Many companies, from producers who maintain raw material warehouses to retailers who store goods ready for shipment, face inventory management challenges. Inventory should be prepared in optimal amounts when the company requires it if it is handled properly. On the other hand, inventory management is no simple task: it necessitates keeping track of the condition and demand for thousands of products. Some of these stocks will make more money than others, so prioritisation and proactive management are needed.
To direct your business decisions in real-time, you must be able to maintain a comprehensive, minute-by-minute view of your inventory. QuickBooks Enterprise has a range of features that help you handle your inventory effectively. Among these features, the software’s tools make it simple to:
- Stock tracking may be done using bin locations, serial numbers, or lot numbers.
- From a single dashboard, you can manage your entire workflow.
- Count your inventory without having to close down your warehouse.
What is Inventory Management in QuickBooks Desktop
The most potent and robust inventory management software in the QuickBooks family are included in QuickBooks Desktop Enterprise. QuickBooks Enterprise’s Advanced Inventory tool makes it easy to track items to specific bins inside a warehouse, accurately tracks the quantity and value of inventory in multiple locations, which makes it easier to assemble things and track their Bill of Materials cost, including labour and overhead costs, and much more. It’s our most powerful inventory management solution, with advanced features that grow with your business. Warehouse inventory management features in QuickBooks Desktop Enterprise track the transfer and storage of goods and materials. Lot tracking, bin tracking*, and serial number tracking are only a few of the features that make it simple to locate inventory quickly and reliably across your locations.
Inventory is the finished product as well as the materials that went into making it. It’s an asset before you sell it. On your balance sheet, inventory is reported as a current asset at the purchase price. An inventory component in QuickBooks Desktop Enterprise is a single object that is held in stock before it is sold. An inventory assembly is a single item made up of inventory parts, and sub-assemblies kept in storage until sold.
Since the parts of an assembly object have become part of an inventory assembly, they no longer exist as separate inventory parts. When many items are sold simultaneously, such as an installed door package that includes the door, hardware, and labour, and inventory category item is used. To monitor inventory effectively, you must first comprehend how QuickBooks manages inventory assets, average cost, and cost of goods sold (COGS). When you pay for an inventory item with a bill, check, or credit card, the item’s Inventory Asset account is debited, and your A/P, bank, or credit card account is credited.
The average cost of an item is deducted from the inventory asset account and reported in the cost of goods sold when it is sold. QuickBooks uses the weighted average price to calculate the value of your inventory and the sum debited to COGS when you sell stock.
- Gold with remote access: Get the tools you’ll need to get started, including features and market insights. In addition, you can pay and file taxes, pay employees, and simplify your payroll. This will be available at $125.00, 60 /month. Valid for the first year only. Annual subscriptions are paid every month.
- Platinum with remote access: For manufacturers, wholesalers, contractors, and retailers, Platinum combines robust functionality with valuable tools. This will be available at $129.00, 50 /month. Valid for the first year only. Annual subscriptions are paid every month.
- Diamond with remote access: Diamond is designed to automate as much of your business as possible, allowing you to get more done. This will be available at $211.00, 50 /month. Valid for the first year only. Annual subscriptions are paid every month.
QuickBooks Enterprise is a comprehensive inventory management system that includes everything from one-click processing to mobile scanning, as well as inventory tracking and reporting.
On a single dashboard, you’ll be able to see and monitor all facets of inventory maintenance and processing, resulting in smooth operations and enviable ease of use. This robust system will eliminate the worries of missing something and ensure that processes run smoothly. Advanced Inventory gives you a complete picture of the inventory management process and complete control over its operations, allowing you to see what’s going on, troubleshoot quickly, and stay worry-free.
To summarise, QuickBooks Desktop software is accounting software that will help you manage the finances and accounts of a particular organisation. In this blog, you will get to know more about the inventory management in QuickBooks Desktop software. I hope that this blog helped you in some way or the other and was worth your time.