Inventory?

Posted by testforbc on January 20, 2009, 4:19 pm

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I've got an interesting inventory questions.

Assuming inventory is activated in QB, what happens when the cost (as
opposed to sales price) of an item is changed? does it re-price/
revalue the inventory already in stock? or does it just use that cost
going forward for new items received?

thanks
Ian

Posted by Golden California Girls on January 20, 2009, 5:25 pm

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testforbc@gmail.com wrote:

> I've got an interesting inventory questions.

> Assuming inventory is activated in QB, what happens when the cost (as

> opposed to sales price) of an item is changed? does it re-price/

> revalue the inventory already in stock? or does it just use that cost

> going forward for new items received?

QB does not do FIFO or LIFO valuation. If you need either, look for other
software.

Posted by Laura on January 20, 2009, 6:45 pm

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> I've got an interesting inventory questions.

> Assuming inventory is activated in QB, what happens when the cost (as

> opposed to sales price) of an item is changed? does it re-price/

> revalue the inventory already in stock? or does it just use that cost

> going forward for new items received?

> thanks

> Ian

It uses that cost to recalculate the average cost of the item.

Posted by Ken on January 21, 2009, 8:10 am

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Greetings

Question???
Are you saying it uses weighted moving average??
Are you saying it uses neither?
QB promotes itself as an accounting package so which rules are available??

I ask because I am now into a company that uses QB and looks like it will
be poison of choice for awhile, this will come up and may become a surprise

Ken

>> I've got an interesting inventory questions.

>> Assuming inventory is activated in QB, what happens when the cost (as

>> opposed to sales price) of an item is changed? does it re-price/

>> revalue the inventory already in stock? or does it just use that cost

>> going forward for new items received?

>> thanks

>> Ian

> It uses that cost to recalculate the average cost of the item.

Posted by Golden California Girls on January 21, 2009, 1:20 pm

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Ken wrote:

> Greetings

> Question???

> Are you saying it uses weighted moving average??

> Are you saying it uses neither?

> QB promotes itself as an accounting package so which rules are available??

> I ask because I am now into a company that uses QB and looks like it will

> be poison of choice for awhile, this will come up and may become a surprise

> Ken

>>> I've got an interesting inventory questions.

>>>

>>> Assuming inventory is activated in QB, what happens when the cost (as

>>> opposed to sales price) of an item is changed? does it re-price/

>>> revalue the inventory already in stock? or does it just use that cost

>>> going forward for new items received?

>>>

>>> thanks

>>> Ian

>> It uses that cost to recalculate the average cost of the item.

QB uses average cost to value inventory. Has no other option. If the company
already exists and has been using something else to value inventory then the
permission of the IRS will be needed to use QB.