Q&A Today's Inventory Parts workshop - Nov 28 2012

Purchase the series, all three videos at 10% off the individual prices

Find out more at Bookkeeping for Inventory Parts (November 2012 IPBC webinar series)

Q: Are we going to be able to send questions after? It is going to take a bit of time for this to sink in.
A: Ask away.

Q: You are doing a great job. It is definitely not you, it's the topic:) I have found I have to record the change in inventory when I am posting entries to a T2125. I find that is how I can have the T2125 Income Statement match what is in QuickBooks.
A: My system of posting the Opening Balance and the Ending Balance and offsetting the difference to Purchases account works, as long as when you adjust Qty/Value of Items, you record the adjustment again on the Income Statement, before adjustment of COGS and after to arrive at COGS.

Q: Can you explain the posting of the ending balance to purchases in QuickBooks?
A: See above, and download the spreadsheet, it's in my >Links>Complimentary Links> Sample Data files along with the *QBB files to study

Q: Thank you, I think I finally got it!
A: I'm so glad, this isn't an easy concept, when the change in inventory isn't just one number on the Income Statement, part of it is buried in the increase in Inventory because purchases were added, but may or may not have all been sold, and inventory was adjusted for a variety of reasons we covered in the workshop today.

Q: Will this company file (including the transactions you input today) be available for download on your website?
A: Yes, again, go to >Links>Complimentary Products>Sample Data

Q: Are we able to get the PowerPoint? Is this webinar available in the member area?
A: No to both. The PowerPoint is just a few slides and those are my talking points/notes, not available for distribution. No, BUT, you can purchase the videos in my shopping cart under Master QuickBooks Software - See the Inventory Series, November 2012

Q: Great workshop series - thank you!
A: No thank you for being a great audience!