Inventory Tracking in QuickBooks Enterprise – What You Need To Know

Many small and medium enterprises (SMEs) use QuickBooks as their go-to accounting solution. They are so comfortable with its functionalities and UI that switching to any other software is not an option. Taking the same into consideration, Intuit has included an Advanced Inventory management solution with QuickBooks Enterprise.

Why Choose QuickBooks Enterprise with Advanced Inventory?

QuickBooks Enterprise offers Advanced Inventory to take care of all your inventory needs. It has powerful built-in features so that there is no need to look for third-party integrations. It is meant to cater to inventory management needs like barcode scanning, in-depth reports, lot number tracking, discounts, order fulfillment, and much more for small and medium businesses.

With such insights and analysis, QuickBooks Enterprise ensures that you’ll always be a step ahead of your competitors and make better business decisions.

Advanced Inventory is a fantastic add-on to QuickBooks. Its best features include:

• Lot Tracking
• Barcode Scanning
• Multi-location Inventory
• FIFO Costing

The benefits of employing Advanced Inventory are:

• Complete control over the movement of stock
• Tracking of multiple locations from a single dashboard
• Replenish the stock when needed for better efficiency
• An experienced IT support team to handle all your queries
• A single platform to manage the inventory and accounts

How to Turn on Advanced Inventory?

To turn Advanced Inventory on:

1. Go to the Edit menu >
2. Select Items and Inventory from the left pane.
3. Click on the Company Preferences
4. Check the Inventory & Purchase Order are Active
5. Click on Advanced Inventory Settings.

If Advanced Inventory Settings is grayed out, click on the Help button and then click on Sync Licence Data Online. Re-open the QuickBooks applications to apply the changes.

Which Tasks Can Be Performed with Advanced Inventory?

Managing inventory of any size becomes easy with this advanced tool from QuickBooks. For instance, if you use barcodes to scan your inventory, the tool’s barcode scanner seamlessly integrates with QuickBooks.

QuickBooks will automatically correct the incorrect data and will also create barcodes for you (if your inventory doesn’t have them). Let’s look at the capabilities of the software.

1. Barcode Scanning

Barcode scanning speeds up the mobile inventory picking process and rectifies/reduces data entry errors. You can scan the inventory from any place which has an internet connection, and the same will be reflected in QuickBooks. This will save time, and in every business, time is money.

2. Inventory Reports

Draw meaningful insights from your inventory data with customizable inventory reports and track your inventory better to achieve newer heights. Following customizable reports are available:

• Inventory valuation summary
• Inventory stock by item
• Assembly shortage by item

3. Landed Cost

Do you know that the actual cost of any product is much less than what we pay? QuickBooks helps its users understand the same by breaking the price of an item into multiple factors like freight charges, customs, insurance charges, and miscellaneous expenses.

4.  Multiple Location Inventory

With every business becoming dynamic and demanding nowadays, there is a need to handle numerous warehouses at a single time. With QuickBooks, it becomes easier to do so that the software keeps track of all your warehouses, and you can manage them from a single platform.

You can quickly check the status of your inventory, whether your orders are on hold, in transit, or there is a need to re-stock the warehouse.

5. Streamline Fulfillment

Managing the end-to-end process of inventory management is a challenging task. Monitor your sales order from a single dashboard with the enhanced ‘pick, pack, and ship’ feature. Assign the item to be picked up with a single click or combine the picking and packing process to save time.

Give your workers the needed instructions. You can also print labels like UPS, FedEx, and USPS from QuickBooks.

6. Robust Serial and Lot Tracking

You can now apply serial numbers to individual items and lot numbers to individual lots. Conduct searches and manage your inventory with the help of the assigned serial/lot numbers.

Tracking the purchased products and defective items in a purchase order is now easier than ever with the enhanced tracking feature. The robust tracking will also let you know that the item has already been purchased, needs to be bought, or in-stock.

Final Note

The usage and capabilities of QuickBooks Enterprise with Advanced Inventory make it a perfect solution for inventory management and integrating the data with accounting. Track your inventory at multiple locations, use barcode scanning feature, and generate insightful reports – Advanced Inventory offers everything you need in your accounting solution.

If you need help to understand the functionalities of QuickBooks Enterprise Solution such as Advanced Inventory and/or have queries regarding hosted QuickBooks Enterprise, get in touch with our Solutions Consultant at 855-264-8722.