Question regarding Inventory Items and quantities

Thanks for visiting the Community today, @billhdz. I've got two options for you to handle your inventory items in your QuickBooks Desktop (QBDT) for Mac program.

The first option you can utilize is what you've mentioned above. You can set up a parent item for POSTER_SALES and make POSTER_SALES_WHOLESALE and POSTER_SALES_RETAIL inventory items as a subitem of POSTER_SALES. Here's how:

1. Create a parent item named POSTER_SALES. If you won’t be using the parent item on invoices and sales forms, leave the rate or price of the parent item at zero. 
2. For the subitem, add a new item or edit an existing one.
3. Select the Subitem of check box and choose the name of the parent item. 
4. Be sure the Type of the subitem is the same as the parent item.
5. Click OK.

Another option you can use is to create a group item. 

1. Choose Lists > Items. Click the + menu at the bottom of the list and click New Item. 
2. In the Type field of the New Item window, choose Group. 
3. In the Group Name/Number field, enter a name or number for the group item. 
4. In the Item column, select the items that you want to include in this group.
5. In the Qty column, enter the quantity you want QuickBooks to enter for each individual item when you use the group item on a form. If you do not enter quantities, QuickBooks assumes that the quantity of each item is 1.

Please keep in mind that if you change the quantity for the entire group, QuickBooks automatically adjusts the quantities of the individual items and recalculates the amount for each item. If you change the quantity of an individual item, the quantities and amounts of the other items remain unchanged.

Additionally, here's an article that answers the most frequently asked questions about managing your items: Add, edit, and delete items.

Please don't hesitate to add details below if there is anything else I can do for you. I'll be there to help. Stay safe and enjoy your day.

@Kevin_C 

Thanks for the reply!
Here is a better sample illustrating what I am trying to do in Quickbooks ( see attached image ).

Base on this image shown, how can QUICKBOOKS somehow use the Qty on Hand of 42 in WCT_PostersW and share it with WCT_PostersR  if I set up a PARENT ITEM ( POSTER_SALES ) and make WCT_PostersW and WCT_PostersR a subitem of POSTER_SALES?

Thanks again!

Thanks for your follow-up, billhdz, and I appreciate you for clarifying your concern regarding inventory items and quantities in QuickBooks Desktop Mac.

Based on your scenario, you can enter an inventory quantity adjustment. Here's how:

1. Go to Vendors, select Inventory Activities then Adjust Quantity/Value on Hand.
2. Click Adjustment Account to choose the expense account where you track inventory loss and shortages. If you need to assign the expense to more than one account, enter a separate adjustment for each account.
3. Select Items or Find/Select Items to select inventory item(s) to adjust.
4. Enter the new quantity of each inventory item in New Qty or value in New Value. You can also enter the quantity or value difference in Qty Diff or Value Diff. To enter a difference that reduces the quantity or value, type a minus sign before the number (for example, -25).

For more information, refer to this article: Adjust your inventory quantity or value in QuickBooks Desktop for Mac.

The Community is around 24/7 if you need anything else.

@Nicole_N  @Kevin_C 

Thank you Nicole.  Hi Kevin.

So, there is no way for Quickbooks to pull from inventory by sharing this inventory with two items by setting up a PARENT ITEM ( POSTER_SALES )?  I would have to keep making adjustments as I sell the same item RETAIL or WHOLESALE?

In other words, if I buy 50 posters ( same artwork & product ) to sell WHOLESALE and RETAIL, and I never know how many will sell at WHOLESALE or RETAIL, when I receive that inventory of 50 posters, I have to apply it to one only, for instance: the WCT_PostersW inventory item and keep moving some to WCT_PostersR as needed when they sell as retail?

@Nicole_N  @Kevin_C 

Sometimes, I am not good explaining things LOL.  Here is an image explaining what I mean.

I appreciate your effort in coming into this thread and sharing a detailed screenshot, billhdz. Let me provide additional information when handling inventory items in your desktop for Mac account.

As mentioned by my colleagues above, setting up a parent item for POSTER_SALES and making WCT_PostersW and WCT_PostersR a subitem, adjusting these items would be the best option in tracking your inventories on hand and keeping your inventory status accurate. Thus, sharing the quantities available from the subitems created isn't possible to roll up to the parent item.

With that, I recommend adjusting the quantities of the sub-items when making a sale of your posters accordingly. To guide you with the detailed steps, I suggest following the insights shared by Nicole_N, above.

In addition to that, since these items or products are sold similarly and quantities aren't fixed yet when selling wholesale or retail, you'll need to apply only one inventory item and keep moving some to the other sub-item as needed.

Moreover, I'm including this resource to help you review your business finances and verify your physical inventories: Create reports in QuickBooks Desktop for Mac.

