QuickBooks Enterprise Inventory Management
QuickBooks offers both Standard and Advanced Inventory features. Standard features include tracking backorders , units of measure , assembly builds and custom fields. Advanced features include multiple warehousing , bins , barcoding and many other features.
Standard Inventory Features
Standard and Advanced Inventory features are included with QuickBooks Enterprise to help you run your warehouse and manage your stock.
The standard inventory features alone bring many things to the table. View reports on profitability by sales item, automatically create purchase orders based when specific inventory items get low, automatically increase the sales price on items when a supplier increases their price, add special price levels for customers, add pictures of inventory items…the list is almost endless. Here are some other standard features that can help run your warehouse:
Track Backorders: Easily track inventory backorders on both Purchase Orders and Invoices.
Units of Measure: Need to buy by the gallon and sell by the ounce? Buy by the case and sell each piece individually? QuickBooks can even track raw material usage in a manufacturing process. Your inventory report will show the remaining number of pieces, ounces etc.
Assembly Process: Do you assemble raw materials into new inventory items? QuickBooks will allow you to input a list of items (Build of Materials) used to manufacture new completed parts. Keep track of how many finished (assembled) products you have on hand and raw materials in stock. Sub-assemblies can also be used.
Custom Fields: Do you have some special information that you need to add to Order Forms, Invoices, Reports and other forms? QuickBooks enterprise can create these fields and even include special drop-down options on forms such as invoices. An example of a custom field could be a shelf. This would allow QuickBooks to track inventory by both shelf and bin locations. Another example could be a color or size. If you sell shirts, a column could be added to invoices to indicate the color, size etc. Custom fields can also be added to purchase forms.
QuickBooks Advanced Inventory
Advanced Inventory offers many features that can benefit your business. Multiple Warehouse tracking, Track Inventory by Lots or Serial Numbers, FIFO or Average Costing and Barcode Inventory. Use Site Operations and the Free Android Warehouse App to run a paperless Warehouse.
- Track inventory by Multiple Locations including Warehouses and Bins. Any location can be tracked as a “warehouse” including service trucks.
- Track items by Lots or Serial Numbers.
- Use FIFO instead of Average Cost for an Inventory Valuation Method
- Auto-create barcodes with existing part numbers or import your own. Print labels with both number and description.
Warehouses and Bins
Warehouses in QuickBooks allow for an unlimited number of locations. Locations can be a warehouse, a portion of a warehouse, a staging area, a service truck and even “drop ship”.
Receive, sell and even transfer inventory by location. View reports instantly on the quantity of any item by warehouse or bin location. Each item can be kept at multiple locations.
- QuickBooks will track inventory by one or more warehouse and bins within each warehouse.
- Easily transfer inventory from one warehouse to another.
Standard reports are available to show the quantity of inventory in each warehouse location. Reports include:
- Items by Bin Location
- Quantity on Hand by Site
- Inventory Valuation Summary by Site
- Inventory Stock Status by Site
- Assembly Shortage By Site
We can import your existing Inventory with Warehouse and Bin Location. No need to hand enter if you are converting from another software.
Serial or Lot Numbers
Serial or Lot Numbers can be assigned to inventory when stock is received or even after production. Advanced Inventory will track inventory items by either Lot or Serial Number (but not both). Here is a list of reports available:
- Transaction List by Lot or Serial Number
- Lot or Serial Numbers in Stock
- Lot or Serial Numbers in Stock by Site
We can import your existing inventory with Lot or Serial numbers. This can save hours of input time.
FIFO costing is available with Advanced Inventory. This can be turned on or off at any point. You can even select a starting date to make this change. Always check with your CPA or Tax Professional before making this change. This is not a small decision. Shown below is a FIFO report available to show the cost history by Lots.
Barcoding can automate both shipping and receiving. Combined with the Warehouse App (discussed below), barcoding can turn your warehouse paperless.
QuickBooks can easily create barcode labels using a Barcode Wizard included with Advanced Inventory. The Barcode Wizard will create new numbers for you, use inventory part names, manufacturers part numbers or even custom fields. The Wizard is shown below.
Barcoding can be used when receiving, selling and even when transferring inventory from one location to another.
Site Operations is included in QuickBooks Enterprise and Advanced Inventory. Site Operations is an advanced cloud based inventory system within QuickBooks Enterprise which allows you to run a paperless warehouse.
From within QuickBooks, users can send Purchase Orders to be received to hand-held devices in the warehouse. Using the free Android Mobile Warehouse App, warehouse workers can receive against the purchase order. Once they indicate how much of each item was received, they send the information back to QuickBooks. Warehouse workers can even make notes on damages and item shortages! Below is the screen in QuickBooks to send the purchase order to the warehouse.
- Select the Purchase Order to be received
- Choose the Warehouse
- Send to a Device
- You are prompted to Send the request to a Receiver
- The Receiver sees the PO on his or her device and enters the quantity received along with any note such as damages or shortages
- The Receiver sends back the information to QuickBooks. No computer terminal is needed in the warehouse. No paper, no computer! You will now see the purchase order has been received. Click the button at the bottom of the screen “Create Item Receipt” and you are done!
Below is an updated screen in QuickBooks showing that the item has been received in the warehouse.
Site Operations also includes shipping. From within QuickBooks Enterprise and Advanced Inventory, users can send Sales Orders to be Picked or Packed.
Site Operations will even update forms. Sales Orders will be marked as picked or packed.
Mobile Warehouse App
The Mobile Warehouse App is free and available on the Google Store. This can be used on any Android Device. This App can eliminate the need for paper going back and forth from the front office to the warehouse. No more lost or torn forms!
Here is what a Receiver in the Warehouse can do with a hand-held device:
|Receive Inventory on Purchase Orders|
|Pick Inventory for Shipping|
|Pack Inventory for Shipping|
|Cycle Counting Inventory|
Cycle Counting is an incredible new feature offered on the Mobile Warehouse App. It allows users within QuickBooks Enterprise to create a list of certain inventory items to be counted periodically. It allows you to send a specific short list of items to be counted between complete inventory counts. Perhaps your top 100 items or top 20% of inventory can be count more often than other inventory.
This list can be sent to the Mobile Warehouse App. Warehouse workers can update inventory counts with their hand-held devices. Updated counts are sent back to QuickBooks and an inventory adjustment can be automatically created by the user in QuickBooks for any variances.
Items to be included in a cycle count can be imported from Excel or easily selected within QuickBooks.
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