Mastering Advanced Inventory in QuickBooks Enterprise

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Recap
Trisha from Fourlane discussed advanced inventory features in QuickBooks Enterprise, an optional add-on for businesses with complex inventory needs like multiple warehouses or serial/lot tracking. She highlighted key functionalities such as inventory adjustments, serial number tracking, barcode scanning, landed costs, and various inventory reports, emphasizing the importance of sales orders for accurate inventory management. The discussion also touched on the increasing need for landed cost tracking due to recent tariff increases and how to adjust quantity on hand for serialized items.
Key points
1. Advanced Inventory Overview: Advanced Inventory is an optional add-on for QuickBooks Enterprise, designed for complex inventory operations beyond basic capabilities, such as multiple warehouses, lot/serial tracking, and detailed reporting.
2. Inventory Activation: To use any inventory features, "Inventory and purchase orders are active" must be checked in company preferences; standard features include linking POs to SOs and managing negative inventory.
3. Quantity Definitions: "Quantity on hand" is physical stock, while "quantity available" accounts for committed sales orders, reducing the available amount.
4. Multiple Site Tracking: Allows tracking inventory across various locations like multiple warehouses, trucks, or internal sites, including optional bin tracking within sites.
5. Serial/Lot Number Tracking: Users can track either serial numbers or lot numbers (not both simultaneously), with options for when tracking begins (purchase, sales, etc.) and mandatory alerts.
6. Expiration Dates: A feature specifically available when tracking lot numbers, useful for industries requiring date-sensitive inventory management.
7. Costing Methods: QuickBooks defaults to average cost for asset valuation, but users can switch to First-In, First-Out (FIFO) if preferred.
8. Barcode Scanning: Supports adding barcodes to products for tracking, transaction creation, and inventory counts, either by importing existing barcodes or using QuickBooks' wizard.
9. Pick, Pack, Ship Workflow: This feature (site operations) enables creating sales orders that can be sent to warehouse personnel via handheld devices for picking, packing, and shipping, updating QuickBooks in real-time.
10. Landed Cost: Allows attaching additional costs like freight, tariffs, or insurance to an item's cost, providing a more accurate true cost of goods sold and asset value.

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Видео Mastering Advanced Inventory in QuickBooks Enterprise канала Fourlane