The hard work falls to the inventory planners that rely on QuickBooks to support operational efficiency and optimization. Overcome inventory management gaps in QuickBooksĪt the highest level, QuickBooks has the ability to give snapshot reports of purchasing transactions, sales activity and on-hand inventory data, which is gold to the accounting team. Sales by product/service summary: The system summarizes sales for each item on the Product/Service List and includes quantity, amount, % of sales, and average price.Inventory valuation detail: The system lists the transactions that each inventory item is linked to and shows how the transactions affected quantity on hand, value, and cost.Sales by product/service detail: QuickBooks lists sales for each item, including the transaction date, transaction type, quantity, rate, amount, and total.Purchase details by product & service: Purchases managed in QuickBooks are bundled together in the system by their product groupings.Inventory valuation summary: QuickBooks offers a basic summary of key information, such as quantity on hand, inventory value, and average cost, for each inventory item. Here is a more in-depth look at the standard features that come with the QuickBooks inventory management suite: QuickBooks inventory management at a glance: These reports, which we’ll review in more detail next, primarily help users understand how much inventory they have on hand, how much are they paying to acquire each inventory item and what is the profit and loss analysis after inventory has been sold and distributed to the end user.įor wholesale and distribution companies that manage their accounting and inventory management on QuickBooks there are critical gaps in inventory management capabilities that lead to inefficiencies in supply chain management. QuickBooks comes standard with a handful of out-of-the-box inventory management reports to help operations and finance managers keep track of their inventory. For businesses that carry large assortments of products or inventory items, QuickBooks can leave inventory planners and financial planners longing for additional system capabilities and data intelligence. Small businesses that do not have the capacity to invest into large and expensive enterprise resource planning (ERP) tools can turn to QuickBooks to keep track of their money coming and going from their business. QuickBooks software, developed by Intuit, is one of the most popular accounting and business management tools on the market today.
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