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All About Inventory In Quickbooks Enterprise And Premier
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The firms that work with inventory have some unique requirements. Tracking the sales and quantities of specific products for selling, adds a huge layer of complexity to the accounting software. Thankfully, QuickBooks software is designed to deal with it and how well it deals with it totally depends on the version of QuickBooks software you are using.
Today, we will compare some of the major differences that are commonly found when we manage inventory in the basic level of QuickBooks Enterprise as well as QuickBooks Premier. QuickBooks Enterprise comes in various versions and those versions affect the capabilities of inventory management of the product. So, for now, we will stick with the most basic version of the product.
First of all, let’s examine the inventory center.
The Inventory functions similarly to the other Centers. So, here is a look at its parts.
Item List- The left vertical pane will display a list of the individual inventory items and assemblies, along with their prices. You are able to filter this list to view the subset.
Transaction List - At the bottom of the screen, there will be a grid that displays all the transactions that are related to your items. You can highlight any item and show all of them, or you can just choose an individual type, such as invoices, bills and credit memos.
You are also able to filter by the date and status. The amount and open balance for each transaction will also appear here.
Toolbar - At the very top of the screen, there will be a vertical toolbar that contains the links to create new transactions and inventory items, to print a record and export an item data to Excel.
When you highlight any item or an assembly, so its record will appear in a large window which is to the right of the list. Like the vendor, customer, and the employee records, and these records store details that you need in managing your inventory and it includes items in the forms like invoices.
The best deal of information is included here:-
● Name, Part Number, Description, and the Preferred Vendor
● Cost, Average Cost (Calculated by QuickBooks) and the Sales Price
● Quantity on Hand, on the Sales Orders and the Purchase Orders (Calculated by QuickBooks)
● Reorder Point
● Reserved for Assemblies (Quantity)
● Quantity Available
The 'Inventory Information' screen contains some other tools. There are links to the related reports which is in the upper right corner and two small icons to the left of them that allows you to edit the record and to attach the documents.
Apart from all that, in QuickBooks Enterprise, you are able to see the cost and price information of the selected item. However, in the Enterprise solution, that information is editable from right there. In addition to that, the desired margin or markup can also be entered and QuickBooks will compute the new price on that screen.
So let's try that out, A particular inventory center in QuickBooks Enterprise shows the name, cost, and price information for the item that is selected in the list. For example Name- Virus Vac. A, Sales Price- 75, Cost- 37.50, and Margin- 50%.
So, let’s change the margin on this Virus Vac. An item to 40% instead of the current 50%.
You have to note that the price changed from $75 before at a 50% margin to $62.50 will now reflect the newly entered desired margin of 40%.
This capability promotes the rapid price changes that are based on a desired markup or margin and you can use either of them. The change is instantaneous and you can enter margin or markup, whichever you prefer. Alternatively, you can also enter the price directly and see the new active margin or markup.
Apart from the advantage of rapid price change, this feature also allows for experimentation with the prices while taking a little time to accomplish the comparisons. When one field is changed, then the others will update immediately.
Maybe you would like to charge 9.95 for an item, but you also want to know what will happen to the margin when you do. In QuickBooks Enterprise, inventory center works great for those types of ‘what if’ scenarios.
Another difference in the inventory center in QuickBooks Enterprise is that you are able to enter a picture. All you need to do is to drag the image to the designated area and you will have an illustration of your product in QuickBooks.
Inventory management in QuickBooks Enterprise is quite a complex element of your overall accounting. We hope using this article you will get acquainted with its processes. You can also opt for QuickBooks enterprise hosting for a seamless, smooth, and hassle-free experience in your accounting related tasks of your business.
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