Awesome Video, Is there a way to allocate multiple items per product? for example, we make coolers and each cooler has 4 feet, I created a sub category for the feet but it only deducts one per product sold, Is it possible to change this to deduct 4 per product sold?
Hey Justin! You can do this with a Bundle. This lets you sell two or more products in a "Group" so that it will deduct the correct quantities based on how you define it, so 4 per product as in your example can be done very easily.
Sir, I was recording the inventory in Quickbooks online, the inventory saved as a template by mistake, which does not show up as a bill in the vendor account. How do I find out that template in QB online and bring it to the vendor account? I really appreciate your help. Thanks.
Those are usually booked separately and directly to COGS. It is normally impractical to spend the time required to absorb those costs per item. You would have to calculate this yourself and then record a $0 bill effectively removing it from the original account it is booked to (eg when you got the freight bill and paid it). Then you would have to zero out the inventory for that item, and bring it back in with the freight costs included.
Hi! If you want to be able to track your inventory quantities in QBO then each item needs to be separate. If you have another method of tracking outside of QuickBooks Online then you can certainly summarize in QBO, but you would want to use non-inventory parts instead of inventory.
Liking your video is not good enough for your efforts... But rather, I have to say it clearly... That's why I'm saying here "Thanks lots" for your helpful videos
@@nerdenterprises wow... that seems like a lot. There are other inventory management options out there that make this easier. Does QBO integrate with any excellent inventory management systems? Better question: do you recommend any? Thank you!
@@ep4684 Yes, these guys will help you set up and implement Cin7 (Formerly Dear Systems) and integrate it with QBO. Best Inventory management system out there, especially for the money. www.wearewaypoint.com/nerdent
What is the best way to manage inventory when you purchase a twenty pound bag of coffee beans and sell individual cups of coffee? Am i looking at this wrong?
Hi, how to increase prices in % for available inventory in Quickbooks? Eg: current stock value $1 Million, Increasing Price 5%, after price revision the value should be $1.05 Million. Price revision don't apply for negative stocks. Could you please assist me accordingly.
There isn't a way to do that in QuickBooks Online . You can use "Price Levels" and increase by percentage over the standard price, but that's a price level. The base price of each item doesn't change.
Hi. I purchase product in cases then sell it either individually or in bundles. The bundles can be multiples of the same product or different products . Can QuickBooks help me manage that?
It isn't "built in" but it can be done. You have to set up the items, and then set up the bundles / kits as items. Then you transfer inventory (with an inventory adj) from the component(s) to the kits.
Say you have 7 motors in inventory and a salesman has just emailed you and says he sold 4 motors. How do you show that you really have 4 less motors in inventory to sell since the 4 have technically have been sold? Thanks
if you don't want to actually post a sale yet then you can create sales orders for the sale of each of the four motors in that will show that they're taken out of inventory. when you're running inventory stock status report you'll see it'll show the amount that are out on sales order.
@@nerdenterprises Our company currently uses Quickbooks desktop for Manufacturing and we can make sales orders right now. However we were told that Quickbooks Online doesn't offer Sales orders. Do you have recommendations for a system to record sales orders?
@@megano6612 The closest thing you have to a Sales Order in QBO is an Estimate. It won't deduct the inventory quantities. If you want more detailed tracking you can use an add-on product like Dear Inventory or SOS Inventory. Many people find that the convenience and efficiency of QBO + the add-ons outweigh the cost.
Hey mate maybe you should be telling everyone which version of quickbooks your using because mine, for example, does not have inventory tracking built in. Come on, wake up.
Awesome Video, Is there a way to allocate multiple items per product? for example, we make coolers and each cooler has 4 feet, I created a sub category for the feet but it only deducts one per product sold, Is it possible to change this to deduct 4 per product sold?
Hey Justin!
You can do this with a Bundle. This lets you sell two or more products in a "Group" so that it will deduct the correct quantities based on how you define it, so 4 per product as in your example can be done very easily.
Thanks for this video. It looks much easier than managing stock assets manually so I will upgrade to quickbooks plus now
Hi! It's been a year - curious how this went.
Thank you for this. Please what's the difference between creating a product as an inventory asset or just inventory?
Yes i am currently trying to figure this out!
This video was great! If I follow these steps to manage the inventory and COGS, will I still need to do any journal entries at the end of the month?
I'm not sure what journal entries you're doing, so it's hard to say. You will always have to take inventory periodically and make those adjustments.
