I am new to QBO and Inventory. We currently purchase raw materials and those raw materials are then put together by another Vendor. This vendor also does the packaging and shipping of the finished products.
I need to show the Raw Materials purchased (have set up a Raw Materials Asset account), and then I need to show that raw material moved from that asset account to a Finished Materials asset account. When sales are made , COGS are recorded and Finished Materials decreases by the same amount.
End result trying to get a more accurate inventory valuation on Financial Statements.
I hope this makes sense. Any suggestions to very simply do this is much appreciated.
Thank you in advance
