Features of QuickBooks Support for Inventory Accounting
QuickBooks permits you to maintain a perpetual inventory
of merchandise on hand for resale. With the proper use of
QuickBooks Items, every purchase of merchandise from vendors
is added to Inventory, and every sale of merchandise to
customers reduces Inventory. Creation of Customer Invoices
is facilitated because descriptions and sale prices are
entered automatically as Inventory Items are selected for
sale.
- Behind the scenes, QuickBooks automatically transfers
the average cost of items sold to customers from Inventory
to Cost of Sales.
- Customer Estimates or “Quotes” can be created using
the descriptions, sales prices and average costs from
Inventory.
- Purchase Orders can be created using the descriptions
and re-order information from Inventory.
- Note - QuickBooks supports only the Average Cost
method of inventory valuation. The First-in, First-out
(FIFO) and Last-in, First-out (LIFO) methods are not
supported.
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Review, Cleaning Up Problem Books and Training
Not sure if you're taking full advantage of QuickBooks
time saving functions and features? Perhaps you've been
using QuickBooks for years and in the back of your mind
you are wondering if QuickBooks is being utilized efficiently
and properly. Curt Trahan can review your QuickBooks program
to determine if there are better and faster ways of doing
things. Our goal would be to correct any discrepancies along
the way and help streamline your work process.
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Setup of QuickBooks Inventory Items
QuickBooks Items are used to standardize and simplify the
recording of business transactions. Items handle a large
portion of the “necessaries” of accounting for purchases
and sales of merchandise.
- Proper setup of QuickBooks Items is essential to
the functioning of the Inventory features of QuickBooks.
- If you’re experiencing problems with QuickBooks
Inventory features, a very likely cause is improper
setup of your Items or Item Types. We can help you examine
and, if necessary, modify your QuickBooks Items to eliminate
the problems.
- Assistance with your QuickBooks Items can be accomplished
easily using our OneClick Support system.
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