement when they're purchased or invoiced. You just need to make sure that purchase information is set up so QuickBooks will track them properly.


Here How:

 

  1. Go to the Lists menu, then select Item List.
  2. Look for the non-inventory item, then double-click it. 
  3. Tick the checkbox labeled This item is used in assemblies or purchased for a specific customer:job.
  4. Enter the necessary information in the cost, accounts and etc.
  5. Press OK when done.

I’ve added resources here to learn more about managing your items in QuickBooks. It has a list of frequently asked questions, along with its answers.

 

Just let me know if you have any additional questions about Non-Inventories. I’m always here to help. Happy New year!

antoncleverence
Dec 12, 2024 5:27 AM UTC

Hello!

It sounds like you're looking for the right way to categorize your dies in QuickBooks. Since the dies are used in the manufacturing process, they might be better categorized as "Other Charge" items or "Fixed Assets" if they’re expensive and have a long lifespan. Non-inventory items are typically used for goods you don’t track in inventory, so this might not be the best fit.

Alternatively, if you're looking for a more robust solution to track inventory, you might consider using Warehouse 15 for QuickBooks. It helps manage inventory in real-time, print labels, and scan barcodes directly from a mobile device.

For more info on Warehouse 15, check out Cleverence Warehouse 15.
https://www.cleverence.com/solutions/quickbooks-warehouse-15/ 

Hope this helps!

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