Putting left over items into inventory

[ArtG]

Materials original bought for a project with "breakdown" as "items" at time of purchase. There are quantities left over on a T&M project that I want to "buy back" from the project to put in inventory for the next project.

I've tried various ways of entering these items into "inventory used". If I enter the items as a "return" or "credit" my "itemized cost report" for the project shows a credit applied to those items, BUT my "cost items report" shows the quantities "returned" to inventory as negative. Now if I enter the "returned" quantities in the "inventory used" record as negative numbers, resulting in negative "item totals", but shows a "net price" as positive for the record. "Apply to" is set to "return". Now "itemized cost report" and "cost items report" are correct.

I started this topic because the various ways I had tried to do this had not resulted in a T&M credit AND an increase in inventory quantities with the settings I had been using. I thought I had even used these settings unsuccessfully but they work now.

So my comment now is nowhere have I been able to located information about doing this in the manuals or online. Don't know if doing it this way may show up in some other report incorrectly. Please advise.

Thanks,

Arthur

[Casey McD]

It sounds like you've stumbled upon the difference between Return and Credit in the Apply To field.

Credit gives a credit.

Return gives a credit, and also adjusts the inventory amount for any items in the Item breakdowns.

Here are two useful links from the website:

Credits for T&M Work (http://www.turtlesoft.com/Business-Software-Topics/Project-Management-Topics/Cost-Plus-Refund.htm)

Returns to Inventory (http://www.turtlesoft.com/Business-Software-Topics/Expense-Topics/Returns-To-Inventory.htm) (we just added this one!)

BTW, be sure to check the Site Index (http://www.turtlesoft.com/siteindex.html) on the website. That is probably the best place to find answers to specific questions!

[ArtG]

Thanks Casey,

I believe I had looked at the Credits for T&M Work, but it did not help me. The Returns to Inventory with the Using Returns explanation is great.

Again thanks for the clarification!

Arthur

[Casey McD]

We just added a section to the Credits for T&M Work (http://www.turtlesoft.com/Business-Software-Topics/Project-Management-Topics/Cost-Plus-Refund.htm) link so it covers unused materials that are returned to inventory.

Thanks for the feedback! It's always helpful for us to hear what doesn't work, or what's not well explained!

[ArtG]

The Returns To Inventory does not work right.

Inventory Used: Breakdown is Items: Apply To is Return


In order to have a positive quantity Returned to Inventory I have to enter the Qty. of each item as a negative number. Results in a negative Item Total $, but a positive Net Price?????

Now the fun begins. A Project Itemized Costs Report will show these items as negative Qty. with negative Job Cost. Ok, so far so good.

Now when I do my T&M Billing this Inventory Used record shows up as a POSITIVE Job Cost.



Now when I enter a positive Qty. for Items in Inventory Used with Apply To as Return I get a negative Net Price. But.......... the Item Qty. is subtracted from my Inventory and I get a warning of not having enough inventory of that item.

Now my T&M Billing for this Inventory Used record shows up as a NEGATIVE Job Cost. Ok

BUT.......... my Project Itemized Costs Report will show these items as positive Qty. with negative Job Cost. BUT............. ONLY if in the Tax column of Inventory Used I "check" Tax for each Item, Items I do not "check" Tax show up in my Project Itemized Costs Report as positive Qty. with POSITIVE Job Cost??????

Help!

Arthur