Today’s topic is all about the new features found in Enterprise only. If you missed my discussion on the new features for what’s new in QuickBooks Pro and QuickBooks Premier, then here are the links.
Last year Intuit added Advanced Inventory, which in reality was multi-location, but still a great feature for many. This year, Intuit added several new features to Advanced Inventory. Advanced Inventory is an annual subscription (and you must have the Enterprise Full Service Plan activated at the same time), but for those of you using inventory, these have been on wish lists of many for quite some time and were reasons for work-arounds.
Improved Multi-User Functionality – Now you won’t have to kick users out and switch to single user mode for these tasks: Make Deposits, Set Closing Date, Resort Lists.
Auto Sales Price Markup – When an item comes in with a different cost, you can now set a preference on how to handle the situation (e.g. always update item cost, never update, always ask about updating).
Find & Select Items faster with this new feature. For those of you with long lists, this should speed up data entry!
Enhanced Inventory Receiving – You can finally keep item receipts and bills separate! This much needed feature lets you maintain reliable inventory counts even when a single order is delivered in multiple shipments, or bills and items are received separately. No more negative inventory or sudden pending builds or workarounds. This is a setting in the company inventory preferences. As much as I like this feature, be forewarned – it will change ALL PRIOR periods, is IRREVERSIBLE and may have issues with some third party products. You may decide to start a new file if you use this.
Serial/Lot number tracking – This has been on wish lists for a long time. Now you can track serial numbers OR lot numbers right inside QuickBooks Not just when you sell the product, but you can track from receiving and/or manufacturing through your sales process. Also notice that you can list multiple numbers on one line, which can save time. You will need the Advanced Inventory subscription turned on for this feature.
FIFO Valuation – Now you have the flexibility to work in FIFO costing in addition to average costing for tracking inventory and you can choose the start date, so you can start after a closed period. You can switch if you are just interested in looking at differences between the two methods. Again, this feature is available with the Advanced Inventory subscription.
So here’s a look at the new Inventory company preference page:
If you are interested in learning more about Enterprise, contact our office. We can give you a personalized demo, answer additional questions and give you the current pricing.