QuickBooks Enterprise has added additional capabilities over the last few years, especially in the fields of contracting and inventory management. Some of these added features have come as add-on software with an additional price tag.
Advanced Inventory is a subscription based service that integrates with QuickBooks Enterprise Solutions.
As of this writing, the cost is $999 per year. That is in addition to the cost of QuickBooks Enterprise.
There is another cost component that should be considered when deciding if this add-on is right for you. In order to keep the features in Advanced Inventory, not only must you pay the subscription price of $999 per year, you must also pay the fee each year for what Intuit calls the Full Service Plan.
The Full Service Plan offers other benefits, like tech support and the latest version of Enterprise each year. If cost is an issue though, many Enterprise users will only upgrade to the latest version once every three years.
With Advanced Inventory, that is no longer an option. The cost of the Full Service Plan varies based on the number of licenses you have purchased for Enterprise. For instance, the five seat license would renew at $2,250 each year. The ten seat license at $3,500.
There are several features that come with Advanced Inventory and these are likely to be added to over the next few years. One is site tracking.
It becomes possible to not only track quantities of inventory on hand, but how many are at various locations within the company. The designation of location extends down one level so that, not only can you track quantities in multiple warehouses or stores, but by bin, aisle, or shelf within those locations.
Another feature in the Advanced Inventory subscription is the ability to track by either lot number or serial number. Only one of those options can be selected.
FIFO inventory costing can be selected with Advanced Inventory. Without the added subscription, all versions of QuickBooks track inventory on an average cost basis only.
The capability to add bar-code scanning is the latest enhancement to the Advanced Inventory arsenal.
Hector Garcia, CPA
Certified Advanced QuickBooks ProAdvisor
12401 Orange Drive #136
Davie, FL 33330