Video: Inventory, Part 2…Hannah gets her stock

Part 1: Setting Up | Part 2: Purchasing inventory | Part 3: Adjusting inventory

In Part 1, Hannah set up QuickBooks for Mac to help her track her inventory. In this video, she’s off to acquire the items she needs to stock her shelves.

Video script:

Start-up small business Hannah’s Illusion Supplies is now set up for inventory, and Hannah’s on her way to buy the stock for the shop.

She goes to McCormick’s Wand Supply and buys a gross of wands. She pays McCormick’s with cash. Back in her office, Hannah records the purchase in QuickBooks by using Write Checks, and selecting her Petty Cash account. There’s no need to print the check as she’s just recording the cash transaction.

Next she creates a PO to order top hats from her preferred vendor, Wright Top Hats.  When the items arrive several days later, the bill is included with the top hats. Hannah knows that, back in QuickBooks, she’ll need to record that items have been received and that a bill was included.

Later that afternoon she chooses Vendors > Receive Items and Enter a Bill. Now QuickBooks knows she’s received the items and that she has a bill to pay. When she selects Wright Top Hats on the Enter Bills window, QuickBooks tells her she has an open PO for this vendor. She selects the open Purchase Order and QuickBooks fills in all the information from the PO on the bill.

After checking her cash flow, Hannah creates another PO for an order of rabbits from Carol’s Rabbit Hutch.
Before the rabbits are delivered, Hannah receives an email from Carol that she’ll be sending the bill later in the month. When the rabbits arrive, Hannah knows she’ll need to create an Item Receipt as she doesn’t have the bill.

In Quickbooks, Hannah selects Carol’s Rabbit Hutch and uses the open PO to create the item receipt. When Carol sends  the bill, Hannah uses Vendors > Bill for Received Items to record it.

At the end of the month, Hannah uses Pay Bills to pay both Wright Top Hats and Carol’s Rabbit Hutch.

About Ben Hess

Ben Hess uses digital media to tell compelling stories - video, photos, motion graphics, and even stick figure storyboards ... whatever it takes. He's also a QuickBooks user and is thrilled to be one of the first Little Square inhabitants. Ben grew up in Atlanta and is a recovering football and soccer player turned passionate fan (Falcons and Earthquakes!). He tries to cycle when there's time. But there never is. See all of Ben's videos

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