BTACT – Woodland Hills Quickbooks Enterprise, Pro Consulting & Training

Advanced Inventory is an optional module offered in the newest version of QuickBooks Enterprise, v11.0.  Advanced Inventory allows for multiple locations to be tracked in QuickBooks, for those companies that have more than one location.

Advanced Inventory is built inside QuickBooks Enterprise Solutions v 11, and requires that the user have a Full Service Plan active in effect.  Cost is only $699/yr.  Advanced Inventory is built into QuickBooks Enterprise v11, similar to how the Layout Designer functions for Templates, so you don’t have to learn some ‘new’ program with a whole different set of rules and process flows.

Once Advanced Inventory is enabled, functions can be accessed via the Homescreen, or via drop-down menus.

A company can run reports by location, combined reports, transfer items between physical OR virtual locations, and have all of these features located in one place.  For example, one can see the Value and Quantity on Hand in each location, and make a decision to transfer inventory from place to place, as needed.  If a particular product seems to not sell in Location A, but in Location B the company keeps selling out, then the user would know to transfer more stock over to Location B, as it will sell faster, thus generating more revenues – faster.

With Advanced Inventory,  one can setup locations inside one warehouse for RMAs, for Repair/Warranty work, for a Shipping/Receiving staging area, or different ‘virtual warehouses’ within that one physical building.     This works wonderfully for the company with salespeople in the field, who are selling units of product direct. If your company has trucks that carry inventory, each truck can be setup in Advanced Inventory to better track what inventory is in each vehicle. The company can track the sales by each rep, and appropriately plan ahead to keep higher performing reps stocked better, and lower performing rep stocked lighter.

If a company is a wholesale distributor, and has vendors sending product via a shipping courier overland or oversea, a location can be setup for the stock to be placed in those “warehouses” to track them until they reach the main location.   This is just one more way to use Advanced Inventory for purchasing and sales forecasting and planning.

If a manufacturer has multiple stages in the assembly line, sub-locations within the warehouse, or “virtual” warehouses, can be used depending on what stage the product being manufactured is in.  For example, if it is done being assembled, but not painted.  Location one, “unpainted, assembled” – Location two, “Painted, Assembled” – and so on.  The possibilities can be endless…

Check back more as I implement more systems with Advanced Inventory, to see what tips and tricks I can provide you and your business.   We are currently implementing Advanced Inventory at an average of 2/month, for reference, so there will be many lessons shared in the near future.

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Tags:   Accounting Tips · Advanced Inventory · BTACT · QuickBooks Enterprise Solutions · QuickBooks ReportingNo Comments