Top 5 Facts About QuickBooks Enterprise Advanced Inventory
Some of the users often get confused while using QuickBooks Enterprise Advanced Inventory, a special module for the accounting software. Not everyone is completely aware of the capabilities of this facility or might not even know about this at all.
There are some things it can do and then some that it cannot do, which have been covered in this blog that effectively describes this module and its functions in detail. After reading this, you will be able to assess your requirements and make better decisions in the management of your inventory.
Details of QuickBooks Enterprise Advanced Inventory
Given below is some more information regarding the tasks, features, and functions that this software offers to its users-
1. It’s Functions
This component of QuickBooks Enterprise solutions is packed with features to help you manage your inventory in the most organized manner. Here’s a list of the tasks that you can complete through this software, based on QuickBooks Enterprise 2018 features-
- Tracking items on the basis of the serial number or the Lot number- you can use one of the filters at a time. However, you cannot track the expiration dates of the lots or the batches.
- Costing of the inventory on a ‘First In, First Out’ basis.
- Tracking the location of items through the rack, bin or shelf number.
- Tracking the location of the same item in different places of the warehouse and the warehouses of other branches.
- Transferring the items from one warehouse to another.
- Barcoding of items to keep a better track of them– it seems a bit restrictive to use though in terms of functions.
In case you are looking for additional, specific features and they are not mentioned there then they may not necessarily be present at all.
2. It’s Availability
This software only comes with the platinum subscription of QuickBooks Enterprise. It is not available in the Silver or Gold editions or any other versions of QB such as POS, Online, Premier or Pro.
In case you would like to have access to this software, buy a platinum subscription and go to the inventory menu in the application. If the button for Advanced Inventory looks faded and does not work, you will need to have it activated.
3. It’s not related to the buying aspect of QB
There are no extra functions to ease and enhance your purchasing capabilities when you get QuickBooks Enterprise Advanced Inventory. Although it does allow you to keep tabs on product information across multiple locations, there is little else that it can provide or increase functionality for outside of inventory management.
For example, if you require features that help you buy the same product from different vendors, collate your orders or buy items with separate release dates, then don’t expect to find these in this software. There is a module for ordering and receipt which is provided in Enterprise itself and are not related to Advanced Inventory.
4. Advanced Inventory only works in FIFO mode of inventory costing
It cannot help costing schemes other than First In, First Out. There are plenty of those like landed cost, management, average, standard and the like. If you want something other than FIFO, then you are going to have to look among the QB add-ons available for this purpose.
In short, the default and only option for inventory costing is the FIFO scheme.
5. It offers additional reports
This component of QuickBooks Enterprise adds to the types of reports that you can generate in this software. The ones that you can make by default are the core inventory reports. QuickBooks Enterprise Advanced Inventory allows you to get reports on the basis of the following –
- Status of the inventory/stock
- Supply currently present
- Value assessment
- Site listing
You can generate all of these reports the same way you do the core ones because the interface doesn’t change. This also permits you to use other functions like exporting the report to Excel, among the other usual available options.
It is advisable to mark up all of the features that you need and then match that list to see if QuickBooks Enterprise Advanced Inventory fulfil them all. Getting all the features in one go is highly unlikely, which is why you may want to forego the ones that are not much important to your firm and are not included in this module either.
At the same time, you can also explore other add-ons that are available for this accounting software. If you’re unsure of what to look for or need expert guidance to help you make a selection, you can rely on our ProAdvisors anytime!