I'll always be available anytime in this forum if there's anything else you need assistance with in handling inventories in your account. Just keep me posted below, so I can get you covered. Keep safe and have a great day ahead!

Thanks @FateCandylaneT 

I guess I misunderstood @Kevin_C on his post above that says:

"Please keep in mind that if you change the quantity for the entire group, QuickBooks automatically adjusts the quantities of the individual items and recalculates the amount for each item. If you change the quantity of an individual item, the quantities and amounts of the other items remain unchanged."

I thought that I could assign the total inventory quantity to the group ( PARENT POSTER_SALES ) item so that all the sub items (  WCT_PostersW and WCT_PostersR  ) can pull from inventory as I sell them.

Is this possible?

Thanks

Yes, it is, @billhdz. I'll be happy to walk you through the process of setting up your inventory items so they share quantities in QuickBooks Desktop (QBDT) for Mac.

If you haven't yet, create an Inventory Part item for the Poster_Sales and make sure to enter the Quantity On Hand value. Then, create two groups for WCT_PostersW and WCT_PostersR. Here's how:

1. Go to Lists and select Items.
2. Click the + menu at the bottom and select New Item.
3. Select Group for the Type. 
4. Enter the Group Name/Number as WCT_PostersW (wholesale).
5. In the table below, select the Poster_Sales you created as an Inventory Part under the Item column and enter the Qty as 1.
6. Click OK.

Repeat the same steps above to create another group item for the WCT_PostersR (retail). I'll share a screenshot below for your reference. Please know that the image attached is for QBDT Windows, but it may also apply to QBDT for Mac.

Additionally, you can run reports in QBDT to gain valuable insights into your inventory. 

Should you have further questions concerning your inventory quantities, don't hesitate to drop the Community. Our team is available 24/7 to answer your queries. Stay safe, and have a great rest of the day!

Hi @JaeAnnC 

Thanks for the help.
 
I already have these set up, and one of them ( WCT_PostersW ), already has the total inventory on hand of 42.
( SEE IMAGE ATTACHED A.jpg ).
 
The question would be, how do I remove the 42 posters from WCT_PostersW, and apply it to a PARENT ( POSTER_SALES ) so that WCT_PostersW and WCT_PostersR share that quantity and pull from the 42 as I sell them when creating invoices?
 
The file I attached before "explanation.jpg" illustrates what I am trying to do.
 
This is what's confusing me. Thanks

@JaeAnnC 

Here is what the inventory items look it in Quickbooks.  file B.png

Thank you for getting back to us, @billhdz.

You can set up your adjustment account, you can adjust a product’s quantity, value, or both. 

To adjust your inventory: 

1. Go to the Vendors menu and select Adjust Qty/Value on Hand.
2. Enter the name of the expense account where you track inventory loss and shortages. If you need to assign the expense to more than one account, enter a separate adjustment for each account. You can enter additional adjustments by clicking Next instead of OK.
3. Enter the new quantity of each inventory item whose quantity has changed. You can also enter the new quantity by entering the difference in the Qty Difference column. To enter a difference that reduces the quantity, be sure to type a minus sign before the number (for example, -25).
4. If you need to, edit the value of the inventory after adjusting the quantity. Most businesses can accept QuickBooks’ recalculation of the value, which is based on average cost. When you edit a value, you change the average cost of the items in stock. To edit the value, select the Value Adjustment check box. In the New Value column, enter the value for each inventory item whose value you want to change.

Refer to this article for more information: Adjust your inventory quantity or value in QuickBooks Desktop. 

From here, you can run Inventory Valuation Summary report to take a look at your inventory status reports and make sure everything looks good: Customize reports in QuickBooks Desktop. 

Let me know if you need more information or help with your inventory. I'm always here to help. Have a wonderful day!

@MJoy_D 

So I make the adjustments and zero out the current 42 posters from WCT_PostersW and create an Inventory Part item for the Poster_Sales ( as a PARENT ITEM ) and add the 42 posters to this parent item so that whenever I enter an invoice and quantity sold it pulls from Poster_Sales which have WCT_PostersW and WCT_PostersR in it as sub items?  Is this what @JaeAnnC  is explaining in her post?
 
Thanks

@Nicole_N 

Excuse my ignorance with this.

Following your instructions, in Adjustment Account I don't have an expense account for track inventory loss and shortages.  If I need to create one, what's a good name for it?  I never had to do this before.  I guess Quickbooks didn't create one to start with.

Thanks

@Nicole_N @MJoy_D @JaeAnnC @FateCandylaneT @Kevin_C 

Following @Nicole_N instructions based on all the comments, when I need to select "Adjustment Account", I was under the impression that it would be "Cost of Goods Sold", but when I select "Cost of Goods Sold" from the drop down menu, Quickbooks pops up a message that says "The account specified for the adjustment is neither an income nor an expense account. It is common to offset the change in inventory value to an income account if it is a gain, or an expense account if it is a loss."

