QuickBooks Vednor Detail And Running Balance For Prepiad Inventory And Expense Deposits

[@worldwidequickbooks]

Hello, my QuickBooks Desktop Friends using the inventory feature to track quantities and value your merchandise!!
If you use the Mark Smolen method of pre-paid inventory transactions, then you have everything you need and all your accounts in the chart of accounts will be correct at any moment regardless. Unfortunately, even though your vendor records will be accurate and give you all the information you need; you may need to know the vendor’s actual balance at a specific moment in time. The Prepaid inventory method makes the running balance of the vendor a little difficult to track in QuickBooks. Solution? 1 extra step to export to excel and if you need the vendor’s balance eat a specific moment in the past, you can get it by following this video.
I hope you will click “like” and subscribe.
-Mark

[@fazilmohamed7148]

Hello Mr. Mark, can we use this method to recognize gain/loss on foreign exchange when applying the deposits? Also, what about aging summary. If I use this method, won't my aging be off? Your videos have been very helpful, however there all in the scenario of home currency. Would be very useful if there is one video with foreign suppliers prepaids and how it is treated in Quickbooks Desktop. Thank you.

[@worldwidequickbooks]

@@fazilmohamed7148 Thank you Fazil,
The answe to your question is in this playlist for quickbooks desktop multi-currency. I suggest you watch it in order and then you will understand what to do.
ua-cam.com/video/3m0GI8Cu7NA/v-deo.html
-Mark

[@m.farooqstanikzai5259]

Thanks alot dear teacher be happy in life

[@worldwidequickbooks]

Thank you for the kind words and I hope you will remember to click like after watching each one to support the free channel for everyone
Mark

[@shahidmalik8252]

Hollo Sir, Very informative video you have shared, but there is one thing which has made me confused that is I have Imported goods so number of advance payments made to different vendors for this single import i.e Custom agents and actual supplier for a single import so could you please guide how this situation can be resolved in QB? Thanks

[@worldwidequickbooks]

Please see the response to the other comment.
I'd let me know if that is sufficient to and if not that please let me know why not and give it a try.
Mark.

[@shahidmalik8252]

@@worldwidequickbooks There is no such comment that match to my query answer, could you please answer it.

[@worldwidequickbooks]

Oh I see it was different than the other question.
I would be happy top help if you could clarify what you are looking for. I also need you to answer my question in order to help you;
Why can you not use what's in this video to address your issue? What's missing or not right?
-Mark

[@shahidmalik8252]

@@worldwidequickbooks Ok let me explain, i have purchased stock from other country before delivering goods i paid an advance amount to the supplier then the shipped the goods after some days so As these are imports for me so i had to pay import shipping and custom duties for this import which were also paid in advance, then i received the goods after so many days, All these charges like shipping payment and custom duties need to be part of the cost of goods that i have imported, So the tricky part here is all these payment to vendor, Shipping cost and Duties made different companies for a single import, advances were booked when they were paid now i have to record the inventory in the system so what will be the accounting treatment for all these advance payments for the cost of inventory, Thanks