What is Advanced Inventory?
Advanced Inventory is the most efficient way to manage inventory in QuickBooks. Track inventory through multiple warehouses down to the bin location level. Be able to transfer items from one location to another; get detailed reports by location, and use barcode scanning to manage items. Advanced Inventory helps you save time by tracking inventory directly within Enterprise Solutions.
Who is Advanced Inventory directed towards?
Typical business profile:
Inventory-based businesses such as distribution, service-based like HVAC, and manufacturing.
What are Advanced Inventory specific features?
-Bin location tracking
-FIFO Inventory Costing
-Serial numbers and lot tracking
There are many pains that businesses owners have to deal with such as; inventory items are kept in multiple locations and you need to know the quantity of each;
you have difficultly to reorder or restock since products are spread out; and you don’t want to have to keep inventory data in separate programs.
The solution to these issues is Advanced Inventory. With Advanced Inventory you can:
1) See quantity on hand, what’s available, and reorder points for each location.
2) Be able to transfer inventory from one location to another to meet demand without delay.
3) Track any type of location: multiple warehouses, different staging areas, service tracking, consignment, and even goods on the water.
Some pains that business owners deal with when it comes to bin location include; warehouse people need to be able to find the right items for fulfillment; customers need to keep some inventory separate for quantity assurance and special manufacturing.
The solution to this issue is once again Advanced Inventory. With Advanced Inventory you can:
1) You can track specific inventory items down to the bin/row/shelf location level within one or more warehouses.
2) When filling out forms, automatically see quantities and serial or lot numbers for each bin.
3) Be able to sort pick lists and item receipts by location so you can have efficient picking and stocking.
A business has many other pains they have to deal with. Specifically with Lot Tracking, business owners deal with they need to track lot information for purchases and sales for recall needs, custom fields don’t provide all the information needed like what items are still on hand, and tracking in another application can double data entry.
The solution to this issue involves Advanced Inventory. With Advanced Inventory be able to:
1) Lots can be entered at the time of purchase, transfer, build and sale.
2) Critical information is entered because employees have warnings to help them.
When it comes to serial numbers business owners have to deal with the need to track serial numbers for purchase and sale warranty or recall needs, custom fields don’t provide all the information needed like what items are still on hand, and tracking in another application can cause double entry.
The solution is simple. With Advanced Inventory be able to:
1) Serial numbers can be entered at the time of purchase, transfer, build, and safe.
2) Enter in batch or auto select the next available.
3) Warnings help employees remember all critical information.
4) Reports can help you track items purchased, sold, and still on the shelf.
FIFO Inventory Costing
The business owners have to deal with several things when it comes to FIFO Inventory Costing like existing FIFO based companies wants a solution that will accommodate their existing costing method, FIFO has tax advantages for some businesses, and to calculate FIFO inside the program is time-consuming and likely inaccurate.
The solutions to these issues is:
1) Users can choose FIFO whenever you want and change it back to average as well.
2) All reports and inventory information will reflect cost lots, rather than the average cost once the preference is turned on.
The pains to barcode scanning include; complex or large item lists making finding the right product almost impossible and created room for error and inefficient; manually entering serial number can be very time consuming.
The solutions to these issues:
1) Increase efficiently and reliability for data entry by being able to scan items and serial numbers
2) Be able to print barcode labels from inside QuickBooks
3) Let QuickBooks create barcodes for you.
4) Integrates with any simple USB barcode scanner.
What is Advanced Pricing?
Advanced Pricing has flexible functionality to save you time and improve the bottom line. Use pricing to your advantage by being able to create unlimited number of sophisticated price rules; set rules based on any combination of customers, items, vendors, classes, custom fields, and more; offer quantity discounts and seasonal promotions; and select and change price rules at transaction time. Advanced Pricing Add-on works right inside Enterprise Solutions, so it’s easy to get started- you don’t have to learn separate software.
Advanced Pricing has a new feature called Price Rules.
Automatically apply based on:
Combination of Conditions
Automatically Updates Pricing
There are many pains that business owners have to deal with when it comes to quantity discounts such as; there is no automatic way to set price breaks for large quantity orders, manual workarounds create errors, and there’s a limited number of price levels.
The Solution is by using Advanced Pricing be able to:
1) Add discounts based on the quantities you want to set.
2) Automatically applies when the items are sold.
3) Available for service, inventory part, assemble, and non-inventory items.
Complex Pricing Rules
The pain that many business owners deal with when it comes to pricing rules are you need more flexible pricing than the basic/rigid price level functionality QuickBooks support and the manual updates if you want to offer new pricing based on a combination of quantity, date/season, vendor, etc.
The solutions is with Advanced Pricing be able to:
1) Set sophisticated price rules based on any combination of customers, items, vendors, classes, custom fields, and more.
2) Be able to apply multiple price rules at once and be able to change which price rules apply at transaction time.
For more information on Advanced Inventory or Advanced Pricing call QB Doc today at 775-348-9200!