Add/ account for inventory item

marvelglassllc · ‎March 19, 2019

I own a glass business and buy sheets of glass that I later cut down to specific sizes and resell for different jobs. For the sake of convenience lets say I buy whole sheet for $40, or $1.20/sf and resell at somewhere around $5/sf. I do not know how to add the item and enter it correctly as there is no way to enter sf pricing but beyond that I have no idea even if I assigned a dollar amt for resale how to add an item that I buy "in bulk" or as a large sheet in this case, and break down and resell among several different jobs. Any help would be greatly appreciated. Thank you!

Anonymous · ‎March 19, 2019

Hi there, @marvelglassllc,

Thanks for visiting our forum today. I can share some information about the adding inventory items in QuickBooks Desktop.

We can use the Unit of measure (U/M) in QuickBooks to show quantities, prices, rates, and costs for an item. To turn on this feature, follow the steps below:

1. Click the Edit menu.

2. Choose Preferences.

3. Go to Items & Inventory then click the Company Preferences tab.

4. Pick the correct unit of measure mode that is right for your business.

Single U/M per item - if you buy, stock, and sell each item using the same unit of measure.
Multiple U/M per item - if you buy, stock, or sell any item in more than one unit of measure.

5. Select OK.

To set up an inventory items with Unit of Measure, follow the steps below:

1. Go to the Lists menu then click Item List.

2. To create an item, right-click anywhere and click New. If you already have an existing item, double-click to open them.

3. In the U/M Set drop-down, select Add new.

4. In the Select a Unit of Measure Type, click Area.

5. Click Next then select a Base Unit of Measure.

6. Hit Next then click on an empty line to add the unit you want.

7. Click Next then set the name of your unit.

8. Once done, click Finish.

9. Once done, enter the item Cost and Sales Price.

10. Fill out all the item information then click OK.

To guide you with your inventory management, here are some helpful articles I've attached for you:

That should get you pointed in the right direction. Please feel free to contact me if you need further assistance with your inventory management.

View solution in original post

Anonymous · ‎March 19, 2019

QB inventory system isnt complex enough to do what you hope. Mostly QB just tracks buy/sell items. In desktop you can also create 'group' or 'assembly' type items, but neither of those matches your situation. Presumably you cut the sheets into a wide array of things, and there is wastage. Although you discuss PSF price/cost, I doubt that area is the only thing that determines price.

Best I can suggest is that you can track the purchase of large panes as inventory items, and even separate them into a 'raw material stock' account. But the sales item(s) will have to be 'non-inventory' and you'll have to manually reduce the stock of full panes as they are consumed.

Anonymous · ‎March 19, 2019

Hi there, @marvelglassllc,

Thanks for visiting our forum today. I can share some information about the adding inventory items in QuickBooks Desktop.

We can use the Unit of measure (U/M) in QuickBooks to show quantities, prices, rates, and costs for an item. To turn on this feature, follow the steps below:

1. Click the Edit menu.

2. Choose Preferences.

3. Go to Items & Inventory then click the Company Preferences tab.

4. Pick the correct unit of measure mode that is right for your business.

Single U/M per item - if you buy, stock, and sell each item using the same unit of measure.
Multiple U/M per item - if you buy, stock, or sell any item in more than one unit of measure.

5. Select OK.

To set up an inventory items with Unit of Measure, follow the steps below:

1. Go to the Lists menu then click Item List.

2. To create an item, right-click anywhere and click New. If you already have an existing item, double-click to open them.

3. In the U/M Set drop-down, select Add new.

4. In the Select a Unit of Measure Type, click Area.

5. Click Next then select a Base Unit of Measure.

6. Hit Next then click on an empty line to add the unit you want.

7. Click Next then set the name of your unit.

8. Once done, click Finish.

9. Once done, enter the item Cost and Sales Price.

10. Fill out all the item information then click OK.

To guide you with your inventory management, here are some helpful articles I've attached for you:

That should get you pointed in the right direction. Please feel free to contact me if you need further assistance with your inventory management.

Rustler · ‎March 20, 2019

Mike is correct

Intuit suggest multiple unit of measure, it is not implemented well, I discourage its use, see this for why. http://onsale-apparel.com/Rustler/tag/um-good-and-bad

If it were me, I would stock the sheet of glass as a qty of one, with the cost of one sheet

When you cut it up then it is up to you

You can expense to cogs that whole sheet if there is not much in the way of usable pieces left over, use inventory adjust for this, adjusting account would be cogs

you can wait and monthly do a count of full sheets, and expense what is missing to cogs (my preference)

for sales use a service item instead of trying to micro manage sheet inventory items in a system not designed for it.

Anonymous · ‎March 20, 2019

Ditto to Rustler - UoM only works if there is a fixed ratio between items purchased and items sold.

roy241 · ‎August 14, 2019

I know you've been dealing with the desktop version here, but in case anyone is here from QBO then I would recommend using an app like Katana to manage materials and finished goods inventory.

It is a more dedicated manufacturing software which tracks inventory, alongside manufacturing costs and production scheduling. After which you can push invoices/bills to QBO. Hopefully that helps someone!

Topics

Training

Community

Resources

Add/ account for inventory item