Archived
05-03-2008, 07:59 PM
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(10/22/2000 11:22:28 PM) Samir El Arishy wrote:
Can anyone help with QB99 inventory issues.
The items to be issued are NOT sale items ( Fertilizer etc) How do I process inventory issues for these items. I do not like the idea of using inventory adj. for that routine type of transactions.
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No one likes using inventory adjustments to transfer input inventories, but unfortunately, so far that's a limitation of all versions of QuickBooks.
The real problem is that most farm businesses use cash-basis income tax filing--I assume you're in this same situation. With cash-basis tax records, inputs like the fertilizer you mention get "expensed" at the time they're purchased....and this is at odds with the accrual accounting way inventories need to be handled, in which input inventories aren't considered an expense until they're actually used--in the case of fertilizer, that would be when it's applied to a field.
So unfortunately, I don't know of any easy solutions. Might the next release of QuickBooks will address these inventory shortcomings? Not likely. Intuit is focused on add-ons and Internet commerce features, not improvements to QuickBooks' core accounting capabilities. We at Flagship Technologies have considered the possibilites of creating an improved inventory add-on for QuickBooks, but without access to the internals of QuickBooks it would be a *very* tough software product to create.
Mark Wilsdorf
Flagship Technologies, Inc.
http://www.goflagship.com
(10/22/2000 11:22:28 PM) Samir El Arishy wrote:
Can anyone help with QB99 inventory issues.
The items to be issued are NOT sale items ( Fertilizer etc) How do I process inventory issues for these items. I do not like the idea of using inventory adj. for that routine type of transactions.
====================================
No one likes using inventory adjustments to transfer input inventories, but unfortunately, so far that's a limitation of all versions of QuickBooks.
The real problem is that most farm businesses use cash-basis income tax filing--I assume you're in this same situation. With cash-basis tax records, inputs like the fertilizer you mention get "expensed" at the time they're purchased....and this is at odds with the accrual accounting way inventories need to be handled, in which input inventories aren't considered an expense until they're actually used--in the case of fertilizer, that would be when it's applied to a field.
So unfortunately, I don't know of any easy solutions. Might the next release of QuickBooks will address these inventory shortcomings? Not likely. Intuit is focused on add-ons and Internet commerce features, not improvements to QuickBooks' core accounting capabilities. We at Flagship Technologies have considered the possibilites of creating an improved inventory add-on for QuickBooks, but without access to the internals of QuickBooks it would be a *very* tough software product to create.
Mark Wilsdorf
Flagship Technologies, Inc.
http://www.goflagship.com