Advanced Inventory is an add-on subscription for QuickBooks® Enterprise Solutions. Each year Intuit, the maker of QuickBooks, adds more features to Advanced Inventory, making the often challenging inventory process easier and more efficient.
With Multi-Location Inventory, you can accurately track the quantity and value of inventory in multiple locations right from within QuickBooks (this used to require a third-party software application). For each location, you can see how many items are on hand, on sales orders, on purchase orders and your reorder points ... and QuickBooks will automatically calculate which items you need to restock.
You can also transfer inventory from one location to another. If one location is running low on inventory, you can transfer stock from another warehouse to meet demand without delay.
There's also flexibility to set up various types of locations. In addition to tracking inventory in multiple warehouses, you can track it in different staging areas within a single warehouse, on service trucks and on consignment. You can even track imported goods "on the water."
Many companies have the need to track serial numbers and lot numbers. With Advanced Inventory, it can be done right inside QuickBooks. It allows serial numbers and lots to be entered at the time of purchase, transfer or sale. Defective lots can be tracked through assemblies and subassemblies, in stock on shelves and customer purchases.
Advanced Inventory allows for the flexibility to work in First In, First Out or FIFO costing as an alternative to average costing for tracking inventory. Users can even switch costing methods at any time.
This feature allows users to track specific inventory items down to the bin location level within one or more warehouses. When filling out forms, you can automatically see quantities and serial or lot numbers for each bin. You can even sort pick lists and item receipts by location for efficient picking and stocking.
This new feature really increases efficiency and reliability for all inventory data entry by scanning items and serial numbers without touching a keyboard — QuickBooks automatically puts the information into the correct field. With the Barcode Scanning feature, business owners can create their own barcodes and print them to use for scanning, or print to your barcode label maker. This feature integrates with any simple USB barcode scanner (sold separately).
Get in touch today and find out how we can help you meet your objectives.