In this article you will learn how to track newly manufacture products in QuickBooks Desktop. To know more contact us on QuickBooks Phone Number.
Read the article further to understand how you can set up a product that you manufacture with the help of components in your inventory. This can be done in QuickBooks Desktop Premier, Enterprise, or Accountant.
If you are new to tracking the products you manufacture, we bring to your notice that you can combine inventory parts and other items that build a product in QuickBooks. To learn how to get started, check out our inventory assembly overview.
Given below is the process of setting up a list of all the components that you use to build a product. This process is known as list your bill of materials in QuickBooks. The products you assemble from inventory parts and then sell can be organized and tracked.
Pro-Tip: Create a group item for products that you buy or sell together but don’t track as a single item instead. For instance, a gift basket of cheese, fruit, or wine.
To track your bill of materials, create an inventory assembly.
Using an item called inventory assembly; you can add your bill of materials. To start building your product, you can use this item once you’re done.
- Select Item List from the Lists menu.
- Click on the Item drop-down and then click on New.
- Now, click on Inventory Assembly.
- You need to add your product’s name or the number of the builder.
- Select I purchase this assembly item from a vendor if you buy from a vendor. Please Note: If you buy this product assembled from a vendor you need to select this. Skip this if you build the product yourself.
- Now, add the Cost. Of all the parts in the bill of materials, this is the total cost. It may at times include other expenses.
- Select Cost of Goods Sold from the COGS Account drop-down. To track the cost of products you sell QuickBooks Makes use of this account.
- A description of this product can also be added.
- Now, you need add the Sales Price. Now, click on the Income Account drop-down and then look for the account that you can use to track sales generated from finished goods. Pro-Tip: Scroll to the top of the drop-down list and select if you need a new account.
- Select the items you use to manufacture under the Bill of Materials. For each item, you can change the quantity and unit of measure.
Add the following under Inventory Information:
Asset Account: To track the total cost of finished goods in your inventory QuickBooks uses this account. QuickBooks has already set up an account for you, you can select that. You may also go to the top of the drop-down and then click on Add New.
Build Point (Min): The minimum point when you should build more of this product is known as the Build Point. To remind you when it’s time to build, QuickBooks uses this.
Max: The max amount of product that is to be built.
On Hand: The products’ current quantity that you have on hand.
Total Value: Total value is cost of finished goods currently available in stock.
Click on OK.
To know more on how to track newly manufactured products in QuickBooks Desktop, call us on our QuickBooks support phone number. You can also write to us at firstname.lastname@example.org . For more information visit – www.quickbooksupport.net .