Quickbooks Advanced Inventory 101: What You Should Know

advances-inventory-1-480x318Offered exclusively with Quickbooks Enterprise, Advanced Inventory is a highly convenient add-on that’s designed to save you time by automatically tracking and accounting for inventory. While most businesses probably already have some form of product tracking system in place, Advanced Inventory integrates directly into your Quickbooks account to streamline the process; thus, saving you time and energy in the long run. Whether you run a brick-and-mortar retail store or a large distribution factory, you should consider using Advanced Inventory. To learn more about this add-on and whether or not it’s right for you, keep reading.

Benefits of Using Advanced Inventory

  • Allows for bar code scanning.
  • Integrates directly into your Quickbooks account.
  • Use either serial numbers or lot numbers to manage product inventory.
  • Track inventory across multiple destinations.
  • Free to download and usefor Quickbooks Enterprise users.

Note: if you currently have Quickbooks Pro or Premier installed, you’ll need to upgrade to Enterprise in order to take advantage of Advanced Inventory. It’s one of the many features that’s offered exclusively with Quickbooks Enterprise.

How To Set Up Quickbooks Advanced Inventory

Assuming you are running Quickbooks Enterprise, setting up Advanced Inventory is a quick and easy process that should only take 5-10 minutes. Start by logging into your Quickbooks account as the administrator (or user with admin privileges). Next, choose ‘Edit’ from the main menu followed by ‘Preferences.’ You should now see a list of new options appear on your screen. Scroll through the available options until you find ‘Items and Inventory;’ click on it and proceed to the next step.

After selecting ‘Items and Inventory,’ choose  the ‘Company Preferences’ tab from the drop-down box. This will bring up a new dialog window with several different options, one of which is ‘Inventory and Purchase Orders.’ Make sure this box is set to active before clicking through to the next step. On this same window, you should also see an option for ‘Advanced Inventory.’ By default, this option is turned off; however, you can active it by clicking the on/off toggle box. Congratulations, you should now have Advanced Inventory fully functional and integrated into your Quickbooks account!

Tips For Using Advanced Inventory

  • Make sure you have at least 2.5 GB of hard drive space available.
  • Decide whether you want to track inventory using serial or lot numbers.
  • If the Advanced Inventory option is grayed out, you will need to sync your account to enable it.
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