3 Ways to Simplify Parts Management in QuickBooks

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3 Ways to Simplify Parts Management in QuickBooks

Manufacturers often have to deal with leftover parts after a manufacturing job is finished. There are many reasons why they might wind up with leftover parts. Perhaps someone picked the wrong number of raw materials before manufacturing even began or the bill of materials was off by a few parts and needs to be adjusted in the future or several parts were damaged in the manufacturing process and they have to be scrapped. Whatever the case may be, you need to be able to account for those leftover parts in your inventory and accounting records because they are important if you want to have completely accurate records.

However, it is not easy to account for leftover parts in QuickBooks. That is where Fishbowl’s inventory management software becomes extremely useful. There are three simple ways to deal with leftover parts in Fishbowl, which we will discuss in detail below. But first, we should preface this discussion by talking about the relationship Fishbowl’s inventory management software has to QuickBooks’ accounting software.

Fishbowl integrates seamlessly with QuickBooks. In fact, it is the No. 1 selling manufacturing and warehouse management solution for QuickBooks, and it has held that position for more than a decade. When you scan a product and make a change in your inventory records using Fishbowl, you can automatically update your financial records in QuickBooks. You can schedule regular exports from Fishbowl to QuickBooks on an hourly basis, daily basis, weekly basis, or whatever schedule works best for you. So the changes aren’t reflected immediately in both systems, but they quickly return to the same page as one updates the other to reflect changes made to it. Make sense? Good.

Without further ado, here are the three ways that you can deal with leftover parts in Fishbowl:

1. Return them to assets. To return leftover parts to your inventory, scan the parts with a barcode reader and put them back where you first got them from in your warehouse. Your accounting records in QuickBooks will be automatically updated after you do this.

2. Expense them. To scrap leftover parts, open the Inventory module in Fishbowl, select the part you want to scrap, and click the Scrap Inventory button. QuickBooks will be updated with an expense for that part.

3. Add them to a product’s cost. To add scrap parts and materials to the final cost of a product, you can enter the number of parts that were used or damaged into Fishbowl. Then QuickBooks adds the cost of those parts into the product’s total cost. This also helps you know exactly how much inventory you have on hand in real time.

Fishbowl offers superb inventory management software. It fills the gaps in QuickBooks inventory management capabilities, which are quite limited. It is an accounting solution, so it shouldn’t be expected to do everything. And that is why Fishbowl is so useful. Click the link below to download a free trial of Fishbowl and see all of the ways it can benefit your business.

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TL;DR SUMMARY

When a manufacturing job comes to a close, you may find that there are extra parts that were either unused or that were damaged in the manufacturing process. There are three things you can do with them in your QuickBooks records:

  • Return them to assets
  • Expense them
  • Add them to a product’s cost

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