How to Do Inventory Tracking in QuickBooks Pro?
Sometimes you may struggle hard to find the desired mechanism for keeping an eye over day-to-day inventory. Due to lack of proper inventory tracking management system, it may become really difficult for you to evaluate financial data related to inventory coming into the business and inventory going out from the business as well.
An inefficient system for inventory management makes the entire system similar to a guessing game, where finding accurate data in real-time becomes a difficult task. There are, however, several solutions that you can easily implement for bringing the entire inventory management system on the track and have all the related data at your fingertips.
Intuit offers Inventory Tracking features for inventory tracking and management with QuickBooks Pro, Premier and Enterprise. You can easily avail the benefits of this feature by getting any versions of QuickBooks. However, to customize the inventory management feature as per your industry need, you also need to get few specific QuickBooks apps.
Advantages of Tracking Inventory with QuickBooks Pro
- It enables you to maintain accurate and updated records of inventory quantities, resale revenue, and cost
- Now easily create purchase orders when inventory reaches to certain reorder point
- Get timely reminders for every order or reorder
To make your life easier and empower you with the right mechanism for inventory tracking and management, in this blog post, we will discuss different ways using which you can enrich your QuickBooks experience. We will also look at few cool QuickBooks apps that you can integrate with QuickBooks Pro for getting the desired results. Let’s begin.
(Screenshot of Inventory Tracking Feature in QuickBooks Pro)
Update Vendor Information
It is easy to update vendor information or add a new vendor on QuickBooks Company File. Select “New Vendor” from the “Vendor” tab from the main menu of QuickBooks Pro. In the “New Vendor”, add information about new vendors, such as contact information, account number, address info and credit line information. You can also update information about existing vendors as well.
Turn On Inventory Tracking
In case, earlier if you were not using the Inventory Tracking feature on QuickBooks Pro and you want to use it now, then you need to Turn On or enable this feature. Because it is not in the default setting. To Turn On this feature, select “Preferences” menu from the “Edit” tab of the main menu of QuickBooks Desktop Pro, and then chose “Items & Inventory”.
Create Inventory Items
It is always good to create records for each item you enter into the inventory and link it to the suitable income account. To do this, choose “Lists” from the main menu, and then select “Item List” and select the “Item-New” tab. You can now easily enter information about the new inventories that you want to and maintain records for getting accurate financial data.
Enter Inventory Items
Now, this is the final step following which you can start tracking inventory. You need to just select “Receive Items” from the “Vendor Center” menu of the main task bar of QuickBooks Pro, and then enter different inventory items that you have been already paid for and for the inventory items for which payment is still awaited.
QuickBooks Apps for Inventory Tracking
There are several QuickBooks Pro Apps that you can use for getting the customized Inventory Tracking experience. These apps let you manage inventory in the way you want and as per the industry standards. Few top rated apps that are feasibly integrable with QuickBooks Pro are:
- SmartScan Inventory Count
- Acctivate Inventory Management Software
- SmartScan Inventory Essentials
- ePMX Purchasing and Inventory Software
You can efficiently manage day-to-day business inventory by activating and efficiently using the Inventory Tracking feature of QuickBooks Pro. And, to multiply your experience you can also get QuickBooks Pro app.
It is also advisable to reach us to get the best QuickBooks Desktop Pro experience. We provide QuickBooks Pro Hosting on our lightning fast servers with an experienced team who always have your back. To know more about us, feel free to reach us anytime through our integrated chat/email/phone or social support channels.
- Julia is Techarex Network’s Content Marketing Associate for Intuit products. She has worked as a B2B and Marketing Strategist for the last seven years, helping businesses with software implementation for Customer Service, CRM, and Email Marketing. Julia thrives in helping companies find the right software solution for their projects. Aside from his obvious passion for Marketing, Julia admits to being a foodie and travel enthusiast.
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