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The Advanced Inventory Module from Intuit offers the Subscriber of the QuickBooks Enterprise PLATINUM Edition several new features. Please be mindful that the Enterprise Silver and Gold Edition of the product DO NOT include these features.
Multiple Warehouse and BIN Tracking Options: In the Advanced Inventory module you can now define multiple warehouse locations as well as turn on the ability to track BIN Numbers for product. However, the AI module does not add automated BIN management features to the solution and all IV transactions have to specify a BIN manually. The Item Warehouse and BIN location information is added to all Quickbooks window which touch the IV module such as Sales Order, Sales Invoices, Purchase orders and inventory adjustments. Also, the Inventory reporting will add the relevant information to the Inventory Valuation reports.
FIFO (First-in-First-Out) Inventory Valuation support: All QuickBooks products, including PRO, Premier and Enterprise Gold and Silver Edition use the average costing method. However, with the Advanced Inventory Module, you can also activate the FIFO inventory valuation method. This is the preferred inventory valuation method for most distribution and wholesale organizations. Please note that changing your inventory valuation method is something you should discuss with your CPA and may have an impact on your federal and local state tax returns.
LOT Number and Serial Number support: The AI module also will give you the option to turn ON Lot or Serial number tracking for your inventory items. It is important to point out that you have to chose one method or the other for your entire system and may not have some items on Serial Number tracking while others are on LOT Number tracking. However, you do have the ability to turn this feature on or off for individuals items. Also, even if a item does have Lot Numbers activated, it is possible to bypass a few warning messages and record a transaction without a Lot Number.
Barcode Capabilities: This is a new feature in the AI module which is mis-understood by many users of the system. The AI module will add a NEW field to your item master window in QuickBooks called Barcode which will allow you to record a UPC Barcode or other code you wish to use. Also, what the module provides is the ability to use a Barcode during data entry to scan a label and have the system translate the barcode into the item number automatically. This will require the installation of a USB Barcode reader to your workstation. Also, when you print some reports, the system will print the barcode on reports as a real barcode and not as a number. QuickBooks supports ANDROID devices as well as MC40 Bar Code readers. The WMS functionality is limited to support of Sales Order Fulfillment and Purchase Order receiving functions. To use these functions in the Warehouse, you still require a Windows workstation running QuickBooks Enterprise int he Warehouse to which you can connect a scanner.
Even though these features are added, please be mindful that IF you are integrating your QuickBooks Enterprise solution with a third-party system for eCommerce, EDI and shipping systems, not all these features might be supported by the integration.
Please feel free to reach out to our Consulting Team to clarify any issues you might encounter or to assist you with this process. Tel. (714) 901-5740
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