Question 1

What does QuickBooks online inventory management Software Do?

Accepted Answer

Quickbooks inventory management software organizes your inventory and makes it easy to find products and services. As stock comes in and out, it automatically updates your stock levels so that you can track inventory on hand, get alerts for reorder levels, and get insights on what you buy and sell. With Quickbooks stock management software, you can enter non-inventory products and services. That is, the items you buy and sell but cannot track as inventory. You can also create bundles by grouping multiple products and services together.

Question 2

Types of Inventory Available in QuickBooks?

Accepted Answer

Quickbooks stock management system allows you to add inventory items, non-inventory items, services, and bundles. Inventory items include products you sell and keep track of through inventory tracking. Non-inventory items are products you buy and sell but cannot keep track of for they cannot be sold directly. Services include the intangible items that you provide to your customers in a given transaction. Finally, bundles are the group of items that you sell together as a single product.

Question 3

How do I get detailed reporting on my inventory?

Accepted Answer

Quickbooks stock inventory software allows you to generate reports to track sales and inventory status. The “Sales and Customers” group of reports help you to know the best selling products and sales by products and services. Likewise, “Inventory Valuation Reports” give an account of inventory on hand, its value, the average cost per item, and transactions for each inventory item. Finally, the “Expenses and Suppliers” group of reports indicate what’s still on order.

Question 4

Can QuickBooks Track Inventory in Multiple Locations?

Accepted Answer

Quickbooks online stock inventory management you would have to dedicate a separate QBO subscription per location to track inventory for multiple locations. QBO subscription for each location would have to order and sell its inventory and cannot move inventory from one location to the other. You can also track the inventory of multiple godowns in one QBO subscription and prepare a separate list of items from different locations.

Question 5

How do I Enter Inventory in QuickBooks?

Accepted Answer

You can add all the items you buy and sell as inventory in Quickbooks stock inventory software. Simply turn on the tracking feature to add inventory and non-inventory items. To add a product or service, enter the product name, SKU, and category. Once you add the product’s initial quantity on hand, add the re-order point to get alerts when it’s time to reorder.

Question 6

What are the methods of inventory management?

Accepted Answer

Various methods of inventory valuation applicable to both manufacturing and merchandising inventories. Methods of stock inventory management include specific identification method, average cost method, First In First Out (FIFO) method, and Last in First Out (LIFO) method. These methods help you to value inventory and hence divide the cost of goods available for sale between the cost of goods sold and ending inventory.

Question 7

What are the 3 major inventory management techniques?

Accepted Answer

The three major stock inventory management techniques include ABC analysis, Just-in-Time, and Economic Order Quantity (EOQ) method. ABC analysis ranks products according to the value of such items. JIT coordinates production schedules with raw material orders to ensure that the raw material required to manufacture finished goods is delivered in time to the manufacturing unit. Finally, EOQ determines the optimal inventory level where both the inventory carrying costs and order costs are minimum.

Question 8

What are the functions of inventory management?

Accepted Answer

Stock inventory management is important to maintain the uninterrupted flow of raw materials and finished goods. Further, inventory control helps in getting rid of excessive or inadequate inventory, keeping a check on raw material cost, reducing losses due to wastage, and ensuring that your business holds optimal inventory as required by the production process. Inventory control also helps in avoiding double ordering of the same raw material and carrying out production activities seamlessly.

Question 9

What is inventory and an example?

Accepted Answer

Inventories are assets either held for sale in the ordinary course of business, still in the process of production, or are to be used currently in the production of goods or services that are eventually sold. Raw material, work-in-progress, and finished goods are the three categories or types of inventory. For example, a car manufacturing unit has aluminum and steel as raw material, half-assembled cars as work-in-progress, and completed cars as finished goods.

Question 10

What is the inventory formula?

Accepted Answer

The inventory formula indicates the change in inventory level at the end of the accounting period. The inventory formula refers to calculating the ending inventory for a given period. Thus, ending inventory equals opening stock plus purchases less the cost of goods sold. The cost of goods sold is nothing but the cost to produce goods and services that are yet to be sold.

