Do you have a business that is either currently using QuickBooks Enterprise Solutions or considering Enterprise because you need additional inventory functionality? If so, a “must have” in your Enterprise subscription is the Advanced Inventory module that is available in the Platinum level subscription. Here we will cover the differences between the standard inventory functionality in QuickBooks Silver and Gold Enterprise subscriptions, and the Advanced Inventory features found in Platinum.
- Standard Inventory In QuickBooks Enterprise
- The Silver and Gold subscriptions of QuickBooks Enterprise come with the standard inventory functions of:
- Inventory Receiving
- Change Assembly Components On-the-fly
- Available to Promise
- Sales Order Fulfillment
- Unit of Measure Conversion
- Bill of Materials Cost Tracking
- Store Manufacturer’s Part Numbers on Items
- Multiple Shipping Addresses per Customer
- Bill of Materials Management
- Multiple Sales Order on a Single Invoice
- Back Order Functioning on Sales Orders and Invoices
- Back Order Functioning on Purchase Orders
- Cost Management and Sales Management
Depending on the type of business that you have, this feature set may be exactly what you need. If this is the case, the Enterprise Silver or Enterprise Gold Subscription (if you want the included Enhanced Payroll feature) would be a great choice. If you need more, then you should consider moving to the Enterprise Platinum Subscription that includes Advanced Inventory.
QuickBooks Enterprise Advanced Inventory
When you move up to the Platinum Subscription, here are the additional inventory features that get unlocked.
Bin Location Tracking
The Bin Location feature in the QuickBooks Advanced Inventory module allows you to track specific inventory items down to the bin location level within one or more warehouses as well as automatically see quantities and serial or lot numbers for each bin. You can also sort pick lists and item receipts by location which makes picking and stocking easier.
Barcode Scanning
The barcode scanning feature allows you to scan items and serial numbers without having to use the keyboard to do data entry. You can print barcode labels from inside QuickBooks Enterprise, or if you don’t have barcodes Enterprise will create them for you from the software.
FIFO Costing
Track inventory using FIFO costing or average costing and switch between the two methods at any time.
Track By Serial And Lot Numbers
This Advanced Inventory feature allows you to track by serial and lots number at the time of purchase, transfer, or sale as well as track defective lots through assemblies and subassemblies.
Track Inventory In Multiple Locations
For each location, you can see how many items are on hand, on sales order, on purchase order, and your reorder point. QuickBooks Enterprise will take this data and automatically calculate which items you need to restock.
Transfer Inventory From One Location To Another
With QuickBooks Advanced Inventory, if one location is running low on inventory, you can immediately transfer stock from another location so that you keep your inventory levels where you need them to be.
