Always see what’s in stock, what’s on order, where each item is located, and what it’s all worth so you can make real-time business decisions.
What is QuickBooks Advanced Inventory?
QuickBooks Advanced Inventory is an add-on feature for QuickBooks Desktop Enterprise that provides more advanced inventory management capabilities. It allows you to track inventory in multiple locations, use different costing methods, create custom reports, and more.
Take control with Advanced Inventory
Whether you sell five or 50,000 products, Enterprise puts the tools you need for efficient, profitable inventory management right at your fingertips.
Automate inventory and order management from the warehouse to your customer’s doorstep.
Gain efficiencies in your inventory and order management processes
Automate more of your business for greater productivity
Enterprise gives you real-time inventory visibility, decreased order fulfillment times, and less inventory surplus. Automated processes reduce errors that can cut into your margins.
Set more accurate delivery dates
Keep customers happy with efficient, accurate order fulfillment. Set realistic delivery expectations with real-time inventory information at your fingertips.
Track inventory your way
- Track inventory your way with three levels of location tracking (e.g., row, shelf, and bin; section, area, pallet).
- Find items quickly, fix inaccurate inventory counts, and reduce errors.
- Transfer inventory from one location to another to meet demand without delay.
Automate order management
- Manage the entire sales order fulfillment process from a single dashboard.
- Prioritize which orders to fulfill first based on the value of each customer to your business.
- Set realistic expectations with line-of-sight into available stock, upcoming delivery dates, and the status of each order.
- Reduce errors and shipping delays with automated order management processes.
Mobile barcode scanning
- With the QuickBooks Desktop Mobile App, your team’s Android devices become mobile barcode scanners.*
- Automate receiving, accelerate your picking process, and reduce data entry errors.
- Send orders to workers on the floor, scan inventory, and transfer data wirelessly.
- Print barcode labels with sales prices* to give your customers and employees the pricing information they need.
Bill of Materials cost tracking
- Use Bill of Materials cost tracking to help you to set prices to reflect true costs.
- See how the cost of labor impacts the cost of goods sold (COGS).
- Get line of sight into profitability for produced, assembled, or manufactured items.
Identify true product costs with landed cost
- Factor in freight, duties, insurance and other miscellaneous expenses to calculate a more accurate cost for your products.
- Gain flexibility by setting up landed cost accounts as COGS or “other current assets.”
- Calculate landed cost for old bill items from closed accounting periods.
Use FIFO or average costing
- Work in FIFO (first in, first out) costing in addition to average costing for tracking inventory.
- Switch between costing methods at any time.
What can I do with Advanced Inventory?
QuickBooks Desktop Enterprise features the most powerful and comprehensive inventory management tools QuickBooks has to offer. In addition, Enterprise’s Platinum and Diamond editions include our Advanced Inventory tool that lets you manage end-to-end sales order fulfillment from one central dashboard. Easily track items to specific bins within a warehouse, accurately track quantity and value of inventory in multiple locations, assemble items and track their Bill of Materials cost, including labor and overhead costs, and much more. It’s our most robust solution for inventory management with advanced functionality that scales to your business.
Can QuickBooks track inventory in multiple locations?
Yes. QuickBooks Desktop Enterprise offers warehouse inventory management features that track movement and storage of products and materials. Features such as lot tracking, bin tracking*, and serial number tracking make it easy to locate inventory quickly and accurately across your locations.
How does QuickBooks handle inventory and cost of goods sold (COGS)?
QuickBooks handles inventory assets, average cost, and cost of goods sold (COGS). When you purchase an inventory item, your bill, check, or credit card charge will debit the Item’s Inventory Asset account and credit your A/P, bank, or credit card account. When an item is sold, the average cost is deducted from the inventory asset account and recorded in cost of goods sold. QuickBooks uses the weighted average cost to determine the value of your inventory and the amount debited to COGS when you sell inventory.
Please do not hesitate to contact us to learn more or try Advanced Inventory for your business!
Watch a quick video on Advanced Inventory here!