inventory

Close your eyes and make believe the vouchers are caps. Sometimes the simplist solution is the answer. Now go out and sell them babies.

umm ok thanks that helps. Now can anyone explain to me how to put this into inventory? How do i account for the sale? And still have a voucher removed from inventory.

The voucher and the product are equal in value and could be considered the same thing. When you buy the vouchers, call them vouchers/widgets or whatever. Click on Receive merchandise with Bill and enter the purchase of the voucher. The fact that it changes form to a physical item doesn't change the value or COGS. The voucher/product gets removed from inventory when you make the sale. If you are trying to track the number of actual vouchers vs how many have been converted, then it would require an additional step or two but I'm not sure that this is what you want to do. It still wouldn't change the COGS. However, I am not an accountant, only a store owner, so if you want an official answer, you'd have to consult an accountant. I think Allan, who is an accountant, pretty much said the same thing.

Bob

Hi Alan when you said caps I was confused but with Bobs help I understand you meant skins now and i deeply apologize for a bit of sarcasm in my reply. I could not figure out where caps came in. Please accept my apologies. My question is then what happens if i dont redeem them right away and the vouchers sit in inventory? So when i call my supplier 50 vouchcers go into inventory at a cogs cost of 50x11.99. Then the customer comes in and says "i would like a Boston Bruins one" so i create a grab a voucher and redeem it for a Bruins skin and then do a sales reciept for one Bruins skin. Adding another wrinkle if i want to keep track of how many of each team is sold and give the customer a receipt for the skin (that it says bruins skin not voucher) so the Bruins skin item drops by one but the $ amount for that item goes up by 19.99 and the voucher is untouched (no decrease in # in inventory) does that make sense? Again thank you so much for your help the both of you I appreciate it.

Just stock the vouchers. When you make a sale, use the code for the vouchers but change the description to match the team. Everything will then be correct with no fancy changes.

This will not track by team however.

Best,

Peter

Do your sales receipts for the vouchers and setup classes to track teams. So you're buying & selling vouchers but you're able to keep track of the teams using classes & class-based reports.

Yes I did, only I'm a man of few words and I am also a CPA.

thanks Alan I appreciate your help and all here. If i do the class thing will that actually take a voucher out of inventory? Because as it is now i buy the voucher (usually getting a bill later) and so when I receive the items and enter the bill 50x11.99 gets entered. So 50 vouchers goes into inventory. Sometimes unredeemd for days. However when a customer comes in and orders a Boston cell phone case I take a voucher redeem it for Boston and print the sales receipt using that item (Boston) so the team Boston item is lowered by one. And the customer pays me 19.99 for this item and that money is put into the proper account. I then turn and do a purchase order for the item (boston skin) and when it arrives receive that item so a long way around but the Boston item shows one in and one out. However the original voucher is still sitting there in inventory affecting cogs. Should i automatically as soon as i get the vochers just do a sales reciept for them at 0 since the money is coming when redeemed? Thanks so much for helping this newbie i appreciate it. Trish

Use one item called voucher. Receive the voucher item at 50x11.99

Use a sales receipt to sell 1 voucher with the item description reading Boston (this is you manually typing the team name in) and the class as Boston. Get rid of your separate team items.

Do your POs outside of QB.

thank you so much Tara I think yes that is the best way to do it. Can you recommend a good pos program as I do a lot over the interenet I dont need anything to fancy that interacts with bar code scanners etc. Thanks Trish

I agree that you think this is the best way it can be done. However, Allan thinks the method sucks big time.

If it is that important for you to track which phone bag was actually sold then I would recommend that you perform an assembly of the bag(s) in question when you receive each type of bag in exchange for a voucher. Then record the sale of the actual bag. I also want to go on record that I find it incomprehensible why anyone would buy an football bag for their cell phone.

thank you for your help Alan. I will look into trying that. They are not football bags I dont even know what they are but cell phone skins. Of hockey teams (I am Canadian) I currently sell a great number of these in a day. But they allow your phone to take on the colours of your favoirte hockey team without interfering with its use at all. However because there is 30+teams it is important to keep track of not only what team is sold (so i dont overstock) stock status, current stock on order erc. As i said i will look into assemblies. thank you

Oh, my bad, Hockey cell phone skins. Then again I believe god invented the remote control so people can change the chanel when ever anything sports related gets aired on tv. Can't really blame me if I mix up football with hockey.

It's easy to tell the difference: Hockey is played by white guys. You used to be able to spot golf using the same metric...

Also football players are covered with pit-bull blood as apposed the hockey players being covered with human blood.

It should be mostly white guys. If you are good enough, you can play in the NHL. Your race or gender does not matter.

Where are the skins before the sale and how do they get to the customer? Are you prepaying for 50 skins that may be for any team? The vouchers purchased could be put in a bank type account. When you make a sale, purchase the specific team skin using this account. If you have no skins on hand, is inventory necessary? Experiment in a sample company to get the results you want.

Macy

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Thanks for the reply Macy. what happens is i buy these vouchers from my supplier and then when a skin is purchased i redeem the voucher online and the appropriate skin is then made to order and sent to me. I then mail it to the customer (my buisiness is online). You are right I do not have many on hand (i keep some just so the customer does not have to wait) but i like to keep the inventory so i know I have ordered the right one From a purchase order standpont. If a customer orders Boston i have to make sure i have ordered Boston. I kinda do that now with pen and paper but would like to do it in quickbooks not only as backup but being able to do everything in one place. The way i have it now everything is in the same account "skins account" so when i order from the company I receive 50 vouchers into inventory and enter the bill into the skins account for whatever $ amount. When i sell a Boston Bruin skin the appropriate $ is credited to the same account and the bruin item is -1. But the vouchers are still at the orignial item count of 50. I have thought about what you said with the account, are you saying to change the "skin account" to a bank account? Trish

Trish, Yes and no. If you have inventory transactions in the account already you do not want to change it to a bank type account. You might not even be able to do it. Set up a new bank type account for vouchers. You do not have an inventory of vouchers, you have a cash balance at the supplier. Order, receive, pay for,sell and deliver the skins like any inventory item. The only unique thing you are doing is paying your supplier from the cash at the supplier. It is like you pay everything but inventory from you account at bank A and pay for your inventory from your account at bank B. Again test this in a sample company.

Macy

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