Question 11

What is a stock inventory management software?

Accepted Answer

Stock inventory management software is software designed to manage and track inventory items at various stages of the supply chain. Such software helps in categorizing inventory items, tracking sales and purchase orders, managing stock levels, scanning barcode, and making purchases automatically at reordering points. Also, the stock inventory software prevents your business from keeping excessive or inadequate stock and thus avoiding stocks outs or wastage.

Question 12

What is real-time stock management?

Accepted Answer

Real-time inventory management is the process of using tools like bar code scanners and inventory management software to record purchases, sales, inventory, and movement of inventory in an online inventory system. Such a process updates your inventory data in real-time, sets automatic reorder points, avoids double data entry, and ensures data accuracy. Tools like barcode scanners avoid the errors committed while entering the data manually. In short, a real-time inventory management system optimizes your supply chain and brings efficiency to your business.

Question 13

What is the difference between stock and inventory?

Accepted Answer

Stock refers to the finished items that you sell to your customers or raw materials in case your business sells such items as final products. Inventory includes all those items that are used in manufacturing products to be sold by your business to its customers. Accordingly, inventory may include raw material, work-in-progress, or finished products. Stock determines the amount of revenue your business generates. Whereas inventory determines the sale price for your stock.

Question 14

How do I do stock control?

Accepted Answer

There are three steps that you must follow to do stock control. First, determine the optimum inventory levels. Second, determine the amount of control required to achieve the very purpose of inventory management. Finally, design an inventory control system for your business as it lays out the structure and policies to maintain and control inventory. Various inventory management techniques include ABC analysis, EOQ, JIT, material requirement planning technique, safety stock, and BED analysis.

Question 15

What is the purpose of stock management software?

Accepted Answer

The primary purpose of an inventory management system is to maintain stock at optimum levels. This is done to ensure a continuous supply of materials to the manufacturing process to meet customer demand on time. Also, stock management software optimizes inventory cost, eliminates stock duplication, minimizes wastage, maintains a systematic inventory record, and avoids overstocking and understocking of inventory.

Question 16

What is a perpetual inventory management system?

Accepted Answer

A perpetual inventory system is an inventory management program that keeps continual track of your inventory balance based on electronic records. A perpetual inventory system starts with the baseline from a physical inventory count recorded on the electronic system and automatically updates when you sell or receive inventory.

Question 17

What is the difference between a perpetual and periodic inventory system?

Accepted Answer

A perpetual inventory system like QuickBooks inventory management software keeps track of your inventory balance continuously and automatically updates your inventory when you sell or receive new inventory. A periodic inventory system requires a manual stock count at regular intervals -  say, every 3-6 months - to verify stock accuracy and determine if stock levels match sales figures.

Question 18

What are the advantages of a perpetual inventory system?

Accepted Answer

What are the advantages of a perpetual inventory system?

A perpetual inventory system is the most reliable method of inventory control because it automatically updates inventory balances as stock comes in and out, saving time and costs needed for annual stock take done manually. It provides real-time insight into how much inventory you have on hand, allowing you to better prepare to have the inventory you need on hand to meet demand and keep your customers happy. Discover more ways to save time with a perpetual inventory system.

Choose your...

ONLINE INVENTORY MANAGEMENT SOFTWARE IN UAE

Stay stocked for success

Our inventory management system helps you effectively manage your stock, so you always know what you have and what you need before you even need it.

Stay stocked for success

Know what you’ve got and what you need to order

Track Stock Quantities on Hand

Track stock value in real time

Order Management

Low stock alerts

Inventory management software that keeps your inventory in order

Inventory Management Software to Stay in Sync

Work smarter not harder

Automate more of your business

Bring your lists with you

Save costs

Stimulate business growth

Set more accurate delivery dates

See what sells and what’s worth selling

Get inventory insights

See real-time inventory valuation

Track inventory by item or date

Track 4 types of items

Inventory items

Non-inventory items

Services

Bundles

Choose a plan to suit your business

Frequently Asked Questions