Over the last few years, Intuit has made a concerted effort to beef up their inventory functionality in Platinum Enterprise and this year is no exception. Check out the new features!
Cycle Counts – (counting inventory in smaller “batches” instead of in entirety). Cycle Counts make tracking inventory status much more manageable. If you’ve never tried it, I encourage you to check this out! While this isn’t new to 2020, it “sneaked” in during the year in 2019, so many of you may have missed it. From the menu: Inventory>Cycle Count. Cycle counts can be done via mobile devices if you want. Just send the selected Items to the mobile devices in the warehouse or wherever you store your inventory.
Alternate Vendors: I know this one is long overdue. Many of you can buy a product from more than one vendor. In the past there were a variety of work arounds. Now you can look at an item and see who else you can purchase from if you want to order from someone other than your preferred vendor or compare pricing.
In the Vendor section you’ll now see a tab for Items. You can list the item(s) that you can purchase from the particular vendor and QB will also keep up with the pricing history.
When you’re working on a Purchase Order, you can look up the Vendor’s pricing (see above). You can also look up alternate vendor pricing as shown below
From there, you can see the list of vendors and their pricing as shown below.
Landed Cost – If any of you have to factor freight, duty, import fees or other miscellaneous costs involved with buying inventory, you have had to devise workarounds in QuickBooks (or Excel). Now you can track Landed Costs through the Advanced Inventory feature available in the Platinum version of Enterprise.
- Create an Other Current Asset account for Landed Costs (or however you refer to them)
- Create an Other Charge Item from QuickBooks to select the freight, etc. and assign it to your landed cost other current asset account
- When entering bills, use other charge item for the additional “landed” costs
You’ll see the product cost increase accordingly and then you can adjust sales price as needed.
When you sell the item, you’ll see both the landed cost asset and inventory asset accounts reduced accordingly.
Express Pick Pack –Enterprise keeps beefing up the remote activities for getting inventory sent to customers (i.e. picking, packing and shipping). In 2019, you could do both PO and SO’s wirelessly but each part of the process involved a different worker; not always efficient. Now you can have one person do both the picking and packing, streamlining your workflow. Starting from the Sales Order Fulfilment worksheet, you can select to have one or more items express pick/packed. You can either have these items sent to a mobile device or printed.
Notice there is a new, separate tab for the Express pick-pack so the picker can see all the items/orders in one place and update from that page.
Once done, the worker can update the sales order from the Express pick-pack tab (as shown above).
I would love to hear from those who try out these new features what would think of them!