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Bookkeeping Questions #156055
03/09/05 09:28 AM
03/09/05 09:28 AM
J
JFLS41  Offline OP
Member
Joined: Mar 2005
Posts: 88
Lower Burrell, PA
When you obtain materials from your supplier, do you enter them into your accounting software as inventory or do you just bill them out without doing this seeing the customer has already purchased them?

Thanks

Business, Office, Estimating, Legal:
Re: Bookkeeping Questions #156056
03/09/05 11:07 AM
03/09/05 11:07 AM
J
JFLS41  Offline OP
Member
Joined: Mar 2005
Posts: 88
Lower Burrell, PA
let me rephrase that when you receive supplies directly from supply house that are going to be used on a job for a customer, is it acceptable to not itemize these supplies as "inventory" in your accounting software and to just list them as "materials" under one lump sum for that customer? i would like to hear how others do this...and your method of bookkeeping?

Re: Bookkeeping Questions #156057
03/09/05 08:02 PM
03/09/05 08:02 PM
J
Joey D  Offline
Member
Joined: Oct 2003
Posts: 259
Arlington MA U.S.
My accountant says, no inventory. You buy the stock for a certain job and bill it out like that.

Re: Bookkeeping Questions #156058
03/09/05 11:29 PM
03/09/05 11:29 PM
S
sierra electrician  Offline
Member
Joined: Feb 2005
Posts: 219
North Fork, CA USA
No inevntory is best. Let the Parts House be your inventory,

Re: Bookkeeping Questions #156059
03/10/05 10:32 PM
03/10/05 10:32 PM
N
nesparky  Offline
Member
Joined: Jun 2001
Posts: 642
omaha,ne
If you purcase parts and materials for a job bill it to that job in your accounting program. Any thing left over can be transfered to inventory later. Be careful of this. Some states will charge you a property tax on inventory on hand at the end of a year. Also a large inventory will have items that just occupy space for years if you let them. Any inventory has cost you money and will continue to cost storage space untill the item is used. If you chose to keep inventory be sure it is used regularly. How often depends on how much money you want to tie up is have items on a shelf.


ed

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