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Join nowQB Desktop. We bring in items for our customers, so our items in QB are listed in "non-inventory items". Because of supply chain issues with covid, we have started to stock some items. I want to track the stocked inventory items. I have watched youtube videos about inventory and know how it works. My question is: if an estimate is created using the item in the "non-inventory item" list, does QB recognize that I have it in stock when I create an invoice from the estimate? OR, in order for QB to adjust inventory on the creation of an invoice, does the estimate have to be created with an "inventory item"? Thank you.
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Thanks for your prompt reply, @OK Fire.
Let me add some information about your question about the inventory feature.
Once you use inventory items in your transaction it will change your inventory count since Inventory items are the products you sell and track quantities for. Their cost isn't recorded until they are sold. On the other hand, the non-inventory are the items you buy or sell but don't need to track quantities.
To successfully track your items, you need to understand how QuickBooks handles inventory assets, average cost, and COGS. You can learn how to compute for the average cost and which report to pull up through this article: Understand inventory assets and cost of goods sold tracking.
Please check these handy links for your guide with QuickBooks Inventory:
Let me know in the comments if you have other concerns about managing inventories in QBDT. I'm always around to help. Take care, and I wish you continued success.
Good to see your post today, OK Fire.
I'd be happy to help clear things about how inventory works in QuickBooks Desktop (QBDT).
An Estimate is a non-posting transaction. Thus, using a non-inventory item on Estimates doesn't affect your inventory count. This will only count once it is converted to an Invoice or Sales Receipt.
Learn more about how estimates works in QuickBooks Desktop through this article: Estimates/Quotes: setup and function.
All you need to know about tracking inventory assets and the cost of goods sold can be found in this article: Understand inventory assets and tracking cost of goods sold.
Check out these articles for more details about how inventory works in QuickBooks:
For the report, you can run a couple of them. Here's an article for the list of reports that will help you review your weekly inventory: Balance Sheet and Inventory/Stock Valuation reports show different amounts for Inventory Asset accou....
Don't hesitate to let me know if there's anything else you need help with managing inventory. I'm here to help anytime.
Thank you. As I read the one article, an inventory item must be identified as such in order to be pulled off the inventory recording when it is sold.
Let's say I have "widget" as a non-inventory item in my QBDT list and then I buy 10 widgets which become inventory.
Because "widget" is in QB twice, I can select it from either the "non-inventory" or the "inventory" list when creating an estimate. Regardless of whether I select the "non-inventory item" or the "inventory item" when creating an estimate, nothing happens to the inventory list.
As I understand it, if I take the "non-inventory item" estimate and use that to create an invoice, the inventory list will not change. However, if I take the "inventory item" estimate and use that to create an invoice, the inventory list will change.
Is that correct? Thank you
Thanks for your prompt reply, @OK Fire.
Let me add some information about your question about the inventory feature.
Once you use inventory items in your transaction it will change your inventory count since Inventory items are the products you sell and track quantities for. Their cost isn't recorded until they are sold. On the other hand, the non-inventory are the items you buy or sell but don't need to track quantities.
To successfully track your items, you need to understand how QuickBooks handles inventory assets, average cost, and COGS. You can learn how to compute for the average cost and which report to pull up through this article: Understand inventory assets and cost of goods sold tracking.
Please check these handy links for your guide with QuickBooks Inventory:
Let me know in the comments if you have other concerns about managing inventories in QBDT. I'm always around to help. Take care, and I wish you continued success.
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