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SSD - MI
October 5, 2020
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Inventory Management - Which version of QB is right for me?

  • October 5, 2020
  • 1 reply
  • 0 views

Hi,

 

I am new the capabilities of QB.  My company started May 2019 and I have been using QB Online.  I just got comfortable with it and caught all of my books up.  I was sold to go with the online version, but I am not sure its inventory management is robust enough.  

 

  1. I would like to manage the inventory at multiple locations and be able to transfer inventory between them.
  2. I would like to generate various accounting ratios related to inventory management i.e. inventory turnover, days to cash, and etc.
  3. I would like to be able to analyze all the inventory information by individual products and categorize them into groups
  4. I would like to able to analyze the ordering patterns by client

I'm fairly certain Quickbooks online can't handle my inventory requests.  Is there a version that is better suited for my needs?

 

Thanks,

Best answer by IamjuViel

I thank you for the complete details you've shared, @SSD - MI.

 

Currently, QuickBooks Online has a built-in inventory feature that enables you to handle basic logistical requirements. Here are the things that you can do:

  • Track inventory items and quantities
  • Make automatic updates to inventory quantities
  • Sort items by their taxable and nontaxable status
  • Generate purchase orders and send them out to vendors
  • Track each of your location’s total number of sales and level of profitability
  • Set up stock alerts to let you know the appropriate time to order more items to replenish your stock

Should you wish for a more robust inventory functionality, you can visit our QuickBooks App center. It has an array of supported third-party applications that you can integrate with your QuickBooks Online account. Here' how:

  1. Sign in to your QuickBooks Online account.
  2. Go to the App menu.
  3. Enter the keyword "Inventory Management" on the Search box.
  4. Click the Magnifying Glass.

On the other hand, you can opt for the QuickBooks Enterprise version. It enables you to track inventory using the subscription-based feature called Advanced Inventory and Advanced Pricing. Also, the system automatically changes the prices of items on sales forms according to rules you create. Here are the other things that you can do:

  • FIFO costing.
  • Multiple location inventory.
  • Bar code scanning.
  • Bin or lot tracking.
  • Serial or lot numbers.
  • Offer quantity discounts
  • Sales order fulfillment process (Site Operations).

Feel free to visit us here again if you have other questions about using the inventory management in QuickBooks. I'm always here to help.

1 reply

IamjuViel
IamjuVielAnswer
October 5, 2020

I thank you for the complete details you've shared, @SSD - MI.

 

Currently, QuickBooks Online has a built-in inventory feature that enables you to handle basic logistical requirements. Here are the things that you can do:

  • Track inventory items and quantities
  • Make automatic updates to inventory quantities
  • Sort items by their taxable and nontaxable status
  • Generate purchase orders and send them out to vendors
  • Track each of your location’s total number of sales and level of profitability
  • Set up stock alerts to let you know the appropriate time to order more items to replenish your stock

Should you wish for a more robust inventory functionality, you can visit our QuickBooks App center. It has an array of supported third-party applications that you can integrate with your QuickBooks Online account. Here' how:

  1. Sign in to your QuickBooks Online account.
  2. Go to the App menu.
  3. Enter the keyword "Inventory Management" on the Search box.
  4. Click the Magnifying Glass.

On the other hand, you can opt for the QuickBooks Enterprise version. It enables you to track inventory using the subscription-based feature called Advanced Inventory and Advanced Pricing. Also, the system automatically changes the prices of items on sales forms according to rules you create. Here are the other things that you can do:

  • FIFO costing.
  • Multiple location inventory.
  • Bar code scanning.
  • Bin or lot tracking.
  • Serial or lot numbers.
  • Offer quantity discounts
  • Sales order fulfillment process (Site Operations).

Feel free to visit us here again if you have other questions about using the inventory management in QuickBooks. I'm always here to help.

    S
    SSD - MIAuthor
    October 6, 2020

    Thank you for your response.  How difficult is it to switch over to enterprise from online?

     

    Is there a way to demo all the features of advanced inventory without completely committing to it?

    MariaSoledadG
    MariaSoledadG
    October 6, 2020

    Let me provide you information about QuickBooks inventory, SSD - MI.

     

    In QuickBooks Online, management of inventory is done in a simple way. Whereas, Advanced Inventory in QuickBooks Enterprise provides a lot of features that make it easier to count, track, and report on the commodities that make up your business.

     

    You'll want to check out video tutorials from YouTube to view an actual demonstration of the feature. Once done, take a test drive to know more information about its' functions.

     

    You can also check this article on how to create, access, and modify memorized reports in QuickBooks Desktop for future reference.

     

    Drop a comment below if there's anything else you need. I'll be here to help.

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