A particular module for accounting software often confuses some users when using QuickBooks Enterprise Advanced Inventory. Not everyone is fully aware of the capabilities of this facility or may not know it at all.
There are some things that it can do and then some that cannot, which are included in this blog that describes this module and its functions in detail. After reading this, you will be able to assess your needs and make better decisions in managing your list.
QuickBooks Enterprise Advanced Inventory Details
Given below is some more information about the functions, features, and functions that this software provides its users-
1. It’s Functions
This component of the QuickBooks Enterprise solution is full of features to help you manage your list in the most organized way. Based on the QuickBooks Enterprise 2018 features, here is a list of tasks you can accomplish through this software-
- Tracking Items by Serial Number or Lot Number – You can use one filter at a time. However, you cannot track the expiration dates of lots or batches.
- Inventory costs on a first, first out ‘basis.
- Tracking the location of items through a rack, bin or shelf number.
- Tracking the location of the same item in different warehouse locations and other branch warehouses.
- Giving goods from one warehouse to another.
- Barcoding of objects to keep a better track of them — although there is a little restriction for using it in the context of functions.
If you are looking for additional, specific features and are not mentioned, they may not necessarily be present.
2. This availability
This software only comes with a Platinum subscription from QuickBooks Enterprise. It is not available in Silver or Gold Edition or any other version of QB such as POS, Online, Premier or Pro.
If you want to use this software, then buy a platinum subscription and go to the inventory menu in the application. If the Advanced Inventory button looks faded and doesn’t work, you’ll need to activate it.
3. It is not related to the purchasing aspect of QB
There are no additional tasks to reduce and increase your purchasing power when you get the QuickBooks Enterprise Advanced Inventory. While this allows you to monitor product information in many locations, there is something else that can provide or enhance functionality outside of inventory management.
For example, if you need features that help you buy the same product from different vendors, fulfill your orders or purchase items with different release dates, this software Does not expect to find them. There is a module for ordering and receipt that is provided in the enterprise itself and not related to advanced inventory.
4. Advanced inventory only works in FIFO mode of inventory costing
This may not help with cost-effective schemes other than first in, first out. There are many such as cost of land, management, average, standard and choice. If you want something other than FIFO, then you have to look at one of the QB add-ons available for this purpose.
In short, the default and only option for inventory costs is the FIFO plan.
5. It provides additional reports
This component of QuickBooks Enterprise combines the types of reports you can generate in this software. The ones you can create by default are core inventory reports. The QuickBooks Enterprise Advanced List allows you to receive reports based on –
- Inventory / stock status
- Currently, supply
- Value estimation
- Site listing
You can generate all these reports in the same way you do because the interface does not change. It also allows you to use other functions, such as exporting reports to Excel, among other common available options.
It is advisable to mark all the features you need and then match that list to see if QuickBooks Enterprise Advanced Inventory meets them all. Getting all the features at once is not very likely, which is why you want to leave behind those that are not very important for your firm and are not included in this module either.
In this blog, I tell you the top 5 facts about QuickBooks enterprise advanced Inventory. I hope my all information is useful for all QuickBooks users. If you want more detail about QuickBooks and our support services contact us on our QuickBooks Support phone number.
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