• 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 item type

item type

What Is an Inventory Part?

Chief Mechanic · September 25, 2010 ·

An Inventory Part is one type of Item and is maintained on the Lists->Item List menu selection.

See our article on all of the Item types supported by QuickBooks for more information.

Generally speaking, Items are designed to pre-fill invoicing and purchasing forms. An Inventory Part represents an item that your firm keeps on hand for sale to customers. It can be stocked and sold on its own or included as part of an inventory assembly.

Here’s a screenshot of the QuickBooks Item List showing a range of inventory parts:

QuickBooks 2011 Item List Inventory Parts

QuickBooks tracks certain information that apply only to Inventory Parts. Fields tracked only for Inventory Parts include:

  • Quantity On Hand
  • Quantity On Purchase Order
  • Quantity On Sales Order
  • Reorder Point
  • Asset Account

Some fields are tracked both for Inventory Parts and other item types, such as Inventory Assemblies and Non-Inventory Parts. Some – but not all – of these fields also may be tracked for other item types if you select the checkbox This item is used in assemblies or is a reimbursable charge. These fields are:

  • Quantity On Pending Builds
  • COGS Account
  • Preferred Vendor

The above screenshot shows a mix of inventory parts and sub-items of inventory parts. This structure is often described as a “parent child relationship”, where a sub-item is a child of its parent. While both parent and child items are labeled as Inventory Parts, QuickBooks only tracks quantity information for sub-items (i. e., child items) when this structure is used. It does not aggregate information for parent items where sub-items exist for that parent item.


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

What Is an Inventory Assembly Item?

Chief Mechanic · August 23, 2010 ·

In QuickBooks an inventory assembly item is a specific type of Item that is the result of putting together a new inventory part out of a bundle of individual items to enable tracking finished goods separately from individual components. Normally, an inventory assembly item is used when separate raw materials are assembled, packaged, and sold as an inventory item that is separate from the component parts.

See our article on all of the Item types supported by QuickBooks for more information.

The inventory assembly item type is only available in QuickBooks Premier and Enterprise Solutions.  It’s not available in QuickBooks Pro.

It is similar to – but different from – a group item, another approach to managing a bundle of individual items. A group item is a way to quickly add a bundle of items to a form while preserving the ability to track those items individually. Where an inventory assembly item functions like a pre-assembled kit, a group item functions like an “on the fly” kit.

An inventory assembly item is made up of a Bill of Materials (visible by clicking the Full View… button) which can contain a range of item types: service, inventory part, another inventory assembly, non-inventory part, and other charge. Note that a subassembly can be nested within an inventory assembly. However, the Bill of Materials cannot contain these item types: subtotal, group, discount, payment, sales tax item, or sales tax group.  Further, there’s a limit of 100 items in the Bill of Materials for an inventory assembly in QuickBooks Premier; for Enterprise Solutions, that limit is 500 items.

QuickBooks Premier 2009 Bill of Materials Full View

The Cost shown for an inventory assembly item should normally not be entered. When a Cost is not entered, QuickBooks will use the Bill of Materials Cost that appears at the bottom of the table.

An inventory assembly is built from its components parts by clicking on the Vendors->Inventory Activities->Build Assemblies menu selection. During the build process, the Quantity on Hand of the inventory assembly item is increased by the Quantity to Build, and the Quantity on Hand of each component is reduced by the product of that item’s Qty in the Bill of Materials and the Quantity to Build.

QuickBooks Premier 2009 Bill of Materials Full View

Builds in QuickBooks can be either pending or final. If there are insufficient quantities of the component parts, a build will automatically be marked as Pending. You can also manually mark a build as pending by clicking on the Edit->Mark Build As Pending menu selection while the Build Assemblies window is displayed. The Pending Builds report (Reports->Inventory->Pending Builds) supports managing future build requirements.

Here’s an example of invoicing for the inventory assembly item Interior Door kit shown above. Unlike a group item, which automatically adds other items to a form and controls whether these other items are printed, the inventory assembly item appears as a single line item on a form.

QuickBooks Premier 2009 Create Invoices Inventory Assembly Item

The price of an inventory assembly item is specified, just like the price of an inventory item, and can be changed directly on a form.

Sales tax for an inventory assembly item is calculated based on the single Tax Code assigned to the inventory assembly.

Vote This Post DownVote This Post Up (0 rating, 2 votes)
Loading...

What Item Types Does QuickBooks Support?

Chief Mechanic · August 23, 2010 ·

QuickBooks supports 11 Item Types.

Items themselves are maintained on the Lists->Item List menu selection, but the Item Types are pre-configured in QuickBooks and can’t be maintained by a user.

QuickBooks Enterprise Solutions 10 New Item

The 11 Item Types are:

  1. Service
  2. Inventory Part
  3. Inventory Assembly
  4. Non-inventory Part
  5. Other Charge
  6. Subtotal
  7. Group
  8. Discount
  9. Payment
  10. Sales Tax Item
  11. Sales Tax Group

There is a 12th Item Type, Fixed Asset, which is maintained on the Lists->Fixed Asset Item List menu selection.

Vote This Post DownVote This Post Up (+1 rating, 1 votes)
Loading...

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