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We are a manufacturing company and currently we are using QB 2018 Enterprise. At the end of the day/month there is WIP and finished goods. We already account for Raw Materials and finished goods, but how do we (1) account for and show WIP at day end and (2) next day, how do we move this WIP into finished product (3) how can we generate the necessary reports to show our WIP and Finished Goods? I have not been able to find this at all in any of the queries. Thanks in Advance.
Solved! Go to Solution.
You said
" We already account for Raw Materials ..."
Raw materials are inventory items. In Enterprise you can set up an additional inventory site and title it WIP. Move the items being used out of inventory and into the WIP site.
When the production floor is done making what ever it is, issue a build command for the assembly item (and if necessary any sub assembly items which are required) which uses the items from the WIP site. Then you sell the assembly item.
No expenses are incurred during this process.
You said
" We already account for Raw Materials ..."
Raw materials are inventory items. In Enterprise you can set up an additional inventory site and title it WIP. Move the items being used out of inventory and into the WIP site.
When the production floor is done making what ever it is, issue a build command for the assembly item (and if necessary any sub assembly items which are required) which uses the items from the WIP site. Then you sell the assembly item.
No expenses are incurred during this process.
Super! Thanks for responding.
How do you manage manufacturing with QB? We have use it for years and you cannot run production of a product. You can only do assembly. I have called QB many times and they can only suggest to make an inventory adjustment to get my product into inventory. We have done a two step process of issuing a P.O. to ourselves with the item and quantity at zero cost and then receive the product.
Any clues? It is not a manufacturing software is assembly software.
Rick
Thanks for joining the Community and getting involved with this thread, Clarkipinc.
With a Premier, Enterprise, or Accountant subscription, you can track products that you manufacture. QuickBooks allows you to combine inventory parts and other items to build a product.
Initially, you'll want to turn on inventory tracking.
Here's how:
Once the settings are in order, you can set up each part you use to build a product:
Next, you'll need to add your product's bill of materials and proceed with the steps in our Track the products you manufacture article.
I've also included a detailed resource about assembling and tracking manufactured products which may come in handy moving forward: Combine your inventory items to build finished goods
Please don't hesitate to send a reply if there's any additional questions. Have an awesome Tuesday!
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