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  #1  
Old 06-22-2006, 06:47 AM
Khom Loy Khom Loy is offline
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Inventory and Expense accounts

Within our non-profit we have several projects. One is a handicraft project and I would like to track its inventory. I have our Company set up with each project having a major expense heading with subheadings below. I would like to be able to track total project costs for each project, however, when I create inventory the money paid to purchase the inventory no longer is able to be under the Handicraft expense account.

Is there a way that I can attach inventory purchase costs to a specific expense account?

Any advice would be greatly appreciated.
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  #2  
Old 06-22-2006, 08:22 AM
Deidre56 Deidre56 is offline
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I dont see why you cant pick your expense account. How are you going about setting up this item? As far as the way you are going about tracking your project costs, you should try using job costing for each project or simply using classes. Then you would be able to pull up a profit and loss for each project.
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Old 06-22-2006, 11:53 AM
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LauraD LauraD is offline
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Another thought is to set up classes for each project. . .then you can track P & L by class.

You would hit the appropriate class (project) for every expense and all income.

You might also want a class for operations, or something similar for those expenses that are not 'project' specific.

This might give you what you need. . .unless you are using classes for something else. . .

Laura
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  #4  
Old 06-23-2006, 04:02 AM
Joe Williams Joe Williams is offline
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When you create an INVENTORY item and then purchase it, the purchase is now an Other Current Asset, not an expense. If you need to track purchases as expense use Non-inventory item and check Purchased and sold to a specific customer. Enter the expense and incomes you want for that item.
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  #5  
Old 06-28-2006, 08:25 AM
Khom Loy Khom Loy is offline
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Thanks. About non-inventory parts...

Thank you all for your replies; they were each helpful. I currently use class to track money spent on project expenses from various donors.

Using non-inventory parts does seem to solve my dilemna of attaching items to an expense account. I played around with it in an example company and the one thing it doesn't seem a non-inventory part can do is be totaled to tell me how many of each item we have. Our Handicraft project's most common item is scarves. We purchase them from a women's coop and find a market from them in England or the US. Now that our purchase of this non-inventory part is recorded in the handicraft expense account, is their a way (other than just creating a quick report of the non-inv. part and counting them up myself) to total the number of scarves on hand at any one time? Currently, when I do an item list report the inventory items have on hand totals but the non-inventory item (which I guess is why it is "non-inventory") is blank.

Connecting the part to an expense account is more important than that total but I would like to have both.

Thanks again for the help.
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