Tag: Inventory Cost
The inventory system in QuickBooks is fairly simple, not a lot of bells and whistles. If you are a manufacturer and you are working with discrete assemblies (things like bicycles, electronics and such) then QuickBooks provides you with the basics, as I’ve discussed in several articles. If you have a process manufacturing business, such as [...]
Early after QuickBooks Enterprise V12.0 was released there were several bugs associated with the new Auto Cost/Price Update feature, which were reported as being resolved by subsequent updates. However, just recently a new error has started to show up and this error also seems to be associated with the Auto Cost/Price Update feature.
Intuit is sending out notices to Enterprise V12 users about a problem with the new price/cost update feature. You might not see this notice, as it might not go to all users and I’m not sure if they are notifying ProAdvisors. Even if you have updated to the R3 release you still may run into [...]
Here’s another Inventory feature for QuickBooks 2012 – and again this is only available in QuickBooks Enterprise Solutions. You can now set QuickBooks to update the Cost of inventory parts and assemblies when you receive them, and also the Sales Price when the Cost changes. I know quite a few people who have been looking for this [...]
One of the most common complaints I hear about QuickBooks inventory is that is calculates the cost of items by using an average costing method. Many inventory based businesses want to use another costing method, most commonly FIFO (first-in, first-out), but to get that you would have to use a third party add-on product that [...]
If you work with inventory in QuickBooks you are probably aware of the hassle of receiving inventory and the related billing – you can’t disconnect the receipt from the bill. There are a number of problems that come up because of this, and the workarounds are a hassle. Now, with QuickBooks Enterprise Solutions 2012 there [...]
QuickBooks 2012 is Coming! Set for release later in September, QuickBooks 2012 contains a significant number of new features, as well as improvements to existing ones. Some additions have me very excited and are very welcome. FIFO inventory, Serial/Lot Tracking, Lead management, free local attached documents, and much much more! This article will list the [...]
QuickBooks Premier and Enterprise provides us with 11 different item types, of which 5 can be used as component items in an inventory assembly. Which should you use, and why? Each of the item types have their own characteristics and uses.
In a prior article I talked about the cost and avg cost fields in the item list. In this article I’ll talk about a related value, the Total Bill of Materials Cost which you will see listed at the end of a QuickBooks bill of material.
Many manufacturers have to deal with scrap in their manufacturing process. That is, the consumption of component materials beyond what is defined in the bill of materials due to waste, trimmings, left over sections or other variable consumptions. QuickBooks doesn’t deal with this directly. Let’s talk about some ways to handle it.