QuickBooks software is one software that has not only made the process of completing financial nature tasks within allotted time period swifter but also helps to keep track of other activities of the business like keeping a check on inventory and processing payroll. The software accords users with features and tools through which stock management and manufacturing of products is possible without any hassle. EDI, as in Electronic Data Interchange has become even easier due to professional tools outfitted within QuickBooks. In fact, the parent company Intuit has made QuickBooks even more sharp by allocating a smart search tool within the software whose basic purpose is to provide better efficiency to the user by processing their search history and preferences.
There are times when manufacturing and retail industry opt to employ expensive software thinking they will receive the best services and their expectation will be met fruitfully. However, not every time that is possible. This is where QuickBooks is notch above other software as it provides software based on the industry and thus all the basic needs of that industry is met with prompt response. The software is adept in handling tasks of both financial and stock nature. Moreover, users can buy the stock needed through different methods of offered by QuickBooks. A list can be created consisting of the required items and pass them on to the vendor already added within the software. The payment of the products received can also be made through the software as well, while the bills get saved for future reference.
The users should ensure that they have an active QuickBooks Point of Sale Software subscription already available with them before trying to enter in the physical inventory under QuickBooks.
Record Physical Inventory in QuickBooks –
To record details regarding physical inventory, user needs to follow the steps illustrated below:
- Open the software and locate inventory option.
- Select the tab to open the menu of Inventory.
- Under the new menu locate and click on Physical Inventory.
- Next step is to scan all the inventory items for which the best possible system is the barcode scanner allocated with QuickBooks Point of Sale software. This helps to register and record stock items directly within the software including the quantity details. Bar Codes store all information regarding particular items. Each item has a unique barcode which QuickBooks POS identifies in order to input all data automatically. The scanner need not be bought with QuickBooks Point of Sale software, as it can be separately bought from the manufacturers Intuit itself. Furthermore, manual process of entering physical inventory details is also possible; however, the process will be a lengthy one with higher scope of errors happening.
- Users wishing to manually type in all the required data can do so by locating and then clicking on tab called ‘Add Counts by Hand’ or ‘ Entering Counts Directly’. Now users need to upload the data collected from the bar code scanner to the POS system. For doing so, users can follow the steps detailed below:
- Through an USB cable integrate Scanner with the Point of Sale software
- Turn the scanner switch on
- Start Point of Sale Software and locate the inventory menu followed by Physical Inventory option.
- From the options under scanner, select the tab labeled Add Counts and follow the instructions detailed on the window to complete the process.
- In case the user requires clearing up the memory data stored within the software once the details have been uploaded to the system, they can do so. In fact it is mostly recommended if the ser wishes to avoid the problem double entry as once the scanner will be used again it will store the previous data as well.
- Once the data has been entered manually or otherwise, it is advisable to perform the function of analyzing the stored data and viewing the summary as well. Count of the item should also be checked in order to avoid any discrepancies.
- Once the data is assured of being correctly entered, close the process by selecting Save and Close tabs.
QuickBooks saves data automatically while users are entering the items along with counts. This is done to ensure that data is saved even if QuickBooks crashes. You can pause the task or even close QuickBooks and edit the physical inventory after a while. QuickBooks Point of Sale 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 QuickBooks refreshes.
Add Counts by Hand
Users can also enter counts manually by clicking on Add Counts by Hand option. It is considered the most effective method of manually entering counts and items in QuickBooks Point of Sale software. Follow the steps written below to Add Counts By Hand:
- Open the software and locate the menu of Inventory
- Under the new menu click on Physical inventory tab.
- Next select the option of Add Counts by Hand
- Now the user will be shown two tabs. As per the requirement select the appropriate option and proceed to next step. The two tabs and their output are illustrated below:
- Go to Quantity Field: This option circles through the item selected and performs count function whenever the user presses on enter button. The process is quite easy, all user has to do is enter in item details along with counts after hitting on Enter tab and then again press enter to repeat the process.
- Add item: Under this user can analyze and enter in name of the items already added. Name and number are fields are the only one that needs to be added in this category. Multiple entry of each item is made after which the rest of the process is completed by QuickBooks.
- Start entering the items and let QuickBooks do rest of the work.
- Click on Save and followed by Exit tab.
Though this method isn’t as fast as entering Physical inventory through the bar code scanner, still it is the fastest alternative available to QuickBooks Point of Sale users. Users who have selected the ‘Add Item’ method can also make changes and edition in counts while typing in data. The delete option is provided alongside each individual item.
Edit Counts Directly
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:
- Open Inventory Menu, a drop down list will now open. From here, select the option that says physical inventory.
- Enter Inventory items and counts and then use the following functionalities to group and organize items:
a) Filtering: QuickBooks Point of Sale system allows flexibility for users to add item names and counts in multiple fields. These fields are then united with the filtering option. The software automatically organizes data according to the selected filters. There are multiple filters provided for making search easier. Furthermore, users can also perform filter function on the basis of the count of items. Custom filters can be created with QB POS by following the steps given below:
- Locate and Click on Create a Custom Filter tab.
- Select the values that you want to use. You can also enter custom attributes as filtering options.
- Click on Apply and Save. Use these custom filters while organizing or grouping items in QuickBooks Point of Sale.
b) Sorting: Sorting options can be used for arranging items on the basis of filters. Users can click on arrows provided beside column fields to sort data. You can also edit the filter applied while sorting data. Data can be easily sorted on the basis of count or date added. Further, users can also display entire data by sorting it according to name, type or any other identifier. Users would be required to select particular columns before scrolling and viewing the data. Data can only be viewed for a single column at a time.
- Click on Save and Close.
Once the data is entered, select the preview tab to check up for any mistakes. Manual entering of data can increase the scope of inaccuracies and unwanted imbalance.
User can swiftly integrate QuickBooks Desktop with QuickBooks Point of Sale software. Data is automatically synchronized between the software. 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 separate software for managing inventory.
The above listed steps ensure that the user can easily enter, add and edit the Physical Inventory details within the system without any loss of time or hindrance. Incase user still has issues; it is advisable to approach the ever professional knowledgeable QuickBooks expert team set up by Intuit. Moreover, if there is any issue in connecting with the team of QuickBooks for the same user can connect with us at our toll free number +18554815335 and live chat option on our website – QuickBooksNumber.Support.