Shouldn't it let me pick "Cost of Goods Sold"?

Thanks

Thanks for coming back, billhdz.

Yes, we'll need to create a separate account in your chart of accounts to track your adjustments. In the Other Account Types ▼ dropdown, choose Cost of Goods Sold. This way, it will give you that account type for adjustments. Here's how: 

1. Go to Company and then Chart of Accounts.
2. Select the Account ▼ dropdown, then New.
3. From the Other Account Types ▼ dropdown, choose Cost of Goods Sold.
4. Name this account “Inventory Adjustments”, and then Save and Close.

Once you set up your adjustment account, we can now adjust a product’s quantity, value, or both. Let me guide you on how: 

1. Click Vendors and then Inventory Activities. Then, select Adjust Quantity/Value on Hand.
2. Choose Inventory and then select Adjust Quantity/Value on Hand
3. Tap the Adjustment Type ▼ dropdown, then select Quantity, Total Value, or Quantity and Total Value. Select the adjustment type option and then select your adjustment account.
4. Enter the Adjustment Date.
5. Select the Adjust Account ▼ dropdown, then select the adjustment account you set up.
6. Add Reference No. You can also assign a customer, job, or class.
7. Select Find & Select Items. Select the items you want to adjust. If you have a lot, search for any product in the Find field.
8. Select Add Selected items.
9. Add a new quantity or new value (or both) for each item. It helps to check the quantity difference when recording a quantity adjustment. The difference should be negative if you’re recording a decrease in quantity. If you’re recording an increase, it should be positive.
10. Press Save and Close.

As always, since all businesses are unique, you may wish to reach out to your accountant for additional guidance to ensure the on what account you need to apply when tracking your adjustments. To know your inventory status reports and make sure everything looks good, please follow the instructions below: 

1. Go to Reports and then Inventory.
2. To check your product’s value, select the Inventory Valuation Summary. To check your product’s quantity, select the Inventory Stock Status by Item.
3. Look for the items you adjusted and make sure everything is correct.

I want to make sure I've got you covered. You can click the Reply button below for follow-up questions and clarifications about handling your inventory items. I'll be in touch.

Thank you @RCV 

This worked.

The only thing I didn't see on the options was the Adjustment Type option as stated on the instructions here:

"Tap the Adjustment Type ▼ dropdown, then select Quantity, Total Value, or Quantity and Total Value. Select the adjustment type option and then select your adjustment account."

I wonder why I did not get that option?  SEE IMAGE ATTACHED to see that Adjustment type was not there.

But I was able to click on the quantity fields and adjust the quantities.

Thanks again.

Hello there, billhdz.

I'm delighted that my colleague's suggested information worked. However, I'd like to clarify the processes given to ensure that the quantities and values of your products are adjusted correctly and accurately.

Please know that the steps outlined above are for QuickBooks Desktop for Windows. To modify your inventory quantity or value using Mac, you can follow the steps below.

In QuickBooks 2024:

1. Go to the Vendors menu at the top and select Inventory Activities. Then, Adjust Quantity/Value on Hand.
2. Choose Adjustment Account to select the expense account where you track inventory loss and shortages. If you need to assign the expense to more than one account, enter a separate adjustment for each account.
3. Select Items or Find/Select Items to choose inventory item(s) to adjust.
4. Enter the new quantity of each inventory item in New Qty or value in New Value. You can also enter the quantity or value difference in Qty Diff or Value Diff. To enter a difference that reduces the quantity or value, type a minus sign before the number (for example, -25).

For QuickBooks 2023 and older, you can refer to this article to see the process: Perform a physical inventory in QuickBooks Desktop for Mac.

In case you need to view what's new and improved in the latest updates to QuickBooks Mac Plus 2024. you can read this article: Release notes for QuickBooks Mac Plus 2024.

You can always count on me if you have more questions about managing your products and services in QBDT for Mac. I'd be glad to hear more from you in the comment section, billhdz. Take care and enjoy the rest of the day.

I am using QuickBooks Desktop 2021 for Mac.

I want to take a moment to THANK:

@GenmarieM, @RCV  , @ChristieAnn , @MJoy_D , @JaeAnnC , @FateCandylaneT, @Nicole_N, and @Kevin_C

for being patient with me and helping me with my question.

THANK YOU!!!

This is so great to see, billhdz. I'm really glad you found the answers you were looking for here in the Community. You know where to come if you ever need a hand again in the future. Take care!

Hello billhdz, from what i read in this thread you never did find a way for QuickBooks to do it automatically? I have QuickBooks Desktop Pro 2020 (Windows) and would like to receive inventory and sell as wholesale and retail out of the same inventory while being able to track sales in each and  not needing to adjust inventory.