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This Week's Question: Keeping Track of Inventory for Non Billed Items

  • April 2013
  • Enterprise
    Inventory
Keeping Track of Inventory for Non Billed Items

This week's question comes from one of our customers with a QuickBooks inventory challenge that can apply to many of you who work with subcontractors.

 

Question:

"We have a few inventory items that we receive in as inventory, and charge out to a job as the items are given to subcontractors. The inventory items need to be charged to the job at that time. What is the best way to handle this? We don't want to create an invoice, because it is internal it won't be paid."

In this case, the company needs a  way to charge specific inventory line items to a job without creating an invoice, moving the cost of the materials from inventory and expensing them against a specific job as they are used.

Answer:

In this example, I am adjusting 5 units of wire out of inventory and charging to the "Enix" job.  COGS sold is the Adjustment account.

Go to Inventory > Adjust Qty/Value on Hand

Taking items out of inventory and charging to a job in QuickBooks

After I do this, if I run the Job Profitability report for "Enix" I get the following, showing the desired accounting for the wire I took out of inventory and charged to the "Enix" job.

Job profitability report in QuickBooks

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