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NEEDGUIDANCE
April 4, 2024
Question

MOVING INVENTORY ITEMS TO COGS

  • April 4, 2024
  • 2 replies
  • 0 views

WE PURCHASE ITEMS IN BULK AND RECORD THEM AS INVENTORY. WE DO NOT BILL PER ITEM. I WANT TO HAVE ACCURATE INFORMATION FOR JOB COSTING. I NEED TO BE ABLE TO MAKE AN ENTRY TO MOVE AN INVENTORY ITEM TO COGS AND ASSIGN A JOB TO IT. HAS SOMEONE FIGURED OUT HOW TO DO THIS? WHY WOULD QB NO ALLOW, CUSTOMER/JOB IN INVENTORY ADJUSTMENTS?? THAT SEEMS TO BE THE EASIEST FIX, ONE FIELD. 🙂

THANKS IN ADVANCE FOR YOUR HELP!

2 replies

J
JoanaC
April 4, 2024

Let me go ahead and assist you with your inventory item, @NEEDGUIDANCE. 

 

COGS will only be affected after creating an invoice for that item. If you want to add it to a job, we can create an invoice using the job you've created.

 

Here's how: 

  1. Go to Project.
  2. Click Add to project.
  3. Select Invoice.
  4. Under the dropdown for the customer, select the project you've created.
  5. Fill up the necessary information. 
  6. Select Done and Close.

 

Please note that the inventory adjustment is only for your inventory stock. If you create a purchase order, your items on hand will increase.

 

Let me share these articles to help you manage your inventory:

 

 

You can reply on the thread or create a new post. We'll be here to assist you. Have a great day!

 

N
NEEDGUIDANCEAuthor
April 24, 2024

THIS IS NOT HELPFUL. THEN I HAVE AN OPEN INVOICE, THAT IS NOT GOING TO GET PAID?? WE DO NOT INVOICE PER ITEM. I NEED TO BE ABLE TO MAKE AN INVENTORY ADJUSTMENT OR JOURNAL ENTRY AND ATTACH A JOB/PROJECT TO IT.

Rainflurry
Rainflurry
April 25, 2024

@NEEDGUIDANCE 

 

Create a $0 invoice for the items you want to move from inventory to COGS.  That will allow you to assign a project to the invoice.  It will also remove the items from inventory, book the COGS expense, and, because the invoice amount is $0, it will show as paid and there won't be any revenue recognized.  

R
ReymondO
April 24, 2024

Thanks for getting back to the thread,

 

Let me join in this conversation and share additional info about moving an inventory item to COGS and assigning a job to it. 

 

If you're trying to create a journal entry and need to use the inventory item and COGS as affecting accounts, then this process is unavailable in QuickBooks. Please know that we only use the accounts in your Chart of accounts when creating journal entries. 

 

In addition, the option to attach a job or project when creating inventory quantity adjustment is unavailable in the program. Although, you'll have the option to select a project once you create a journal entry. 

 

I know the importance of having this feature when working with QuickBooks. Thus, I'd suggest sending feedback to our developers. This way, they can review your suggestions and most likely incorporate them in future updates. 

 

Here's how:

 

  1. Go to Settings and click Feedback.
  2. Enter your comments or product suggestions. Then, select Next to submit feedback.

 

You can also track feature requests through the QuickBooks Online Feature Requests website.

 

Moreover, you can set up price rules to help control the price of your products and services. You can also set up alerts for products that are running low or out of stock in QuickBooks Online Plus and Advanced.

 

Please let me know if you have follow-up questions about moving inventory items to COGS in QuickBooks. I'll be here to provide further clarifications. Have a good one.

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