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I thank you for the complete details you've shared, @stoew000.
I can share some so you'd be able to track your raw materials and finished product in QuickBooks.
First, you'd want to make sure to set up your raw materials as an inventory item. Also, you can enter the manual count of the raw material as its quantity on hand. Here's how:
- Go to the Lists menu.
- Select Item List.
- From the bottom part of the Item List window, click the Item drop-down.
- Choose New.
- Pick Inventory as the Item type.
- Enter the item details.
- Click the Ok button.
Once completed, you can now create an inventory or the finished product that you sold. You can refer to the screenshot below:
You can check this article to learn more about how to combine your inventory items to build finished goods.
On the other hand, the Total Bill of Materials Cost field is not directly tied to the cost or avg cost values. This is the sum of the cost values of the components in the Bill of Materials as the total cost of the assembly. Also, the amount reflected on the Cost value field will not be updated automatically.
This is not used to calculate the actual cost of reports like profit and loss. Though, it will display a cost on the Item Listing and Price List reports. Changes made on the components does not affect the Average cost.
Lastly, I've added these articles that can help you in maximizing the advanced inventory feature in QuickBooks:
The Community and I are here to help you in whatever way we can. Keep me posted and enjoy your day.
