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Experienced Member

For an item assembly, is it possible to do an inventory assembly to add waste into another item assembly?

The main purpose of this would be to help keep track of inventory and prevent from having to do adjustment entries.

 

Any help in directing me to the best way to set up COGS, Income, and Asset accounts?

1 Comment
QuickBooks Team

Re: For an item assembly, is it possible to do an inventory assembly to add waste into another it...

Thanks for posting in the Community space, @jvitale31.

 

Yes, you can. There are various item types in QuickBooks which has a specific guideline. All you have to do is add and set them up accordingly. As a reference for the item types and how you can utilize the Assembly feature, I recommend checking the following links:

Moreover, you can refer below on the definition of the accounts:

  • Cost of goods sold (COGS) refers to the direct costs attributable to the production of the goods sold in a company.
  • Income is profitability that has been compiled using the accrual basis of accounting.
  • An asset is any resource owned by the business.

To learn more about the main account types in QuickBooks Desktop, you can use this article: Understand QuickBooks Chart of Accounts.

 

While you already have an overview, I still encourage seeking help from your accountant on how to set them up. He/she could guide you which option to take based on your recording practice and business needs.

 

Let me know if there's anything else you need or you have follow-up questions. I'm just a post away. Wishing you all the best!