Inventory Management in QuickBooks Enterprise – What You Need To Know

QuickBooks Enterprise is one of the most robust tools to manage the accounting processes of every business of any industry. QuickBooks Enterprise has specific features that cater to the needs of diverse industries, be it construction, retail, manufacturing, accounting, nonprofit, or professional services.

Some of the features of QuickBooks Enterprise includes-

• QuickBooks Payroll to manage employees’ earnings, deductions, and payroll filing
• Customizable reports to provide insights on how your business is performing
• QuickBooks Payments to handle payments made and received
• Inventory Management to track and manage sales orders efficiently

Although, every feature of QuickBooks Enterprise contributes towards the smoother operation of business processes. One such feature among these is the inventory management option. Let’s explore its capabilities and what can be expected from this feature.

1) Pick, Pack, and Ship

Inventory management has the feature to manage your sales order cycle where you can keep track of when the item was picked, packed, and when it was shipped. This feature has two options-

• Shipping Manager that allows you to move the item from the picking, packing manually, and shipping state. It also allows you to instruct your workers about the order.
• Express Pick-Pack option that enables you to combine the picking and packing processes for smoother functioning.

Additionally, you can print labels for your inventory items and sales orders from UPS, USPS, and FedEx in QuickBooks itself.

2) Cycle Count

Do you have multiple inventories at different locations to manage? With QuickBooks Enterprise, you can set up inventory in more than one warehouse, making it easier to manage multiple warehouses.

Inventory management in QuickBooks Enterprise has a centralized inventory dashboard to manage item counts of various warehouses. You can also section the inventory into categories, such as receiving inspection area and storage bin location for a more specified tracking of items.

3) Scan Barcodes

QuickBooks Enterprise supports mobile barcode scanning. You can track inventory directly from your mobile by scanning the barcodes, provided there is an internet connection. If you have a Bluetooth scanner, it can also be used for scanning.

By enabling the barcode scanner setting from the advanced inventory, you can either create new barcodes or import an already existing list. This feature makes it easier to coordinate with workers on a particular order, especially when working from different warehouses.

The Barcode Scanner option is available only with the Advanced Inventory subscription for QuickBooks Enterprise.

4) Sales Order Management

Sometimes with orders overflowing, it becomes challenging to keep a check of every order’s status. There is a chance that you or your employees might miss an urgent order. However, when you enable the sales order fulfillment sheet from the Advanced Inventory in QuickBooks Enterprise, you can track and prioritize the orders according to their status.

From the dashboard, you can check details like shipping date, order value, and inventory availability to deliver the best services to customers.

With sales order management, you can even check the position of orders in real-time as they get processed via your mobile.

5) Customizable Inventory Reports

With inventory management in QuickBooks Enterprise, you get access to a number of customizable reports for tracking your inventory, like inventory stock by item, inventory valuation summary, and assembly shortage by item. These reports provide the exact information you need. Moreover, if you can not find the fields you are looking for, you can simply add new fields for enhanced tracking.

Customizable reports help users to have a better insight into their inventory to run the business smoothly, meeting all customers’ needs.

6) Location Within Location

This feature allows users to track items of the same warehouse but in different stages, such as, if they are in the inspection area, on service trucks, or if they are shipped directly from the water. You just need to add a new bin location from the Reports menu, and you can track your items.

7) FIFO or Average Cost

With inventory management in QuickBooks Enterprise users have the option to switch between average costing and First-In-First-Out (FIFO) costing. Average costing tracks the inventory costs by calculating the average cost of all the items in the stock divided by their total price at the time of purchase.

On the other hand, the FIFO option is used to track the costs of goods sold (COGS) during a chosen period. Any items sold before the date entered are calculated as per the average cost.

This feature comes handy when you prepare to file your taxes.

8) Landed Costs

This feature is exclusive to the platinum subscription of QuickBooks Enterprise for now. Landed costs help you manage the costs of items that are ordered from the vendors outside the country. This feature makes the calculation of landed products more efficient. You can include costs of additional factors like shipping charges, duties, freight, handling charges, and insurance.

Also, there is an option whether you want to include or remove the landed costs from the product’s final bill.

Conclusion

Inventory Management in QuickBooks Enterprise helps its users to simplify the tracking, managing, and stocking up of their inventories. It is a powerful feature that is widely used by business owners across the industries. Moreover, you can integrate over 600 third-party apps with your QuickBooks Enterprise in case you feel that your business operations require more than just one application.

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