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I do appreciate your answer but all it did was confirm what the support person from QB told me. No solution was provided. I hope I am not going to be charged for this.
First of all I cannot blame you for the lack of this feature in Quickbooks. I think it is a miserable product for a business manager or owner. I have a retail edition and it is so lacking features a retailer would need it's ridiculous. Where I think you fell short is you simply stated that the function was not within Quickbooks and exporting to Excel was my only option. IMO you could have at least offered up this, go to Reports Inventory Status and export a report to Excel. Go to Reports Sales by item detail and export to Excel. Now you have the data you require. Then you have the task of pulling it all together. That's where I'm at and I got that from Quickbooks support. It is at this point I would have the horrible task of meshing two reports into one. Perhaps achievable by writing macros but more likely just plowing through it.
I can not imagine that someone out there hasn't overcome this problem as this is such a basic report a retailer needs. My next step is to find a front end module that can handle the point of sale and inventory management of my business and just exports journal entries to QB. Until then, unless I get a better answer to my original question, I am no better off than when I first submitted my request to justanswers.