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How To Use QuickBooks Enterprise To Track Inventory

Managing an inventory-based business can be a challenge. Not only do you have all the usual business responsibilities like payroll, customer service, and budgeting, but you also have to manage and invoice inventory. Fortunately, QuickBooks Enterprise can help.

Your QuickBooks Enterprise software is equipped with intelligent inventory management features that make it easy for you to track and report inventory across your company. However, adding Advanced Inventory to your QuickBooks record plan can provide several additional inventory management functions.

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Items can be tracked by trash location, serial number, or batch number, and you can even automate inventory management with a wireless barcode scanner.

If you're already using QuickBooks Enterprise, adding Advanced Inventory allows you to use:

1. Calculate First Arrival, First Exit (FIFO) costs instead of the average price method used by default in QuickBooks for the price of goods sold and for inventory valuation purposes.

2. Stock up in many places. This is useful whether you have multiple locations within a single physical facility or multiple physical locations.

3. Barcode scan. With a supported scanner or Android phone, internet connection, and the Warehouse Manager app, you can increase efficiency by scanning inventory items.

4. Container or batch tracking. Container or batch tracking allows you to identify the exact location of inventory in the warehouse.

5. Serial or batch number. You can track by lot or serial number, but not both.

6. Customer order execution process. Make it easy to find, prioritize, and review the current status of customer orders.