inventory in quick books 2008
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Superior University
QuickBooks Accounting
Superior University
Presentation on Inventory Management in QuickBooksPrepared by: Hammad Khalid
WHAT IS INVENTORY?
A. Inventory in QuickBooks consists of the items that you buy and
sell and that you want to track as “inventory” for accounting
purposes.
B. For accounting (and tax purposes), inventory reflects the items
that you have purchased but have not yet sold.
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WHAT IS INVENTORY?
C. For QB purposes, you buy inventory via Purchase Orders and
Vendor bills and you sell inventory via invoices or sales receipts.
D. You should not track inventory if you do not have time to
continually and properly track inventory when you receive it and
when you sell it.
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Getting started with inventory tracking
in
QuickBooks
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Default Setting for Inventory
Choose "Edit" from the menu on the home page (main menu).
Choose "Preferences" from the drop-down list that opens. Superior University
Default Setting for Inventory
Choose "Items and Inventory," which appears on the left side.Superior University
Default Setting for Inventory
Choose the tab titled, "Company Preferences.”
Check the option titled, "Inventory and purchase orders are active. “
Click on "OK" when finished Superior University
Adding Inventory Item
Choose "List" from the main menu at the top.
Select "Item List" that appears in the second menu.Superior University
Adding Inventory Item
Choose "Item," which appears at the bottom of the box.
Select "New" for any inventory record to be added.Superior University
Adding Inventory Item
Choose "Inventory Part" and Click on "OK" when finished.
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Adding Inventory Item
Same window can be accessed through “Vendors” menu then “Inventory Activities” and selecting “New Item”.
Enter in the information requested for that part and Click on "OK" when finished. Superior University
Viewing Inventory Item in Report
Choose “Reports" from the main menu at the top.
Select “Inventory" then appears second menu Click on “Inventory Stock Status by Item.Superior University
Viewing Inventory Item in Report
Item is Recorded Successfully See "Available” and “On Hand” item.
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Inventory Adjustment
Choose “Activities," which appears at the bottom of the box from ‘Item List’ menu.
Select “Adjust Quantity/Value On Hand" for inventory adjustment.Superior University
Inventory Adjustment
Same window can be accessed through “Vendors” menu then “Inventory Activities” and Select “Adjust Quantity/Value On Hand"
Choose “Adjustment Account" and enter “New Qty”. “Qty Difference "and “Value” Calculated automatically at last click on “Save & Close”.
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Inventory Adjustment Report
Item is Updated Successfully in Inventory See “On Hand” item.
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