• Skip to primary navigation
  • Skip to main content

QBGarage.com

The QuickBooks Specialists

  • Home
  • Blog
  • KnowledgeBase
  • Company
  • Show Search
Hide Search
You are here: Home / Archives for KnowledgeBase / Retail Solutions

Retail Solutions

When Setting Up POS for the First Time, How Do I Record the Cost of My Existing Inventory?

Chief Mechanic · September 12, 2010 ·

When setting up inventory in POS for the first time, POS will automatically enter an adjustment memo to update your inventory value when you enter a value in the Average Unit Cost or the On-Hand Quantity fields when adding a new item.  Before doing so, a message will pop up asking you to Continue or Cancel Edits to the field that prompted the pop up message.  Click Continue.  During first time setup, you’ll be recording both an On-Hand Quantity and an Average Unit Cost, so you’ll see the pop up message at least 2 times.  When you save the item, POS will automatically record an adjustment memo for your starting inventory valuation and quantity for that item.  In this example, we’ll record 10 units of a new item at an Average Unit Cost of $12.00.

QuickBooks POS 8 New Item Average Unit Cost

Let’s carry our analysis one step further to see how to record new receipts of an item following our initial setup.

Once you’ve recorded your initial On-Hand Quantity, click the Receive Items button to record a New Receiving Voucher for 1 or more items.  In the New Receiving Voucher window, you record the Qty (the quantity received) and the Voucher Cost (the cost for the latest delivery).  Simply click in the field to change the default value.  In the example below, we’ve recorded a receipt of 10 units at a cost of $5.00.

QuickBooks POS 8 New Receiving Voucher

Because the new $5.00 cost is considerably lower than our original cost of $12.00, POS will pop up a message advising us that the latest voucher has a different cost than our existing inventory and give us a chance to review the pricing for that product.  We’ll review product pricing at another time and click No, I’ll Review Prices Later.

QuickBooks POS 8 Different Cost Message

To summarize, our initial inventory during first setup of POS consisted of 10 units that cost $12.00 each.  Following setup, we vouchered a receipt of an additional 10 units at $5.00.  Since QuickBooks and POS operate on the average cost method, our new Average Unit Cost for this inventory item is $8.50, or ( ( 10 units X $12.00) + (10 units X $5.00) ) / 20 units.

Vote This Post DownVote This Post Up (No Ratings Yet)
Loading...

How Do I Compare QuickBooks Point of Sale Pro To Earlier Versions?

Chief Mechanic · September 11, 2010 ·

Intuit provides a table to compare the versions of Point of Sale (POS) Pro from 6.0 to 8.0.

Vote This Post DownVote This Post Up (No Ratings Yet)
Loading...

How Do I Compare QuickBooks Point of Sale Basic 9.0 To Earlier Versions?

Chief Mechanic · September 5, 2010 ·

Intuit provides a table to compare the versions of Point of Sale (POS) Basic from 6.0 to 9.0.

Vote This Post DownVote This Post Up (No Ratings Yet)
Loading...

How Do I Reinstall a 2007 QuickBooks Product If My Original CD or Download Has Become Damaged?

Chief Mechanic · September 5, 2010 ·

If you need to reinstall any of the 2007 series of products (QuickBooks 2008, Enterprise Solutions 8.0, and Point of Sale 7.0) but your original CD or download has become damaged, you’ll need to re-download your QuickBooks product.  Download links appear below.

To complete the installation using the software you download from these links, you’ll need both the product
code and the license number from your original purchase.  If you originally downloaded your product, this information would have been included in your email from Intuit following your purchase; otherwise, it would have been included on a label on your CD envelope.

Visit one of the links below to re-download your paid-for version of QuickBooks:

  • Enterprise Solutions 7.0
  • Premier 2007
  • Pro 2007
  • Point of Sale 6.0
Vote This Post DownVote This Post Up (-38 rating, 48 votes)
Loading...

How Do I Reinstall a 2008 Quickbooks Product If My Original CD or Download Has Become Damaged?

Chief Mechanic · September 5, 2010 ·

If you need to reinstall any of the 2008 series of products (QuickBooks 2008, Enterprise Solutions 8.0, and Point of Sale 7.0) but your original CD or download has become damaged, you’ll need to re-download your QuickBooks product.  Download links appear below.

To complete the installation using the software you download from these links, you’ll need both the product code and the license number from your original purchase.  If you originally downloaded your product, this information would have been included in your email from Intuit following your purchase; otherwise, it would have been included on a label on your CD envelope.

Visit one of the links below to re-download your paid-for version of QuickBooks:

  • Enterprise Solutions 8.0
  • Premier 2008
  • Pro 2008
  • Point of Sale 7.0
Vote This Post DownVote This Post Up (No Ratings Yet)
Loading...
  • Go to page 1
  • Go to page 2
  • Go to page 3
  • Go to page 4
  • Go to Next Page »

Accounting

  • Financial Accounting Standards Board

Developer

  • Intuit Developer Network Forums
  • qbXML Onscreen Reference

Intuit

  • Enterprise Solutions
  • Intuit
  • Intuit Marketplace
  • QuickBooks
  • QuickBooks Online Community

QBGarage.com

Copyright © 2008–2023 QBGarage.com · Privacy · Terms & Conditions · Site Help