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POS

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.

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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.

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What Are the System Requirements To Operate QuickBooks?

Chief Mechanic · September 8, 2010 ·

System requirements for QuickBooks products vary by version.

The minimum system requirements can be found in various Intuit knowledgebase articles based on the product version:

  • QuickBooks 2010 and Enterprise Solutions 10.0
  • QuickBooks 2009 and Enterprise Solutions 9.0
  • QuickBooks 2008 and Enterprise Solutions 8.0

System requirements include:

  • operating systems supported
  • processor, RAM, display, and free disk space requirements
  • CD drive specifications for installation from optical media
  • network requirements
  • additional software requirements, such as Microsoft .NET runtime environment
  • compatibility with other QuickBooks software such as Point of Sale (POS)
  • third-party office productivity software compatibility, such as Microsoft Office
  • firewall and anti-virus compatibility
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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.

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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
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