Showing posts from June, 2013

QuickBooks Inventory Software: How to Build An Inventory In QuickBooks Accounting Software

In the previous guide, I described how to add new inventory items and assemble them to form an inventory. 

Quickbooks for manufacturing helps you to build inventory with units of stocks part assembled or raw materials available.
From the homepage, click items and Services. 

At the bottom left select Activities as shown below.

To build an inventory from inventory assembly, follow the procedures below.

Once you select the inventory item to build, QuickBooks will automate the data entry in the other boxes. 

At the bottom of the window, enter the number of inventory you want to build and click Build and close.

QuickBooks will deduct the number of stock parts used from quantities available and increase the inventory account.
Follow these steps to learn how to build an inventory in QuickBooks

How to Assemble Inventory in QuickBooks Accounting Software

After adding all your inventory or stock parts, you can assemble these items to form an inventory by indicating the quantity required to produce an item while QuickBooks  automates the cost implication and Quantity available for usage.

To assemble items to form an Inventory, follow the steps above when adding a new item.
Use this window to set up the quantities of different stocks part required to produce an inventory. QuickBooks will calculate the cost of production based on unit cost of stock part and quantity required. Click Ok to finish set-up.
Click here to learn how to add raw material items in QuickBooks

Inventory Management: Managing Raw Materials for Manufacturing Company In QuickBooks Software

Creating, Assembling and Managing inventory parts for Manufacturing Company In QuickBooks Software

This area of QuickBooks is only applicable to manufacturing companies-buy raw materials, process and convert to finished goods.
Inventory parts are items you buy and build into another form of inventory. QuickBooks premier and enterprise enables small business to manage inventory purchases, processing and conversion to finished goods.

To add inventory part purchased from suppliers, click Items and Services on QuickBooks homepage.

Balance sheet report in quickbooks

A Business balance sheet shows the financial positions of a business at the end of the year. With QuickBooks Accounting Software, you can view your business positions at the click of mouse.

Click Report on the QuickBooks Menu, Select Company & Financial and Click Balance Sheet.

Profit and loss report in quickbooks

Profit and Loss Account: To see your business profit and loss account, Click Report from the menu, select Company & Financial and click on Profit & Loss Standard.

Trial balance Report in QuickBooks Accounting Software

The trial balance is a list of your account balances extracted from the legder.
To view your business trial balance: From the home page menu-Click Report, Select Accountant & Taxes and Click Trial balance.
Your Trial Balance pops up immediately-which you use to see the current balances of your all your ledger.

Report in Quickbooks - See your Trial balalnce, Profit and Loss and Balance Sheet Report

With QuickBooks accounting software you can see your company snapshot: income and expenses, Customer account balances, account payables, etc
This is how you can get an instant view of your financial position without waiting till year end accounting reports.
From QuickBooks menu, click Reports and Company Snapshot.

QuickBooks accounting software helps track your business final account:
QuickBooks Trial Balance
QuickBooks Profit and Loss
QuickBooks Balalnce Sheet

How to manage and track VAT in QuickBooks Accounting Software

For businesses that remit VAT on sales to relevant Tax agencies, it is important for you to track the total amount payable to your local tax authorities for effective reporting.

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The QuickBooks Accounting software help you record all VAT payable from sales and create a report for real time updates.

From the QuickBooks home page, click Manage VAT.

Bank reconciliation in quickbooks

The QuickBooks  can reconcile your bank statement to ensure accurate income statements, balance sheets & trial balance reports.
From the QuickBooks homepage, under the banking section click Reconcile.
A Begin Reconciliation window pops up.

How to record refund in QuickBooks


Managing customers/clients in QuickBooks Accounting Software