Learn QuickBooks Inventory Management

Learn Every Possible Merchandise Inventory Situation In QuickBooks

Created by: Mark Smolen
Professor of Computerized Accounting

What Will I Learn?

• Perform Any Task Related To Managing Inventory / Merchandise Records
• Record Any Inventory Related Transacion
• Interpret Inventory Reports For Optumization
• Find And Fix Mistakes Related To Inventory
• Use Different Inventory Item Types In The Right Situation
• Find The Accounts In The Chart Of Accounts That Change When Inventory Changes
• Adjust Inventory For Unusual Situations
• Track Inventory Quantity After Each Purchase, Sale Or Return
• Make Item Receipts And Enter Related Bills
• Record Purchase And Sales Returns
• Use Unit Of Measure Feature Of Inventory
• Use The Price Levels feature
• Understand How Quickbooks Desktop Calculates Cost Of Goods Sold
• Understand The Weighted Average Costing Method
• Record Purchase And Sales Returns Of Inventory
• Record Advanced Payments And Prepaid Inventory
• Use The Periodic Inventory System With Quickbooks
• Make Inventory Monthly Adjustments
• Calculate Monthly Cost Of Goods And Gross Profit Periodic Adjustment
• Record And Track Prepaid Inventory

Requirements

• Elementary school level math skills
• Basic computer skills
• Basic understanding of buying and selling

Target audience

• Anyone who needs to manage inventory in their company
• Anyone studyng for the certified quickbooks user exam
• Anyone who needs to track quantity of inventory items
• Anyone who needs to see cost, sales and profit for each separate inventory items
• Anyone who needs to adjust inventory records for Theft, Damage or Obsolescence or Disaster
• Anyone who needs to record purchase or sales returns of merchnadise
• Anyone who uses "Price levels" for special customers
• Anyone who needs to understand how Quickbooks Desktop Calculates changing purchase costs of inventory
• Anyone using "non-inventory parts"
• Anyone who needs to record purchase and sales returns and refunds
• Anyone who sells in multiple units of measure for thier merhandise
• Anyone who needs to predict the cost of goods sold for sales of merchandise
• Anyone who wants to clearly understand the weighted average costing system
• Anyone who's company needs to use the periodic inventory system for their company
• Anyone who needs to do a monthly inventory adjusment to calculate cost of goods sold and gross profit
• Anyone who prepays for their inventory