I think it's a great training, in that it touches on the different aspects of the Inventory Process. However, it jumps through the processes in a way that isn't easy to follow...it starts with the Balance Sheet / P&L...then goes all the way down to the Item Level...then up to the Inventory Assembly level...then back down to the Build Assembly Level. For the next training...it might be nice to actually put up a flowchart of the process....and then take the audience through the process. e.g., This is where we set up a PO for this item - with the cost at which was purchased, this is how we purchase the item, this is receiving the item into inventory (& seeing it on the Balance Sheet), this is the conversion process - build assembly (and B/S conversion), this is the inventory assembly with WIP and Labor (Finished Goods Inventory on B/S), this is the order for the sale, and this is the invoice where we take the item out of inventory and put it onto the P&L.
ayorkii thanks.. its hard to do all that in one hour... I offer full training services for anyone that needs to go more in-depth... hector@garciacpa.com
Hector - thanks so much for your response. I don't mean to go in-depth, per se. Simply to go in the logical order of the accounting flow. I got a bit confused as you were jumping back and forth between the P&L (end-result) and then down to the raw materials level...then up to the assembly level and back and forth between assembly builds. I wasn't always sure where in the accounting process you were...which is why I listed out the flows,as such. Just a request...I think it would be helpful for the viewers' understanding and information retention. Thanks again...
thank you for taking the time to do this video I have one question we use multiple currencies in quick book when we went to the report section show me which currencies we select like balance sheet trial balance etc...
Hi Sir, may i know why the material costs only incur when sales invoice generated instead of goods receipt i.e. Enter bill? And no closing inventories show under P&L while raw materials received? What if, sales invoice generated not at the same month of enter bill then the COGS is zero?
Hi Hector! Love your videos! I have a client were all there inventory items are set up as "Inventory Part" but I want to convert some to "Inventory Assembly". My issue is that I do not want to change any prior year numbers/financials. Is there a way to do this without having to create new inventory items?
Great tutorial, my only question: Is there a simple way to Raw-WIP-FG in QB when a quantity of raw is put to WIP and made into various unknown "to be determined" FGs and scrap figured on a period basis via the start and finish of WIP? I understand if that is too complex to answer here. Thank you for this video!
Sir How to manage production of flour mill in quickbooks enterprise because we purchase wheat then after production we get 85% flour and 15% bran, In your videos I didn't find such process.
@@HectorGarciaCPA Thanks sir for your reply, Now I am designing the financial system of a flour production company in QuickBooks I faced to this problem but fortunately I solved it after comment on your video.
I think it's a great training, in that it touches on the different aspects of the Inventory Process. However, it jumps through the processes in a way that isn't easy to follow...it starts with the Balance Sheet / P&L...then goes all the way down to the Item Level...then up to the Inventory Assembly level...then back down to the Build Assembly Level. For the next training...it might be nice to actually put up a flowchart of the process....and then take the audience through the process. e.g., This is where we set up a PO for this item - with the cost at which was purchased, this is how we purchase the item, this is receiving the item into inventory (& seeing it on the Balance Sheet), this is the conversion process - build assembly (and B/S conversion), this is the inventory assembly with WIP and Labor (Finished Goods Inventory on B/S), this is the order for the sale, and this is the invoice where we take the item out of inventory and put it onto the P&L.
ayorkii thanks.. its hard to do all that in one hour... I offer full training services for anyone that needs to go more in-depth... hector@garciacpa.com
Hector - thanks so much for your response. I don't mean to go in-depth, per se. Simply to go in the logical order of the accounting flow. I got a bit confused as you were jumping back and forth between the P&L (end-result) and then down to the raw materials level...then up to the assembly level and back and forth between assembly builds. I wasn't always sure where in the accounting process you were...which is why I listed out the flows,as such. Just a request...I think it would be helpful for the viewers' understanding and information retention. Thanks again...
thank you for taking the time to do this video
I have one question
we use multiple currencies in quick book when we went to the report section show me which currencies we select like balance sheet trial balance etc...
Hi Sir, may i know why the material costs only incur when sales invoice generated instead of goods receipt i.e. Enter bill? And no closing inventories show under P&L while raw materials received? What if, sales invoice generated not at the same month of enter bill then the COGS is zero?
You might need to watch more videos on this topic
Why when i build assembly effect cost of goods sold?
How i solve this problem.
Please help me quickly
Do you have a video on how to create workorders for specific customer orders? Thank you for all your videos! They are very helpful!
“Work orders” is not a thing in QuickBooks
Can you change Inventory assembly items to and inventory part?
“Change” in what sense?
High level stuff. Really appreciate you sharing your knowledge.
P
Great Job! Thank you for taking the time to do this.
Elizabeth Guy you welcome
Hi Hector! Love your videos!
I have a client were all there inventory items are set up as "Inventory Part" but I want to convert some to "Inventory Assembly". My issue is that I do not want to change any prior year numbers/financials. Is there a way to do this without having to create new inventory items?
Changing it to assembly will not affect past period.. but do a backup anyway, prior to doing it.
Great tutorial, my only question: Is there a simple way to Raw-WIP-FG in QB when a quantity of raw is put to WIP and made into various unknown "to be determined" FGs and scrap figured on a period basis via the start and finish of WIP? I understand if that is too complex to answer here. Thank you for this video!
+tigress9677 is just creating assemblies and subassemblies.. no "easier way"
@@HectorGarciaCPA how to create assemble please guide
Sir How to manage production of flour mill in quickbooks enterprise because we purchase wheat then after production we get 85% flour and 15% bran, In your videos I didn't find such process.
I don’t have that specific example, but any video on assembly illustrates the process, you just need to picture your situation in it
@@HectorGarciaCPA Thanks sir for your reply, Now I am designing the financial system of a flour production company in QuickBooks I faced to this problem but fortunately I solved it after comment on your video.
@@HectorGarciaCPA Sir I am always watching your videos it's really great.
When you are adding the freight cost to the BOM could you please explain how you set up the Freight Cost expenses account. Thank you
Look for a video called “landed cost” it might make more sense
Hector Garcia CPA thank you
Where can I put the Machine hours? that includes it power consumption etc. thank you.
RSR Precision Toolings there is no easy process for this. It’s similar to the labor process
It was really helpful. Thank you very much for such a beautiful video.
Tamim SAJID RASHEED you welcome
@@HectorGarciaCPA hello Sir!
Kindly tell me general entries of Direct labour the time of paying wages in QuickBooks desktop???
Thanks
Using Non Inventory Item in "Build Assembly" affects prior period Financial Reports. Can any one help to solve this problem?
eurobiz 786 it does not.... that is non-sense... (unless you are using a prior period date, if that is the case then ANYTHING can affect it)
If you can do a sample of soap manufacturing
iwillappreciate
Wont happen :)
I like this video it was helpful . do you have this video in Spanish???
No
Thank you, really helpful
I have Quickbooks Enterprise.
Do you have an email address I contact you with? I have some questions regarding quickbooks enterprise and my manufacturing business.