6. Managing Inventory
For companies that track inventory, I find inventory balances are one of the last numbers in QuickBooks that truly gets a good look. You review your accounts receivable because you have customers that need to pay you. You keep up with your accounts payable because you have vendors that won’t supply you without first getting paid. Why exactly is it then, that inventory “reconciling” is often at the bottom of the list, yet it can have the greatest impact on your company’s financials?
Experience has taught me that most companies simply do not know how in QuickBooks to properly review and audit their inventory balances. This section outlines specific reports and methods you can use in QuickBooks to make sure ...