Using Standard Costing with MIsys SBM and QuickBooks

Question:

“We use MISys SBM and QuickBooks and our inventory just doesn’t seem to be correct. We use standard costing in MIsys. When we transfer finished goods to QuickBooks, the cost is averaged and destroying our inventory value.” Please Help.

Answer:

There isn’t a way to turn off average costing in QuickBooks (maybe someday in a future version) so it is important to keep finished goods in MIsys until you are ready to invoice. Keeping the inventory in MIsys preserves the standard cost of the finished good. When it is time to invoice, simply transfer that amount from production to sales then invoice in QB for the goods. The standard cost will transfer from MIsys to QB inventory and then to COGS. Remember with 5.0 you can use the QB advanced inventory feature to transfer goods directly to the correct warehouse, saving time and energy in tracking your finished goods.

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