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Hello and thanks for your question today. Do you know how to work with QuickBooks? Or are you a novice on this program?
Assuming you know how QuickBooks works, using this program for just "inventory" purposes is simple. But this is kind of like buying a car to just listen to a radio.
You will need to set up your items in the Item List.
You will want to set up just one generic customer, and at least one generic vendor (to buy inventory from)
You can use the Cash Receipt with the generic customer to record items going out of inventory (sales). You can have a nominal retail price since you are not tracking sales in QBooks.
When its time to buy new inventory, you simply purchase it from the generic vendor.
what if we have more than one vendor?
The car radio as FIFTEEN stations!
It doesn't matter unless you are using QB to track that.
No, I just want to track when we purchase inventory... and how much inventory we have and when a sales is complete
You can enter ALL your vendors if you wish. You can even use the Purchase Order system if you need to. But if you use POs you will NEED to enter all vendor names.
ok that makes sense. how does it all wash?
as of now, I have a list of inventory and a list of vendors already in the system. when I take payment for a product is does not go through this qb system it is deposited into the LLC quickbboks
Sorry? Did not understand that last comment.
that's ok I figured. I was curious how I know everything has been done right.
I'm not sure how you know it is all done right if you are using only part of the functionality!
You SHOULD take a physical inventory at least annually and you can match that against the inventory on the books as of the same date.
ok. I have to leave now can I pick up this conversation tomorrow?
What did you mean by only part of the functionality?
I meant that you are not using all of QuickBooks to track sales, income, expenses, etc.
My analogy was that you bought a car merely to listen to the radio. You are not using the car for transportation. Just as a big radio.
Basically yes. Which is foreign to me... I just want to make sure that these people have it set up right, and that they are successful. If I do a purchase order through this quickbooks do I have to pay for it through this qb? Since there is no bank account I don't see how that is possible
Purchase Orders are not linked to anything. They have no effective on financial statements. Therefore you can create a PO and forget it.
ok great. Now when I create a sales receipt for a customer does that reflect that the inventory is gone? I would just run a report to show this and when the inventory gets low enough I would just reorder correct?
What is the company using to track its financial transactions if not QuickBooks?
Yes, you would need to enter a sales receipt (or invoice) to take an item out of inventory as a sale.
You will be doing duplicate work from the rest of the company records
They are using quickbooks however it is for a different company they have two companies however one is just a vehicle for inventory and sales which I will be managing
OK. Double work it is.
haha.... I don't have much of a choice.. what would you suggest? Should they do it all through one gb?
But non-accounting-experienced managers have no idea. So call it job security for you.
A business opportunity for people like me
is there a way they can link there qb to me? So that I can input but they can still do what they need to from their location?
Yes. As long as they arre willing to give you access to the one QB file there are several ways. They can also limit the areas you have access to within QB
who could help me help them set this up? There is a fee I assume
There are QB proadvisors across the country. You an go to QuickBooks main site and do a search for someone in your area.
ok great thank you for all your help.
Have a profitable day!
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