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Join nowWe are a winery using the Premier Manufacturing and Wholesale edition of QuickBooks. I have a situation where one batch of unbottled wine was partially bottled and the remainder will be aged further for blending. I inventory wine using bottle as the unit of measure, estimating the number of bottles we expect to get and then correcting the inventory when the item is bottled.
In this situation, I want to create a new item that will represent the wine aged for blending, as there will be additional costs incurred on this item. However, to start, I would like the new item to have the cost of original batch of wine prior to bottling. How can I create a new item, but load in the cost from the prior batch it is derived from? I tried subitems, but that does not work, as it starts with zero average cost. Thank you!
Solved! Go to Solution.
This is a lot easier to do than to write up
Stock the full amount of bottles you would have got
Create the new inventory item
do an inventory adjustment, set the adjustment type to qty & value, set the adjustment account to COGS-shrinkage.
lower the qty of the first item
at the bottom right of the adjustment screen is the total value of the qty you lowered, note this down
find the new item
set the new total value to the same as what you noted before
set the new total qty to the number you used when you lowered the original item
insure the total value of the adjustment is zero, bottom right of the screen
save
As always back up the file first, just incase.
This is a lot easier to do than to write up
Stock the full amount of bottles you would have got
Create the new inventory item
do an inventory adjustment, set the adjustment type to qty & value, set the adjustment account to COGS-shrinkage.
lower the qty of the first item
at the bottom right of the adjustment screen is the total value of the qty you lowered, note this down
find the new item
set the new total value to the same as what you noted before
set the new total qty to the number you used when you lowered the original item
insure the total value of the adjustment is zero, bottom right of the screen
save
As always back up the file first, just incase.
Thank you, Rustler! It worked perfectly. I use that Inventory screen to adjust quantities and totally forgot about the ability to move value. Appreciate the assistance.
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