Inventory Issue

It’s nice to see you in the Community, TBusyn.

Thanks for being detailed about your concern. It gives me a better overview of what’s happening to your inventory. Allow me to share some information about tracking inventory and assist in keeping your records in order.

QuickBooks Online can help manage your inventory. It tracks what's on hand, gets alerts when it’s time to restock, and see insights on what you buy and sell. Entering a quantity adjustment breaks the asset value of the products. To keep your data correct, delete the adjustments.

1. Tap the Search icon at the top bar and hit the Advanced Search link.
   
2. Press the Search drop-down to choose Inventory Quantity Adjustment and click Search.
   
3. From the results, pick the adjustment you need to delete.
4. This will take you to the Inventory Quantity Adjustment page.
5. Navigate to the bottom of the page and press the Delete option and pick Yes to confirm the action.
   

Now that we’ve removed the adjustments, make sure to input what you receive from your vendors. There are two ways to accomplish this task in QBO.

• Create a bill from the purchase order if you’ll pay your supplier later.
• Create a cheque or an expense from the purchase order if you paid your supplier on the spot.

Here's how:

1. Tap the New menu in the upper left and choose any of the following: Expense, Check, or Bill.
2. Click the Vendor drop-down to select the payee.
3. This will display the Add to Bill window. Depending on the transaction you created (Expense or Check).
4. Press the Add link on the corresponding purchase order.
5. The items from the purchase order are then added on the first available line under the Item details section.
6. Fill in the field boxes and hit Save and close.
   
   

Performing this process lets the program know that you restocked. Then, QuickBooks increases the quantity on hand by the number of items you received. If you’ve created a bill, make sure to enter a bill payment to track the entry into your account.

To keep track of what you sell, you can continue creating an invoice or add a sales receipt for cash transactions. QuickBooks Online will decrease what’s on hand by the amount on the invoice or sales receipt.

These steps will get you going in the right direction tracking your inventory. I’m also adding some resources to help effectively manage the products you buy and sell. You’ll find instructions on how to create and send a purchase order, input goods received from suppliers, and other inventory processes.

• Set up and track your inventory in QuickBooks Online
• Reorder inventory or supplies from suppliers

Reach out to me if you need some help when using the Inventory feature. I’ll be glad to lend a helping hand. Enjoy the rest of the day.

I have another question regarding the inventory and how we count it, so let me give you some background.  We are a manufacturers rep agency.  One of our larger customers is buying screws from one of our manufacturers.  The manufacturer can't get the screws packaged for the customer the way they want so we have taken over the packaging of the screws.  We order bulk screws from our manufacturer, package them in the clam shell sizes the way the customer wants them, and then we sell the finished clam shells to them.  When we get the screws in they are in bulk boxes.  Right now when I count the inventory I count them by the number of clam shells we package from the bulk quantity, not by the bulk quantity.  What my boss would like to have happen is that we intake them by the bulk number, and then once they have been packaged show the clam shells as finished goods, and then invoice the finished goods.  Is there a way to do that?

Thank you, Tracy

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@TBusyn wrote:

What my boss would like to have happen is that we intake them by the bulk number, and then once they have been packaged show the clam shells as finished goods, and then invoice the finished goods.  Is there a way to do that?

@TBusyn 

You may need a 3rd party app to do so.