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QuickBooks software 2012 – Advanced Inventory Improvements

Your first question might be “what is advanced inventory?”  Last year, Intuit introduced a new part of the Enterprise version to assist with multiple location inventory tracking.  This piece is called “Advanced Inventory” and it is an extra $700.00 per year.  With this new feature, companies are able to track their inventory quantities across multiple warehouses and also transfer materials back and forth.

In the 2012 version, you are now able to do more than just track multiple warehouses. Now you can also track FIFO Inventory.  QuickBooks was always known for only doing
Average Costing on inventory.  I have faced a number of prospects that did not like this.  If they wanted FIFO, they would have to use an add-on to track inventory. To turn on FIFO tracking in QuickBooks Enterprise, first make sure you have the Advanced Inventory subscription.  Then you can go into your Items & Inventory Company preferences and select Advanced Inventory Settings.

The other new feature within Advanced Inventory is the option to track Lot or Serial numbers.  Please note that I say “OR” not “AND”.  This is a choice you have to make. You can only track one of the two options.  Once you turn on this feature, when you enter in transactions such as Bills, invoices, Sales orders, Quantity Adjustments, Etc., there will be a field asking for the Lot or Serial number.  There are definitely some limitations to this
such as you cannot have any spaces in the lot or serial number but this is
definitely a good start to a nice feature.

One thing to make sure of when using any of these features, is if you are using a 3rd party program that interfaces with QuickBooks inventory, make sure that program works with these new features.

This entry was posted in 2012 New Features, Current Tips and Tricks and tagged , , , , , , , , , . Bookmark the permalink.

3 Responses to QuickBooks software 2012 – Advanced Inventory Improvements

  1. Cherly says:

    When using the lot number in the advanced inventory with the 2012 QB Enterprise Solution even with 30 users two users cannot make invoices or sale receipts at the same time. I think, this is a big problem that Intuit needs to fix.

    • Ashley Wallace says:

      Hi Cherly,
      Thank you for your comment. Yes, unfortuantely, there are a few functions in QB that when even in multi users, 2 people can’t enter the same type of transaction at the same time. I agree that this can be problematic. Please, when you have a moment, go to your QB help menu and choose Suggest Feedback online. Please send this note to Intuit in hopes that they will make the change in the future. The more people that complain about the same issue, the better chance we have of them making a change.

      Thanks again for taking the time to read our blog and let us know if we can ever be of any assistance!

  2. zubaid says:

    using inventory in qb pos how will I manage advance inventory in qb enterprise solution ,need help

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