Scott Gregory, QuickBooks Expert

Using the Inventory Stock Status Report in QuickBooks

Your inventory management and purchasing departments will find the "Inventory Stock Status Report" to be quite helpful.

Easily accessed by clicking on Reports > Inventory > Inventory Stock Status by Item (a Stock Status by Vendor report is also available), you can pull up a report that looks like this:

This report contains the following facts and figures:

• Part number
• Preferred vendor
• Reorder point
• On hand quantity
• On sales orders
• Reserved for assemblies
• Quantity available
• Reorder flag
• Quantity on purchase orders
• Next expected delivery date (from purchase orders)
• Average sales/week of the item

REMEMBER: You can double-click on any value within the report for even more supporting details.

EXTRA BONUS TIP...

Let's say you want to only see those items with the reorder flag (check mark) within the report.

Unfortunately, you can't filter like this directly in QuickBooks. Instead, export the Inventory Stock Status Report into Excel, and then create a custom filter for just those items with a check mark!

HOW WOULD YOU IMPROVE THIS REPORT?

Do you have a suggestion on how to make this report even better? Feel free to post a comment in the box below - your feedback is welcome.

RELATED INFORMATION:

• Are gross profit margins by item important in your business? Gross Profit Wizard is just for you.
• See the current availability of an inventory item in QuickBooks
• A great tool for analyzing overstocks, understocks and other inventory trends in QuickBooks

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Building Better Business Finances - The QuickBooks Profit and Loss Report

Are you running a profit and loss report (aka an income statement) for your business every month?

If not, you should be!

WHAT IS THE PROFIT AND LOSS REPORT?

This report gives you a very handy recap of your income and your expenses. And of course, the difference between the two (and this is where we cross our fingers that there is more income than expenses!).

The profit and loss report quickly summarizes the various transactions that you have entered throughout the day, week, month, etc. (i.e. invoices, checks, etc.)

THE PROFIT AND LOSS REPORT IN QUICKBOOKS

Click Reports (in the menu bar) > Company and Financial > Profit and Loss Standard. From there, you'll see the report for the current month-to-date as shown in the sample below (click the image for a larger view):

This report helps you quickly see how your expenses stack up against your income. From there, you can develop plans to either increase your income and/or reduce your expenses in the weeks or months ahead.

Don't run this report only at tax time. Better - run it at the end of every month so there are no surprises. It will help you know exactly what is going on.

RELATED INFORMATION:

• 15 Trouble Spots that May Be Lurking in Your Business Finances

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Why Does My Sales by Rep Report Show "No Sales Rep"?

This question was recently submitted, and it may be the same question many of you may be asking:

Q: Dear Scott: "How come my Sale by Rep report shows "No Sales Rep"? I know I entered the rep for each customer on the customer screens."

A: The Sales by Rep report is actually looking to your sales documents (i.e. invoices and/or sales receipts) to pull the proper information. If the rep field is not showing up on either of these documents, QuickBooks will substitute the "No Sales Rep" as the salesperson.

The fact that you have entered the sales rep on the customer screen allows QuickBooks to remember the association between that customer and that sales rep on each future transaction. However, it is essential to make sure the sales rep field is also showing up on your sales forms as shown in the example screen shot below:

 

Once it shows up there, it will then be included in any totals on the Sales by Rep report:

 

If there is no sales rep listed on the sales form, QuickBooks will default to the "no sales rep" as shown in the report above.

RELATED INFORMATION:

• Running a Sales by Customer Summary Report in QuickBooks
• Running a Sales by Item Report in QuickBooks

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