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Anonymous
Not applicable

Managing works in progress / moving inventory

We are doing a physical count on inventory tomorrow. The challenge is, we have may partially built machines on the floor.  How do I re-allocate those items so they don't show up on my physical inventory count work sheet?

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Best answer January 11, 2019

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Level 15

Managing works in progress / moving inventory

You can not, the inventory in the production line is still yours

and since you did not use a WIP account to accumulate costs of production (adjusting the items out of inventory and into the WIP account), QB thinks they are still in stock

 

If you have enterprise With the advanced inventory option, then you could make a new location titled in production or something, and move that qty of items to that location.

View solution in original post

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Anonymous
Not applicable

Managing works in progress / moving inventory

I should probably mention we are using Enterprise Solutions, Manufacturing & Wholesale edition.

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Level 15

Managing works in progress / moving inventory

You can not, the inventory in the production line is still yours

and since you did not use a WIP account to accumulate costs of production (adjusting the items out of inventory and into the WIP account), QB thinks they are still in stock

 

If you have enterprise With the advanced inventory option, then you could make a new location titled in production or something, and move that qty of items to that location.

View solution in original post

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Anonymous
Not applicable

Managing works in progress / moving inventory

Okay. Thank you!

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Level 1

Managing works in progress / moving inventory

Hello,

 

How would you set up a WIP account to move items out of inventory into WIP. 

A valve and cylinder are selected on a sales order which go to production.

The stock level would decrease Valve: -1 Cylinder:-1 

WIP level would increase Valve: +1 Cylinder:+1 

A week or so passes. 

The assembly becomes complete valve and cylinder reconcile 

The assembly moves into inventory Assembly: +1. 

 

I do have access to the build assembly tool I was considering creating a "WIP-widget" assembly however I work in the cylinder industry and we have 83 cylinders 200 valves each of which can be a combination. There are also O-rings and handles which can be added to the assemblies so very conservatively I would be 16,600 SKU assemblies. 

 

I do have the advanced inventory option and was considering moving the items to a "production bin." The sale comes in, production asks for the needed parts and I do an inventory transfer. However I would not want the sales team to selecting the wrong bin on the sales order and have inventory be off. 

 

I believe these are my only options, is there a third?

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QuickBooks Team

Managing works in progress / moving inventory

You provided good options on how you manage your items into WIP, KStark.

 

You can use the Add/Edit Multiple List Entry window every time you build new assemblies. This will help you save time especially there are several of them. Just go to the Lists menu and at the bottom, select Add/Edit Multiple List Entry

 

For your second option in moving the items, you can use an indicator in your production bins that's still in progress. This way any of your sales team won't access or mistakenly choose them.

 

Other users or accountants who can come across this thread can share their insights and other options. 

 

You can always reach out to us, if you have further questions. 

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Level 1

Managing works in progress / moving inventory

The site is not allowing me to create my own discussion for the issue I'm having so I'm posting here...

 

Hello, I'm currently catching up on my Work in Progress account and zeroing out each month with a General Journal Entry.  Ive ran into an issue for the month I'm currently working on - my job totals in the general journal entry is more than the Work In Progress account itself leaving the overall WIP balance a negative to start the next month.  Typically when this happens, I go through the payments of the month I'm working on and find that one or two payments are not linked to a job and this fixes the issue.  After going through ALL payments TWICE, I found that all are linked accordingly so now I'm stuck with a negative WIP balance and have no clue why??

 

Is there anything else I should be checking or something that could be causing the off balance?? I'm losing my mind!!

 

Thank you in advanced for your help

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QuickBooks Team

Managing works in progress / moving inventory

Thanks for coming to this thread, @mary555.

 

I do see your original post here in the Community. My colleague @JonpriL has provided you with the correct response. You can click here to see his response to your post!

 

If you like to see all of your posts or replies, you can view your profile. Here's how:

  1. Sign in to the Community.
  2. At the top-right of the web page, click on your username and avatar then select My Profile.

Let me know if you have additional questions or concerns. I'm always here if you need me. 

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Level 1

Managing works in progress / moving inventory

I would use a Wash from Inventory Vendor.  Select that vendor, then select your inventory item as a negative quantity.  Then charge that same amount to the item you use to add items to WIP.  Your net Vendor payable will be zero, your inventory will be reduced by the quantity you needed to move, and your WIP account will be higher by the items moved.

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Level 1

Managing works in progress / moving inventory

Your general ledger account for WIP may differ from your WIP account (all the jobs), if you code something directly to the G/L account for WIP and not actually put it to a job location.  If you are using the Completed Contracts method of accounting, but also get progress billing receipts, your WIP account (both g/l and the actual WIP account with all of your locations) can both be negative.  That just means that you have collected more from your progress receipts than actual costs incurred for the job.  Hard concept to perceive, but WIP can actually be negative!  

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