Using QuickBooks enterprise means it comes with a bunch of features and functionalities, and one of its feature is advanced inventory in QuickBooks enterprise. One of its standout features is Advanced Inventory management system, available in the Platinum and Diamond subscriptions. This feature empowers businesses to manage inventory across multiple locations, utilize barcode scanning, track serial or lot numbers, and implement FIFO costing. Activating Advanced Inventory can significantly enhance inventory management efficiency. Let us understand QuickBooks advanced inventory in QuickBooks enterprise, and find out how to use it. 

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What Is Advanced Inventory in QuickBooks Enterprise?

Advanced Inventory is a built-in feature in QuickBooks Enterprise (available in the Platinum and Diamond plans) that gives you more control over how you track and manage your inventory. It lets you monitor items across multiple locations, scan barcodes for faster data entry, and track items by serial or lot numbers. You can also use tools like FIFO costing and bin location tracking to organize and value your inventory more accurately. This feature is designed for businesses that need more than basic inventory tools and want a smarter, faster way to stay on top of their stock.

Prerequisites for Enabling Advanced Inventory

Before activating Advanced Inventory, ensure the following:

• Subscription Level: You must have an active QuickBooks Desktop Enterprise Platinum or Diamond subscription.

• License Synchronization: If you’ve recently upgraded your subscription, it’s essential to sync your license data to activate Advanced Inventory features.

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Significance of Advanced Inventory Feature in QuickBooks Enterprise 

Here are the perks of using this feature in Enterprise version of QuickBooks:

• Use barcode scanning to pull up item details instantly

• Flexibly monitor and trace items using lot numbers or serial numbers

• Keep track of inventory stored across various locations

• Monitor and follow the movement and details of your inventory

• Identify and manage inventory using bin location tracking

• Easily follow items using serial or lot number identification

• Manage stock levels at multiple inventory locations

• Apply FIFO costing method for accurate inventory valuation

• Operate all inventory functions directly within QuickBooks Enterprise

• Move inventory between different locations seamlessly

• Pick inventory in real time for faster fulfillment

• Generate inventory reports tailored to your specific needs

• Scan inventory items using mobile barcode devices on the go

Step-by-Step Guide to Activate Advanced Inventory

• Launch QuickBooks Desktop Enterprise: Open your QuickBooks application.

• Access Preferences:

  • Further, you need to navigate to the Edit menu.

  • And also, select Preferences tab

• Enable Inventory Features:

  • In the Preferences window, click on Items & Inventory in the left pane.

  • Furthermore, head to the Company Preferences tab.

  • Check the box labeled Inventory and Purchase Orders are Active.

• Activate Advanced Inventory Settings:

  • Here, click on the Advanced Inventory Settings button.

  • If this button is grays out, proceed further to the next step.

• Sync License Data:

  • Go to the Help menu.

  • Once done with that, choose Manage My License.

  • Also, click on Sync License Data Online.

  • Once synchronization is complete, revisit the Advanced Inventory Settings to ensure it’s now accessible.

• Finalize Activation:

  • In the Advanced Inventory Settings, configure the features as per your business requirements.

  • Moreover, click OK to save the settings.

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Conclusion! 

Using the advanced inventory feature can make your inventory tracking process extremely quick and easy. In case you have some queries, then connecting with the right professionals at +1-888-545-4572. Our technical QuickBooks professionals will ensure that your queries related to advanced inventory are immediately answered.