QuickBooks Desktop Enterprise takes the lead as being the most effective and powerful accounting solution for managing inventory. It helps businesses keep track of inventory levels, purchase orders, sales orders, and invoices. It also creates various reports that can help you make informed decisions about inventory management.
Could it be time to use QuickBooks Enterprise to manage inventory? Read on to find out!
How You Can Use Enterprise for Inventory Management
Set Up Inventory Items
Enterprise lets you set up an inventory item, whether it’s a product or service item so that you can properly track it within Enterprise. You can add new items, update existing items, or delete obsolete items. You can add a description, cost, sales price, and other relevant information for each item.
Create Purchase Orders
You can create purchase orders directly in QuickBooks Enterprise. You can select the vendor, item, quantity, and price for each item on the purchase order. Once the purchase order is created, you can send it to the vendor via email or print it.
When you receive inventory from a vendor, you can use the “Receive Items” feature in Enterprise to record the receipt of inventory. You can select the purchase order and item, enter the quantity received, and verify the cost and other details. This feature helps keep track of inventory levels and ensures that the inventory has been received as ordered.
Track Inventory Levels
QuickBooks Enterprise provides various reports to help businesses track inventory levels. For example, the Inventory Valuation Summary report shows the value of inventory on hand, while the Inventory Stock Status by Item report shows the quantity of each item in stock. These reports help businesses make informed decisions about inventory management.
Create Sales Orders and Invoices
When a customer places an order for an inventory item, you can create a sales order in Enterprise. You can select the item, quantity, and price for each item on the sales order. Once the order is fulfilled, you can create an invoice and send it to the customer. QuickBooks Enterprise also lets you track backorders and partial shipments.
If there are any discrepancies in inventory levels, such as damaged items or theft, you can use the Adjust Quantity/Value on Hand feature in Enterprise to adjust inventory levels. You can select the item, enter the quantity, and specify the reason for the adjustment. This feature helps keep accurate inventory records.
For more information, check out the top 5 inventory management problems you can solve with QuickBooks Enterprise.
Key Features of QuickBooks Enterprise for Inventory Management
QuickBooks Enterprise is the best inventory management software on the market. It provides a number of powerful tools to streamline inventory, including:
- Track inventory levels in real-time: Enterprise allows you to track inventory levels in real-time, giving you an accurate picture of what you have in stock and when you need to reorder.
- Manage inventory across multiple locations: With Enterprise, you can easily manage inventory across multiple locations, making it easy to transfer stock between warehouses and stores.
- Set reorder points and minimum stock levels: You can set reorder points and minimum stock levels for each item, ensuring that you never run out of stock.
- Create purchase orders automatically: When inventory levels fall below the set minimum level, Enterprise can create purchase orders automatically, saving you time and reducing the risk of running out of stock.
- Use barcode scanning: Enterprise supports barcode scanning, making it easy to scan items in and out of inventory. This feature makes inventory management faster and more accurate, as it eliminates the need for manual data entry.
- Set up advanced pricing rules: You can set up advanced pricing rules for different customer groups, offering discounts or special prices based on their purchase history.
- Generate inventory reports: QuickBooks Desktop Enterprise offers a range of inventory reports, including sales by item, inventory valuation, and more.
- Integrate with third-party inventory management systems: QuickBooks Desktop Enterprise can integrate with third-party inventory management systems, allowing you to use your preferred system while still benefiting from QuickBooks’ accounting capabilities.
If you want to streamline inventory tracking and reporting or you’ve just exceeded the limits of QuickBooks Premier, then we recommend that you upgrade to QuickBooks Enterprise. It has all the tools you need to take control of your warehouse and maximize inventory operations.