Are you a business that needs an inventory tracking, management reporting software system to helps you track items that customers want, when they want them without having more inventory than you need or monitor your stocks on hand based on quantities sold and value? Quick Books can provide an up-to-date report on your stock using the average costing method ( calculating stock value based on the total cost of the old stocks plus the new stocks divided by the quantities on hand).
To view your stock report in QuickBooks, click Report and Select Stock
Select the stock reporting type you want to use.
Stock Valuation Summary
QuickBooks use the weighted average costing method to value stocks. For instance, if you buy 100 units of mobile phones at N 200,000 and additional 50 units for N 150,000, your stock value per unit will be N 350,000 (N 200,000 + N 150,000) divided by 150 units (100+50) which is N 2333.33.
Physical Stock Worksheet
The stock worksheet helps you to see your current stocks and the quantities of item on hand.
If you have read my tutorial on how to assemble items in QuickBooks for your small business, you should have learn't how to turn components into a items for sale. The Pending Builds report tracks stock parts that are yet to be built into an items for sale.
No inventory awaiting assemblies in this report.
Stock Status By Item
This report tracks your inventory by item types on hand, on sales order, quantities to be assembled, quantities on purchase order and next delivery date.
These are some of the key inventory tracking report you can use for your small business.