Q&A Part 1 of 3 part series on Inventory Parts Nov 14 2012 11:30 am 1 hour

Q: Is the Inventory Centre new for 2013?
A: Yes I believe so.

Q: Is the Inventory Centre available in Pro or only Premier?
A: Only Premier, Pro has inventory, but not full capability, for example it doesn't have Units of Measure.

Q:Why did you enter COST when entering a New Item?
A:Because today's current cost is what I want to base my Sale Price on. Weighted Average Cost and COST are not the same thing.  The first is the average of all historical costs net of any reductions in that WAC each time there's a sale.

Q:Would you use Groups in Inventory?
A: Sorry, didn't get to Groups, but there is a sample group in the data file. I will do a Group sale next week. Remind me if I forget. It's really simple, all it does it allow you to invoice for a bunch of stuff together as a set while still continuing to have individual items.  Usually you would use a group to put together a group of items for a special sale, and then you would dismantle them after the sale, for example, a Christmas or Easter basket.

Q:How would you enter inter-store transfers?
A:Because we have the store set up as the top Item level, we would transfer out of one sub-item and into the same sub-item under the other top Item level for the other location. We could use the Adjust QTY/Value window or a Bill as in a Nil Bill.

Q:Discussion about COGS sub-items request
A:We will cover the COGS breakout for GAAP in the final session under reporting

Q:How can you receive Units of 10 and then sell 1 Unit?
A:Set up Units of Measure and try it. See the sample file for inches and feet

Q:What if you purchased your inventory at a discounted rate but wanted to sell it for regular cost? Can you over-ride the calculation for the selling price?
A: First of all, you can put anything you like in the COST window in the Item - and you can update that COST box in the Add/Edit Multiple Units as it doesn't affect accounting, it purely affects the calculation of the markup for your pricing moving forward.  You can also adjust your preference for how much your markup is going forward and you can also edit your marked up prices any time you want

Q:My website is www.taxdetective.ca

Q:Will changing the default markup preference retroactively change prices or only for new items?
A: Try it, I think you'll find it will only change new Items, you'll have to use the Add/Edit Multi-Item window to edit your prices if you change your prices

Q:Are you providing the data file to play with?
A; Yes, its found under >Links>Complimentary Products>Sample data files

Q:Why would labour be included in the inventory entry for assembly?
A: If you wanted to do Cost Accounting, this is how you'd do it. You don't have to if you don't want to track your full costs, but this does allow for that.

Q: Is it possible to get a printout of your PowerPoint slides?
A: No it isn't. Sorry, I don't release those, my work product is not for release or for sale.

If you wish to discuss your particular situation or challenge with inventory, it's possible to hire me for an online private session on your particular situation. If you want to discuss the specifics of your business, that would require a privacy release by the business owner in addition to the standard engagement letter.

The video will be posted up for sale in a few minutes in my online shopping cart. You'll own the video and can watch the recording as many times as you like, at least until the technology changes and it's no longer possible to play the video or the software is upgraded as is usually the case every year.