Tips for Using Advanced Inventory in QuickBooks

inventory management quickbooks

If you run a business that stores inventory in multiple locations, you need a way to know which products you have in stock and where they’re located. Advanced Inventory in QuickBooks can help.

How Advanced Inventory Can Help Your Business

With Advanced Inventory, you’ll be able to easily find out how many of a particular product you have at each of your locations. That information can help you decide how many new products to order and where to have them delivered.

You will also be able to figure out which locations tend to sell more of a particular product. Based on that data, you’ll be able to decide how much of a product to order for each site so you will have enough in stock at all locations.

Advanced Inventory can compile data on items you have in stock across all your company’s locations. When customers want to place orders online, QuickBooks will be able to check your entire inventory to make sure that the items customers want are in stock and identify the sites that have them.

Learning how to use Advanced Inventory is relatively simple. Employees can be trained quickly, and they can be given access only to data that they need for their specific roles.

How to Use Advanced Inventory in QuickBooks

When setting up Advanced Inventory, start in Single-User mode. Make sure that the “Inventory and purchase orders are active” and “Multiple Inventory Sites is enabled” boxes are checked. Check boxes to receive warnings about duplicate inventory transfer numbers or transactions that could lead to negative inventory.

If you will use bin locations at your inventory sites, select the “Track Bin Locations within Inventory Sites” button. QuickBooks will move items to Unassigned until you create bins and use the Transfer Inventory form to move them to the appropriate bins.

Switch to Multi-User mode. Go to Lists, then Inventory Site List to set up your warehouse locations. If your company stores parts in trucks, you can set up the trucks as inventory sites so you will be able to keep track of the locations of all inventory. Click on the Inventory Site Info button and enter the quantity on hand for each location.

Get Help with Advanced Inventory in QuickBooks

If you need help setting up QuickBooks or figuring out the best way to use Advanced Inventory for your business, contact DOAAR. We’re an accounting and financial services firm that provides customizable assistance with bookkeeping for small businesses.

We can guide you through the process of setting up Advanced Inventory in QuickBooks. Our team can also help you with payroll, accounting, tax filing, and a wide range of other essential services. Contact us today to learn more.