I was recently asked about how to account for Private Label Inventory in a warehouse waiting to replenish stock at Amazon. It reminded me of a lesson from my retired 2017 QB Pro PC course.
In the new 2020 course, I left out the lesson because it is specific to Private Label and the majority of my students do RA, OA, or wholesale.
Keeping the cost of the course down and focusing on the most requested items, I opted to not update the Private Label lesson. Pooh on me! Sorry for the outburst. 🙂 I decided to pull it out for those who do Private Label and need a little info on the subject.
It is just one 10-minute video on the accounting steps from deposit to receipt of the product and then to inputting Inventory Items for tracking inside QuickBooks software.
If you do not track your Private Label items individually, you can stop with the Inventory Asset posting. I’ll share more on that in the lesson.
If you are using one of QuickBooks Online plans, you can use the basics of how to post the screens will be presented in Desktop Pro PC, but can be translated to any version.