In this article you will learn how to track the products you build with the help of inventory parts. This can be done in QuickBooks Desktop Premier, Enterprise, or Accountant. To know more, contact QuickBooks Support.
Focus on making the products your customers love and skip manual tracking. Everything that you need to manage the products you build, QuickBooks has it all.
To build and track finished goods you can combine inventory parts in QuickBooks. QuickBooks automatically updates your stock of components once you start building. Your pending builds, check shortages can also be tracked. We will help you in setting it all up.
Step 1: Turning on inventory tracking
- Make sure to turn on your inventory settings first if you haven’t done it already.
- Select Preferences from the Edit menu.
- Click on Items & Inventory. Then click on the Company Preferences tab.
- Click on Inventory and purchase orders that are active.
- If you don’t have not enough inventories to sell, click on Warn. Now, you need to select the type of warning that you wish to see. Pro-Tip: Don’t allow negative inventory quantities if you use QuickBooks Enterprise. With this you can keep your books accurate.
- Select Enable in the UNIT OF MEASURE section if you use a unit of measure to track products. To learn how unit of measure works in QuickBooks, contact QuickBooks Support.
- Once you’re done, click on OK
Step 2: Setting up your product’s components
- Set up all the parts you use to build your product once your settings are in order.
- Set it up as an inventory part if you track a component’s quantity.
- Set it up as a non-inventory part if you use a component that you don’t (or can’t) track.
- Set them up as other charge items if you include other charges or fees in each build.
- Pro-Tip: Do not set up an item twice. To see if any of the components you need already exist, check you item list again.
Step 3: Adding your product’s bill of materials
- To build a single product, set up a list of all the components you use. We call this your bill of materials in QuickBooks. You can track the inventory parts that you assemble and then sell with the help of this.
- 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.
Step 4: Building your product
- You can start building your products once you set up all the parts and add them to your bill of materials.
- To combine inventory parts to build your finished goods, contact us.
Step 5: Keeping a track of what you sell
- If you are ready to start selling, you can keep track of each sale.
- You can create an invoice if your customer will pay you later to keep a track or you can create a sales receipt if they paid on the spot.
- Tip: You can create sales orders to track backorders if you don’t have enough products built yet. Turn the sales order into an invoice if you have enough products to sell to a customer .
Step 6: Checking your stock and pending builds
- When it’s time to build more products, QuickBooks reminds you about the same. You can run reports anytime if you need a quick overview of your inventory status.
- Go to Reports to find the reports you need and then click on Inventory.
Step 7: Reordering components from vendors
You can order what you need right in QuickBooks if you need more components. Whatever you receive from vendors and what’s still on order can be tracked then. For each component the Quantity on hand increases automatically by the number of items you receive when you do this.
Send a purchase order to your vendor if you want to restock components. Then, the items you receive needs to be tracked.
To know more on how to track the products you build with the help of inventory parts, call us on our QuickBooks support number. You can also write to us at support@quickbooksupport.net. For more information visit, www.quickbooksupport.net.