This item type is used for inventory items your company assembles before selling.
Note: This item is available in QuickBooks Desktop only.
To add this as an item, you will need to add a new item within the Items app, and choose Inventory Assembly.
If you do not see the Items app, you will need to get access permission for this app from your administrator. The Items app is found in the Accounting Lists Pack.
When you select Inventory Assembly, you'll be taken to the New Item Screen. The fields are described below.
- Item Name/Number: Identify the item by name or by number.
- Subitem of: An inventory assembly can be designated a subitem of another item (for example, a nut or bolt might be a subitem of a larger mechanism being sold).
- Unit of Measure (U/M): Unit of Measure if applicable.
- Active inventory assembly item: Click on this option to ensure this item appears in the "Active" filter view in the Items list, and so it will also appear in dropdowns in Method.
- Purchase description: Include a description of the purchased item. Use it to include additional information that isn't covered in other fields on this screen.
- Cost: The price of the item purchased in dollars.
- COGS account: Short for Cost of Goods Sold. The account that will be debited for the purchase of the goods. This list comes from QuickBooks.
- Preferred vendor: The vendor you usually use to purchase these goods. This list comes from QuickBooks.
- Sales description: Include a description of what item was sold. Use it to include additional information that isn't covered in other fields on this screen.
- Sales price: The amount your company charges for this item, in dollars.
- % (Percent Checkbox): Used to specify the rate as an added percentage to your cost. For example, set the rate to 50 and check-off the Percent box for an item that costs you $100; the rate charged to the customer will be $150.
- Tax code: Choose whether or not this sales amount is tax-applicable.
- Income account: Choose which account will be associated with the customer payment. This list comes from QuickBooks.
- Build Point: The number at which inventory must be reordered (for example, if your inventory should never dip below 15 units, that is your reorder point). This list comes from QuickBooks.
- Asset Account: The account used to track the overall value of your inventory. This list comes from QuickBooks.
- Quantity on Hand: The number of this particular item currently in your inventory.
- Quantity on Sales Order: The number of this particular item currently on open sales orders.
- Quantity on Order: The number of this particular item currently being ordered from vendors.
- Dimensions (Height, Width, Length, Weight): The physical dimensions of a single unit of product: length, width, height, and weight.
Because an inventory assembly item is actually a group of other items (an item you’re assembling before sale) there is a List at the bottom of the screen that details which items are needed to complete the assembled product.
You can add new items to this group by clicking ⊕ Add Item. You can also edit the items by selecting them on the grid. In doing so, you'll be taken to a new screen, Group or Assembly Item, to edit these items.
When you have added your individual items to the Inventory Asset item, the individual items you added will only be displayed within the group item itself.
But on the main List Items screen, the Inventory Assembly item (containing these individual items) will be displayed as a single record: