Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6
Chapter 7
Chapter 8
Chapter 9
Chapter 10
Chapter 11
Chapter 12
Chapter 13
Chapter 14
Chapter 15
Chapter 16
Chapter 17
Chapter 18
Chapter 19
Chapter 20
Chapter 21
Chapter 22
Chapter 23
Chapter 24
Chapter 25
Chapter 26
Chapter 27
Chapter 28

Chapter 28

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Functions of the inventory system

The QuickBooks inventory system is designed for businesses buying things and selling the same things.  It tracks these parameters:

  • Cost of items purchased
  • Count and value of inventory items
  • Cost of goods sold from inventory
  • Availability of items to sell
  • Listed selling price

Average cost is always used to value items in inventory.  The average is calculated on the basis of all inventory actions: purchases, removal when sold, and adjustments.

Manufacture of inventory, by consolidation of purchased parts and employee labor, is not directly handled by the inventory system. Accounting for manufacturing is possible with an assembled system of transactions, which is presented later in this chapter.


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Last modified: May 21, 2004