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I run a small construction company. We bulk purchase common materials & supplies to get better supplier pricing and general convenience. Example: Box of caulking tubes or bundle of rebar. Up until now, they were simply added under the COGS expense account, and used as we went from job to job. I'm now using the Projects module to better dig into project specific costing, and want to associate as best as we can those materials cost to a specific customer / job. More specifically, account for the pre-purchased items as assets until they're actually consumed and converted into COGS. Anything we buy and use immediately for a job is already costed directly to that project.
I have the inventory and purchasing modules turned on, have created items, and stocked some inventory from supplier invoices. What I cant figure out is a workflow of how to consume those materials from inventory into COGS for a particular Customer/Project. We don't "sell" any items to customers as everything we do is on fix cost contracts. We just use the items out of our internal inventory, or go and purchase one-off items for the specific job.
I've heard people say "purchase the inventory from yourself and cost it to your customer" but I cant figure it out. All the inventory examples I've found online are for retail type environments buying and selling actual stock items.
Hello TDogg,
Welcome back to the QuickBooks Community. I love the amount of detail you've gone into here as it's allowed me to see what kind of setup you're looking to have when using QuickBooks Online's inventory system. I'll be happy to go over this with you.
The program's inventory tracking keep things simple when it comes to entering and handling items in the Products and Services section of your account. With that in mind, it's also important to note that it's not built for complex inventory and non-inventory tracking like your business needs. You can learn more from the articles below.
In light of that, I recommend checking in with an accountant to learn if there's a way you can configure our system to do what you need. The My Accountant tab makes it even easier to connect with an accountant by providing the option to invite someone you're working with already on as a user or the option to click the Find a pro to help button to search for QuickBooks-savvy professionals near you.
Another option is to take a look at the third-party applications available in the Apps tab of your account. There, you can use keywords such as "inventory management," or whatever else you'd like, to find what's available for you to connect to enhance what the program has to offer.
Finally, feel free to submit your feedback about QuickBooks Online's capabilities by following the steps here: How do I submit feedback? As we continue to grow the software, feedback from users like you can help us learn what's important to business owners and bookkeepers.
Best of luck!
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