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Inventory PowerPoint Presentation

Inventory

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Inventory

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  1. Inventory 2014

  2. Topics • QuickBooks Tools for Tracking Inventory • Setting up Inventory Parts Items • Calculating Average Cost of Inventory • Invoicing for Inventory Items • Purchase Orders • Entering Bills for Received Inventory • Adjusting Inventory • Setting up Group Items • Inventory Assemblies • Inventory Reports

  3. QuickBooks Tools for Tracking Inventory

  4. Tracking Inventory with QuickBooks • PerpetualInventory • Average Cost method • Not first-in, first-out (FIFO) (Enterprise Only) • Not last-in, first-out (LIFO)

  5. Activating the Inventory Function

  6. Setting up Inventory Items Parts

  7. Calculating Average Cost of Inventory • Each time you sell inventory items • The average cost per unit is multiplied by the number of units sold • This amount is deducted from the Inventory Asset account and added to the Cost of Goods Sold account

  8. Selling Inventory Items • When you sell inventory, always use an Invoice or a Sales Receipt to record the sale • This ensures that QuickBooks updates your inventory records and your financial reports at the same time

  9. Purchasing Inventory • Two ways of purchasing inventory: • Pay for items at the time of purchase using check or credit card • Use the inventory ordering and receiving process

  10. Purchase Orders • Use Purchase Orders to track inventory purchases, and to easily determine which items you have on order

  11. Receiving Shipments Against Purchase Orders

  12. Creating Open Purchase Orders Reports • This report shows the total dollar amount for all openpurchase orders, not just the open balance of each Purchase Order

  13. Checking Purchase Order Status • To check the status of a purchase order or to change or cancel it, edit the purchase order directly • The whole PO remains “open” until all items are received

  14. Entering the Final Shipment • When the final shipment arrives, enter another Item Receipt

  15. Entering Bills for Received Inventory • Select the Vendors menu and then select Enter Bill for Received Items

  16. Handling Overshipments • If your vendor ships more than you ordered on a Purchase Order, you have three choices • Refuse the extra shipment and send it back without recording anything in QuickBooks • Receive the extra shipment into inventory and keep it (and pay for it) • Receive the extra shipment into inventory, send it back and record a Bill Credit in QuickBooks

  17. Handling Vendor Overcharges • If the vendor refunds your money: • Add the refund directly onto your next deposit • Code the deposit to the account and class you used when you recorded the overcharge on the bill • If the vendor sends you a credit memo: • Enter a Bill Credit • Code the Bill Credit to the account and class you used when you recorded the overcharge on the bill

  18. Adjusting Inventory • QuickBooks adjusts inventory with each purchase or sale of inventory • Inventory can also be manually adjusted in case of: • An increase or decrease in the value of your inventory on hand • Change quantity of inventory items

  19. Setting up Group Items • Group Items allow you to bundle products and/or services on sales forms

  20. Inventory Reports • Inventory Item QuickReport • Inventory Stock Status by Item Report • Inventory Stock Status by Vendor Report • Inventory Valuation Summary Report

  21. Inventory Item QuickReport • Generated from the Item List • Report for specific item

  22. Inventory Stock Status by Item Report • A quick snapshot of each inventory part, and the number of units on hand and on order • Inventory turnover, showing a column for sales per week

  23. Inventory Stock Status by Vendor Report • Inventory parts on hand and on order • Sorted by the Preferred Vendor field in the item

  24. Inventory Valuation Summary Report • The value of your inventory items as of a certain date

  25. Summary • QuickBooks Tools for Tracking Inventory • Setting up Inventory Parts Items • Calculating Average Cost of Inventory • Invoicing for Inventory Items • Purchase Orders • Entering Bills for Received Inventory • Adjusting Inventory • Setting up Group Items • Inventory Assemblies • Inventory Reports