QuickBooks Advanced Inventory
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QuickBooks Advanced Inventory adds many inventory features. Manage multiple warehouse sites, bins, serial numbers, landed cost and more. This may be the missing link for your inventory management workflow!
How to Enable QuickBooks Advanced Inventory
QuickBooks Advanced Inventory is available in the Enterprise (desktop) editions at the Platinum or Diamond subscription levels.
Advanced Inventory features can be activated in Preferences > Items & Inventory > Advanced Inventory Settings.
You will then see the following page to activate advanced features.
1. Multiple Inventory Locations
With QuickBooks Enterprise, you can manage multiple warehouse locations, staging areas within a warehouse, and bins. Multiple reports are available to show inventory by warehouse and bin location.
2. Serial / Lot No & Expiration
Serial and Lot Numbers in QuickBooks can be a game changer for many businesses. Track critical parts and generate reports of inventory by lot or serial number, such as the Inventory Stock Status by Lot Number report.
3. FIFO
By default, QuickBooks desktop uses and average cost method for inventory. Another option is FIFO which uses the cost of the items received first.
4. Barcodes
QuickBooks Barcoding can use select barcode devices to help fill out purchase and sales forms.
5. Site Operations
Site Operations is a great tool to manage your warehouse. Use the Sales Order Fulfillment Worksheet , to send pick lists and packing slips to the warehouse manager and the Purchase Order Management Worksheet to send purchase orders for receiving. Combine this with the free QuickBooks Warehouse Manager App which syncs with QuickBooks Enterprise and can reduce paperwork in the warehouse.
6. Landed Cost
Landed Cost in QuickBooks allows you to add related costs such as transportation and tarrifs to the cost of inventory parts. When bills for related costs arrive separately, this feature can be used to add the costs to inventory parts.
Other Features
An additional feature included with QuickBooks Enterprise is an Advanced Reporting module. Many useful custom reports can be designed and some pre-designed reports are included such as Sales Item Forecasting. This report shows the total sales amounts for the past 180 days along with year-over-year growth and forecasts future sales based on historical data.
New Features / Updates
Intuit is continuing to make updates to QuickBooks Enterprise. Many of these updates are inventory related.