Important things to know about QuickBooks Advanced Inventory

A Comprehensive Guide to QuickBooks Advanced Inventory: What You Need to Know

QuickBooks is the most comprehensive accounting app which allows small and medium sized businesses to manage their accounting in the most dynamic way possible. There are several versions of QuickBooks available in the market and QuickBooks Enterprise also falls in the same list. 

After purchasing the app, you can integrate it with different add-ons, according to your need, but with the Platinum edition of QB, you get the very useful add-on which is known as Advanced Inventory. Intuit has developed this add-on to make your inventory management, quick, easy and efficient. This unique add-on comes integrated with the platinum version of QuickBooks Enterprise and you don’t need to purchase it at an extra cost.
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So, in this article, we will be looking at the most important things which you need to know about this unique Advanced Inventory add-on.

Benefits of Advanced Inventory

1. Mobile barcode scanning- With the help of mobile barcode scanning, your physical management of inventory becomes easy, quick and accurate. It also helps to transfer the data wirelessly and send reports directly to workers on floor.
2. Customizable reports- Inventory Valuation Summary, Assembly Shortage and Inventory stock by item are the new customizable reports which make your inventory management more flexible.
3. Convenient tracking of product movement and storage- You can track your inventory by bin location, serial numbers or lot numbers.

Enabling Advanced Inventory Reports

• Choose Preference from the Edit menu
• Select Items & Inventory from the left panel and then click on the Company Preference Tab.
• Check the box named as Inventory and Purchase orders are active
• Then click on Advanced Inventory Settings
• After that you need to sync the license data online and for that you need to click on Help, then on Manage my License and after that choose Sync License data online.
• Then you need to check that Advanced Inventory Settings is no longer grayed out
• Close and re-open the QuickBooks program.

This add-on works only QuickBooks Enterprise
You should also know that Advanced Inventory add-on works only with the Platinum QB Enterprise and is not compatible with any other version of QB like Premium and Pro. So if you want to get similar functions of Advanced Inventory on other versions of QB then you can install other similar add-ons like Fishbowl Inventory and IntelliTrack.

It is not separate software
The Advanced Inventory is not a separate software or app which you need to purchase from Intuit or any other third party vendor. It comes as add-on and is already integrated with the platinum version of QuickBooks Enterprise.

It doesn’t make the purchasing function simple
Although this add-on can do wonders for your inventory management by making it quick, easy and accurate, but if you are looking to simplify your purchasing function through it then you are at the wrong place.

To make the best of a product or feature, you should know it well and the same rule applies to the very effective Advanced Inventory add-ons which come integrated with the platinum edition of QB Enterprise. Go through the above mentioned details of the add-on and use it in the best way possible.
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Preeti

Preeti is a technical content writer who is currently associated with Cloudwalk. She spends most of the time of her day in the world of cloud computing and accounting software. Her vast experience in the field of cloud software and her love for IT has allowed her to become a major contributor on most of the knowledge based cloud platforms.