Hello everyone! I am using Quickbooks Desktop 2021
I have an issue with the way I setup inventory for Quickbooks last year.
We have been selling “postcards” WHOLESALE, but this year we have an opportunity to sell them ourselves for retail as well.
When I setup Quickbooks inventory last year for the fish time, I setup TWO inventory items anticipating that we may be selling retail later on.
The only problem is that if I try to enter a sale that is a RETAIL sale, QB doesn’t have a way to pull out of inventory to keep tract because it has been pulling the inventory from the WHOLESALE inventory item.
I did have one recent RETAIL sale for one postcard and I had to enter it against my PostcardsWholesale inventory item in order for the inventory to be subtracted properly.
I learned today, that what I need to do is setup a PARENT or TOP LEVEL Inventory item ( let’s call it “Postcards” ) with TWO subInventory items: Let’s call them “PostcardsWholesale” and “PostcardsRetail” to be able to separate the sales properly while pulling from the same inventory. I will also assign these loan income account “PostcardSales”.
I can set it up now correctly, but I don’t want to mess up my last year’s inventory or sales.
I would also have to make a change to the invoice for the one postcard I sold at RETAIL and allocate it to the new setup.
I don’t know if deleting the old inventory items, etc and adding the new ones will mess up my quickbooks records from last year or moving forward, will it?
I am trying to figure out what is the best approach to make these changes so that this year and moving forward my inventory for WHOLESALE and RETAIL are correct and trackable.
I welcome any ideas on how to approach this. Thank you in advance for your time.
Best Regards,
Bill
I appreciate you taking the time reaching out to us with correcting your inventory, @billhdz.
First, we would advise that you talk to your accounting professional. They can help further with the next steps to do or write off any amount.
You can also do an inventory adjustment, but we would still recommend that it be done with your accountant's approval. Here's how:
Take a look at this article to learn more about the process and the implication of your inventory adjustments: Adjust your inventory quantity or value in QuickBooks Desktop.
After doing the adjustments, review your inventory status reports and make sure everything looks good.
Feel free to post here again if you need assistance with your inventory management. Also, we'd love to hear if you can share what method worked for you with this inventory concern. Have a good day.
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