Great illustrations! Better than my accounting PHD professors 👩🏫
Sir, I was recording the inventory in Quickbooks online, the inventory saved as a template by mistake, which does not show up as a bill in the vendor account. How do I find out that template in QB online and bring it to the vendor account? I really appreciate your help. Thanks.
Nice. However, your COGS should also include the item packaging and shipping supply costs. Can QBO account for those expenses too per item sold?
Those are usually booked separately and directly to COGS. It is normally impractical to spend the time required to absorb those costs per item.
You would have to calculate this yourself and then record a $0 bill effectively removing it from the original account it is booked to (eg when you got the freight bill and paid it). Then you would have to zero out the inventory for that item, and bring it back in with the freight costs included.
@@nerdenterprises Thank you!
Well explained. Thank you very much. For retail stores, Do we have to do this individually for each item or there is an easy way?
Hi! If you want to be able to track your inventory quantities in QBO then each item needs to be separate. If you have another method of tracking outside of QuickBooks Online then you can certainly summarize in QBO, but you would want to use non-inventory parts instead of inventory.
Liking your video is not good enough for your efforts...
But rather, I have to say it clearly...
That's why I'm saying here "Thanks lots" for your helpful videos
Thank you! Check out my courses here --> new.nerdenterprises.com/store
If you are selling for example shoes that come in different sizes. Is there a way to subcategorize qty from each size? Also what about color!?
You would need to set up a separate product for each combination of size and color to track the quantities.
@@nerdenterprises wow... that seems like a lot. There are other inventory management options out there that make this easier. Does QBO integrate with any excellent inventory management systems? Better question: do you recommend any? Thank you!
@@ep4684 Yes, these guys will help you set up and implement Cin7 (Formerly Dear Systems) and integrate it with QBO. Best Inventory management system out there, especially for the money.
www.wearewaypoint.com/nerdent
@@nerdenterprises Excellent! Thank you for the recommendation!
What is the best way to manage inventory when you purchase a twenty pound bag of coffee beans and sell individual cups of coffee? Am i looking at this wrong?
How you get RM4.88 in the last calculation?
Hi, how to increase prices in % for available inventory in Quickbooks?
Eg: current stock value $1 Million, Increasing Price 5%, after price revision the value should be $1.05 Million. Price revision don't apply for negative stocks. Could you please assist me accordingly.
There isn't a way to do that in QuickBooks Online . You can use "Price Levels" and increase by percentage over the standard price, but that's a price level. The base price of each item doesn't change.
Which level of qbo is this? When i go to input inventory it dosent give me the option to put in my cost and date of purchase...?
This is QBO Pro, but even if you have that version you have to turn on Inventory tracking in the settings.
Hi. I purchase product in cases then sell it either individually or in bundles. The bundles can be multiples of the same product or different products . Can QuickBooks help me manage that?
It isn't "built in" but it can be done. You have to set up the items, and then set up the bundles / kits as items. Then you transfer inventory (with an inventory adj) from the component(s) to the kits.
Good presentation 💕💕💕❤️👍
i did not realize how easy it was
Played at 0.75 speed - perfection!
Great video
Thank you Hector!
Say you have 7 motors in inventory and a salesman has just emailed you and says he sold 4 motors. How do you show that you really have 4 less motors in inventory to sell since the 4 have technically have been sold? Thanks
if you don't want to actually post a sale yet then you can create sales orders for the sale of each of the four motors in that will show that they're taken out of inventory. when you're running inventory stock status report you'll see it'll show the amount that are out on sales order.
@@nerdenterprises Our company currently uses Quickbooks desktop for Manufacturing and we can make sales orders right now. However we were told that Quickbooks Online doesn't offer Sales orders. Do you have recommendations for a system to record sales orders?
@@megano6612 The closest thing you have to a Sales Order in QBO is an Estimate. It won't deduct the inventory quantities. If you want more detailed tracking you can use an add-on product like Dear Inventory or SOS Inventory. Many people find that the convenience and efficiency of QBO + the add-ons outweigh the cost.
@@nerdenterprises i agree , i have used QBO for estimates. With a touch of a button, those estimates are easily converted into invoices.
Nerd Enterprises, Inc. have you had a good experience with SOS inventory? I wanted to get an add on product for inventory management
Hey mate maybe you should be telling everyone which version of quickbooks your using because mine, for example, does not have inventory tracking built in. Come on, wake up.
Thank you for sharing. I will keep this in mind for future videos!
You mad, bro?