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Level 2

Use Sales Price / Rate to determine sales value of inventory

I would like to take my on hand inventory and estimate its potential sales value based on the sales price I entered when setting up the products in QBO.  Is there a way to do that in QBO or do I have to down load data and calculate it in excel?

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Best answer September 15, 2020

Best Answers
Moderator

Use Sales Price / Rate to determine sales value of inventory

Thanks for getting back to our forum, @MarkJR,

 

Having the option to show the sales price, units and the value of your inventory all in one report is a great preference to add in our program. While this is currently unavailable, I have a workaround you can try.

 

You can use the Physical Inventory Worksheet to show the total stocks in the warehouse alongside with its sales price. Here's how to generate it in QuickBooks Online:

 

  1. Click the Reports menu, then find Physical Inventory Worksheet in the search field.
  2. On the report, tap the cogwheel icon to display the filters.
  3. Make sure to mark both boxes for Qty On Hand and Price.
  4. Once done, click anywhere to close the filters.
  5. Now that you have the information to get the total value of your inventory, export the report manually to Excel. From there, add a column called Potential Sales then the formula to get it.

To guide you further on how to use our reports, use the following article: Run reports in QuickBooks Online.

 

Let me know if you need additional help with this or anything QuickBooks related. I'll be right here to assist you at any time. Have a nice week ahead!

View solution in original post

5 Comments
QuickBooks Team

Use Sales Price / Rate to determine sales value of inventory

I can help you set up your items with their sales price, MarkJR.

 

When you create an item you have the option to enter the sales price or rate and the income account affected. We also have available reports where you can keep track of your sales with the correct data.

 

Let's turn on the inventory feature first to track your quantity and price/rate and inventory quantity on hand. 

 

  1. Go to the Gear icon and click Accounts and settings.
  2. From the left menu, click Sales.
  3. Select the Products and services section and turn on the Track quantity and price/rate and Track inventory quantity on hand.
  4. Click Save and then Done.

After that, we can start setting up your items with the correct details. I'll show you how:

 

  1. From the Sales menu, click Product and Services.
  2. At the upper-right, click New. Select the type.
  3. Enter the details of the item and there are fields that need to be entered such as the Initial quantity on hand and the As of date.
  4. In the Sales price/rate field, enter the current amount, and the Income account affected.
  5. Enter the rest of the item details and then Save and close. 

To help you keep track of your inventory and sales, you can run and customize our reports.

 

I'm just here if there's anything else that you need help with. You take care and have a great day!

Level 2

Use Sales Price / Rate to determine sales value of inventory

Thanks for the reply.  Already knew all that info.  Is there an answer to my original question?

QuickBooks Team

Use Sales Price / Rate to determine sales value of inventory

Allow me to provide additional information about your question, MarkJR.

 

In QuickBooks Online, the system uses the weighted average cost to determine the value of your inventory. You can check out the Understand inventory assets and cost of goods sold tracking page for more details.

 

You can set price rules to control the sales price of your products and services. Simply turn on this feature to use the function, and I'm glad to show you how:

 

  1. Go to Settings ⚙ and select Account and Settings or Company Settings.
  2. Select the Sales tab.
  3. In the Products and services section, select Edit ✏️.
  4. Mark the Turn on price rules Beta box.
    pricerules.PNG
  5. Select Save, then Done.

Once done, you can create a price rule and customize it. Please refer to this page for complete steps: Set price rules in QuickBooks Online.

 

Let me know if there's anything else you need, and I'm always right here to help.

Level 2

Use Sales Price / Rate to determine sales value of inventory

Mary - appreciate your answer but still not hitting on my original question.  So, i'm going to repeat my original question, perhaps someone might be able to answer:

 

***I would like to take my on hand inventory and estimate its potential sales value***

 

I'm looking to take the units I have in inventory and multiply them by my Sales Price per each item (the sales price I entered when setting up the product in QBO). 

So as an example:

I have 10 units of XYZ. 

My sales price for that item (the price I entered in QBO for the item when setting up the product) is $20

So my potential sales is 10 x $20 = $200 for item XYZ.

I want to do that for all items I currently have in inventory

Is there a report or something that would do that in QBO or do I need to do that in excel for all my items?

Moderator

Use Sales Price / Rate to determine sales value of inventory

Thanks for getting back to our forum, @MarkJR,

 

Having the option to show the sales price, units and the value of your inventory all in one report is a great preference to add in our program. While this is currently unavailable, I have a workaround you can try.

 

You can use the Physical Inventory Worksheet to show the total stocks in the warehouse alongside with its sales price. Here's how to generate it in QuickBooks Online:

 

  1. Click the Reports menu, then find Physical Inventory Worksheet in the search field.
  2. On the report, tap the cogwheel icon to display the filters.
  3. Make sure to mark both boxes for Qty On Hand and Price.
  4. Once done, click anywhere to close the filters.
  5. Now that you have the information to get the total value of your inventory, export the report manually to Excel. From there, add a column called Potential Sales then the formula to get it.

To guide you further on how to use our reports, use the following article: Run reports in QuickBooks Online.

 

Let me know if you need additional help with this or anything QuickBooks related. I'll be right here to assist you at any time. Have a nice week ahead!

View solution in original post

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