QuickBooks enables users to easily maintain their inventory. Users also can manage to manufacture by using the tools provided for inventory management. Further, these tools can enable Electronic Data Interchange (EDI in short) throughout your organization. In lieu of this, Intuit has also updated QuickBooks with smart search, a tool that analyzes user preferences and searches patterns to increase proficiency.
Manufacturers and retailers often rely on expensive software’s that do not deliver according to their expectations. QuickBooks, on the other hand, can take care of both, accounting and inventory management. It’s like shooting two ducks with one bullet. Further, users can purchase inventory directly through QuickBooks. Through QB, you can create a list of items and send them to the vendor. Upon receiving these items you can initiate the payment directly from QuickBooks. Further, these bills are saved and can be used for creating reports.
Note: Users would require an active subscription of QuickBooks POS for entering physical inventory in QB.
To enter physical inventory in QuickBooks, follow the steps given below:
QuickBooks saves data automatically while users are entering the items along with counts. This is done to ensure that data is saved even if QB crashes. You can pause the task or even close QuickBooks and edit the physical inventory after a while. QB POS informs users about similar transactions or double entry of items. Clear Counts and Restart can be used for clearing the item count record. Users can initiate counting as soon as QB refreshes.
Users can enter counts manually by selecting this option. It is considered the most efficient way of manually entering items and counts in QuickBooks POS. Follow the steps given below to Add Counts By Hand:
Though this method isn’t as fast as entering Physical inventory through the bar code scanner, still it is the fastest alternative available to QB POS users. Users who have selected the ‘Add Item’ method can also change counts while entering data. The delete option is provided alongside each individual item.
By choosing this option, users can create the whole inventory list by manually entering both the counts and items. This isn’t a viable option for recording a large amount of data. To edit counts directly, follow the steps given below:
Once the data is entered, click on preview and check for discrepancies. Manually entering data augments the chances of encountering inaccuracies.
You can easily interlink QB Desktop with QB POS. Data is automatically synced between the two. For linking both these software’s together, users need an active subscription of both. Once the software’s are connected, data is synced in real time. Connectivity issues do not have any impact on the functionality of either software until they have been hosted on servers. In addition to this, you can use the data synced to QB Desktop for creating multiple reports and analyzing physical inventory.
An electronic data interchange can be created across the whole organization. For doing so, multiple users across departments can be given access for viewing Physical Inventory list and count. This will remove the requirement of purchasing a separate software for managing inventory.
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Users can follow the above-given guidelines to easily enter physical inventory. If you face any kind of issue implementing the same by yourself then get in touch with Quickbooks experts in Canada at ✆ +1800-940-7442 .
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