Allday Consulting's Peachtree and QuickBooks Support Boards

We are having issues trying to get inventory to post properly.
We don't sell our inventory but we do track it (raw materials).
Inventory recieved from bills or item receipts is not showing up on our P&L by job, only manual inv. adj. and JE are.
Is there a way to configure the inventory items so they post to P&L regardless of where they live?

Normally, to get inventory to post to P&L, you need to Receive it via a Bill and sell it via an Invoice or Sales Receipt. Any major deviation from that would require the use of JE's, as you have discovered.

QuickBooks updates/recalculates the current Average Cost every time you sell an item every time you sell something (that's when it hits COGS). If you need Cost as of the time you purchased something, it would be on the Detail generated when you Receive inventory.

Thank you! That is what I was afraid of, our inventory is our raw materials and is not sold but used for mfg.. It is purchased as needed for individual jobs that we track through the P&L. We were hoping there was a way around QB's lack of flexability in this area

I am having the same issue, however, I am somewhat limited on my understanding of inventory and unsure of the flow of accounts QB uses to track the sale of inventory. When running a P&L report the shows our inc 84K less than running a sales report. I don't understand why the income would show up under one report and not another. How do you know what account to credit/debit in a JE when it seems that the income is categorized somewhat correctly? I orginally thought that you would have to make an adjustment to the inventory account or perhaps the COGS, but as I thought more deeply, it just doesn't make sense that the income would show up in one report and not the other. Any more tips/hints on this topic??

For the reports:

- Not all accounts show up on all reports.

- Make sure both reports are on the same Basis (cash or accrual)

- Make sure the date ranges covered are identical

I am working on setting up a new business and would like to track my inventory as I buy the base product and would also like to inventory the completed project (I make cabinets) - how do I track the base product and use it as I create completed items for inventory?

Also, in a previous business, I placed my inventory under a cost of goods sold account and when I actaully purchased the item, I placed it as just an dinventory item expense but that makes it pull to my P & L twice. How do I enter it in inventory and when I buy it - shoudl I just do one of these?

Thanks

You should probably speak with your accountant regarding the details, but one option is to use Assembly or Group items.

These allow you to "sell" (move something out of inventory) a bunch of components at once by entering just on eItem on an invoice/Sales Receipt, at which time the parts will all be removed from inventory at once. Look them up in the Help file for details and a comparison.

I'm not sure if this is exactly what you want, but it may help, and it will take care of the accounting side of things for you. Just remember to Receive the components before selling them, in order to add them to Inventory to begin with.