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Level 3

QuickBooks Projects Center - Inventory

Hello QuickBooks Users,

 

I'm trying to make use of QuickBooks Projects and running into a big road block for me. Seeing if anybody has figured out how to work around. Ultimately I'd like to track inventory used on a project, without putting it in the sales Invoice that is sent to my client. 

 

If I purchase products just for that project and track from initial Vendor Bill It works. But I cant figure out a way to use and track existing inventory I currently have on hand. 

 

It wont let me track an Expense against an Inventory Asset account (not sure why) maybe somebody can explain.  

 

 

Solved
Best answer 10-25-2018

Best Answers
Highlighted
Level 15

QuickBooks Projects Center - Inventory

The only options I know of to allocate inventory costs in QBO projects, is to put the item on an invoice

Some folks use a parts invoice, same invoice number with a -P and list the inventory items, qty and set the sale price for all to zero.

View solution in original post

6 Comments
Highlighted
Level 15

QuickBooks Projects Center - Inventory

The only options I know of to allocate inventory costs in QBO projects, is to put the item on an invoice

Some folks use a parts invoice, same invoice number with a -P and list the inventory items, qty and set the sale price for all to zero.

View solution in original post

Highlighted
Level 3

QuickBooks Projects Center - Inventory

 

Thanks for the reply, I've tried what you suggested and that does adjust quantity in stock, but it doesn't look like it records Cost of Goods Sold on the Project. 

Highlighted
Level 1

QuickBooks Projects Center - Inventory

Hope they will add this future, It does not make sense why i can enter expense from vendor for specific job but I can not do it if I used my own inventory.

Highlighted
Moderator

QuickBooks Projects Center - Inventory

Hello Vadim Plisko,

 

Let me start by saying how much I appreciate you for posting here in the Community. Allow me to provide some insights into the Projects feature in QuickBooks Online.

 

The ability to track inventory used on a specific project is still unavailable at this time. However, there's a workaround available for reports you run on an accrual basis in the QuickBooks system.

 

You can create a zero invoice for an internal purpose only with quantity and zero amount on it. COGS should still show on the project's Overview tab and Project Profitability report.

 

Additionally, I'm personally taking note of your request concerning the inventory tracking on projects. By doing so, we'll be able to determine the improvements needed based on users experiences.

 

Any updates about the setup and tracking of inventory, I'm attaching the article I recommend on this:

 

Targets vs. Sources overview.

 

Please don't hesitate to come here with all of your QuickBooks needs, such as the Projects feature. I'm always here to provide a helping hand.

Highlighted
Level 1

QuickBooks Projects Center - Inventory

Can you provide instructions on how to "create a zero invoice for an internal purpose only with quantity and zero amount on it. COGS should still show on the project's Overview tab and Project Profitability report." 

Highlighted
Level 1

QuickBooks Projects Center - Inventory

Can you provide instructions on how to "create a zero invoice for an internal purpose only with quantity and zero amount on it. COGS should still show on the project's Overview tab and Project Profitability report."

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