Go to Vendors | Inventory Activities | Inventory Center. And you'll find the most comprehensive view of your items in the Inventory Center. To set them up, go to Edit | Preferences | Reminders | Company Preferences. Three other important figures populate columns in this report: the number on purchase order, the date the next shipment should arrive and average sales per week. Watch for checkmarks in the Order column they appear when you've hit or exceeded your specified reorder point. It tells you exactly where all of your items are in the pipeline. The Inventory Stock Status by Item report should be consulted frequently. As always, you can click Customize Report to change the date range.įigure 3: This report provides a real-time update of the status of every inventory item. In addition to what's pictured here, this report displays columns for Sales Price, Retail Value and % of Total Retail. Do run it, though, if you want to see the transactions that affected your inventory's value.įigure 2: The Inventory Valuation Summary does just what the name says You can also see this report in detail, but if you carry a lot of inventory, it's difficult to get a birds' eye view. To see what QuickBooks offers, click Reports | Inventory or go to the Report Center. Running reports regularly will keep you apprised of your inventory status. Ideally, you would do this when you're first adding item records, but you can go back at any time and add it. If you had reached the reorder point and created a purchase order, you'd see a number under On P.O. QuickBooks also tells you how many items are currently on hand. Without it, QuickBooks can't alert you when you're running low. You'll see it at the bottom of the Edit Item window (click Lists | Item Lists and double-click on the correct entry or click New in the Item drop-down list). There's a critical number in your item records that must be completed: Reorder Point. They don't teach you how to balance your inventory to improve profitability, but we can help with that.įigure 1: Be sure to enter a figure in the Reorder Point field so QuickBooks can remind you to reorder. It's a complex element of accounting, but QuickBooks comes equipped with a handful of reports that can keep you on track. In practice – especially if you stocks dozens or hundreds of items – it's impossible to ensure this if you're managing your inventory manually. On the other hand, don't let yourself run out of anything and lose orders. Don't overstock goods because you'll tie up too much money and perhaps need a clearance sale to get rid of the excess. Running out of products too frequently? Having to sell cheap because inventory is overloaded? Use QuickBooks' reports. QuickBooks Reports Help You Maintain Balanced Inventory Levels
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