February 1st, 2010
Inventory question
I have a bath and body biz. I’m setting it up in quickbooks. I need to know if I need to keep an inventory. If I do, is there a way to simplify it?
Now, here’s the thing. I buy bulk items and with these create my own unique products. So 15 things might go into the creation of one final product.
It appears to me that quickbooks inventory tracks inventory for resale, ONLY when that resale is for the same item. Their example is tennis balls. I buy 60 tennis balls and then resell them. As I sell them, they come off the inventory.
In my case, I might buy for instance a pound of rose petals. The pound of rose petals will be included in the multiple ingredients for 100 different finished products.
How the heck do I keep track of that?
Thank you in advance
This post was submitted by Sheila.
Comments
Stock maintence in an accounting system can be a lot of work.If you are don’t require up to date info on what stock you have on the shelves at any particular time, you can just do a yearly stocktake and do a stock movement journal for the difference between the closing stock last year, and the closing stock the current year.
Shane Holbeck - Accountix
February 1st, 2010