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Hardmetals Canada
July 28, 2022
Question

WIP & Finished Goods

  • July 28, 2022
  • 1 reply
  • 0 views

Hello everyone, 

 

Recently, I have been tasked with implementing a WIP account for our manufacturing firm. To do this, I also created a Raw Materials and Finished Goods accounts under inventory assets. 

 

I went through all our items that are used in the manufacturing process and changed the asset accoutns to Raw Materials, and the balance sheet updated to show this account. 

 

When I did the same for the Finished Goods account, it came out as a negative value. This however makes no sense to me, as our inventory asset account should go up since we made an item? Can someone please elaborate on this? All of the items I changed are inventory assemblies so maybe that has something to do with it? 

 

Any help would be appriciated. 

 

 

1 reply

R
ReymondO
July 29, 2022

Thanks for sharing your concern in the QuickBooks Community, @Hardmetals Canada.

 

For me to help identify the cause of this issue, can you share with me what type of report you're using to view this data in QuickBooks? Also, can help me check the type of transactions that you've used when using these items? This might affects the value of your inventory in QuickBooks Desktop (QBDT).

 

Any further info would be much appreciated. Please add your details here and we'll get back to you. Have a nice day. 

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