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QuickBooks Enterprise Lot Numbers or Serial Number Tracking

Lot Numbers Tracking QB

QuickBooks is an application that allows users to manage business accounting requirements. It eases tricky accounting calculations and management of transactions with customers and vendors. Inventory management can also be tracked via QuickBooks Desktop Enterprise. However, it requires certain information input to manage easily.
The article here provides a detailed description of managing inventory using lot numbers. So, let us get started!

To help you know the exact sales figures, actual revenue generated, and accurate record keeping, QuickBooks Enterprise issues lot numbers.

What is QuickBooks Desktop Enterprise Advanced Inventory?

Advanced Inventory is an option in the QuickBooks Desktop Enterprise software to manage inventory-related requirements. Users must select advanced settings to track the items in their inventories. It helps in maintaining daily inventory activities and staying mindful of the actions involved in day-to-day transactions and deliveries.

The items in the inventories become identifiable through serial or lot numbers. It depends on users whether they prefer tracking their items using serial numbers or lot numbers. Using both identification numbers is not possible in the system. Therefore, users must decide carefully which one to follow before the activation of the process.

How to select an appropriate tracking method for inventory management?

Inventory items can only be tracked either using serial numbers or lot numbers. These fields can be selected based on business requirements.

Users can select serial numbers if they:

  • Purchase and sell inventory items having unique serial numbers.
  • Keep track of specific customers who purchased specific serial numbers.
  • Wish to know the serial numbers present in the inventory.
  • Require reports with invoices for certain serial numbers to track down its history for warranties.

Users can select Lot number if they:

  • Purchase items in lots.
  • Keep track of the customers who purchased from a specific lot.
  • Require recalling a report to track all items from a specific lot, including information on items’ availability in the inventory and customers who purchased them.

Note: To avoid errors entering the serial numbers or the lot numbers to complete transactions is essential.

Turning on serial or Lot numbers to track inventory requires the same process.

QuickBooks Desktop Enterprise lets you track inventory with serial numbers, lot numbers, and expiration dates when you turn on Advanced Inventory.

How to turn on lot or serial numbers to track inventory items?

To turn on this setting, follow the below-mentioned steps.

  • Step 1. Go to Edit and select Preferences from the dropdown menu.
  • Step 2. Click on Items & Inventory and then press Company Preferences.
  • Step 3. You will find the Advanced Inventory Settings option, click on it and choose Serial/ Lot Number.
  • Step 4. Click on Activate Lot or Serial Numbers, and from the dropdown menu choose either serial number or lot number.
  • Step 5. Visit ‘Show serial or lot number in’ and select your preferred transaction types that would show lot or serial numbers.

Note: Serial or lor numbers are added by QuickBooks to most sales and purchase forms, which also include:

  • Bills
  • Item receipts
  • Transactions using credit cards
  • Checks
  • Invoices
  • Sales orders and pending invoices
  • Credit memos

Entering lot or serial numbers on sales receipts, invoices, item receipts, and inventory transfers while adjusting the quantity on hand is mandatory.

  • Step 6. For this, hover on the ‘For the selected transactions’ tab and choose the ‘Make serial or lot number mandatory’ option.
  • Step 7. Press OK.

Note: If users already have lots of items in the inventory with serial numbers, they are not required to enter them in QuickBooks. They require entering newly purchased items with serial as they get them. This way, the company file of the users will contain all inventory items’ serial numbers.

How to assign serial or lot numbers to existing inventory?

Having all the information about the lot and serial numbers with the current inventory is essential to assign them to an existing inventory. To assign lot or serial numbers to existing inventory users are required to use Adjust Quantity/Value on Hand. Consider the steps below to conclude the assigning of lot or serial numbers to existing inventory.

For serial numbers

  • Step 1. Navigate the cursor to the Inventory tab and click on Adjust Quantity/Value on Hand.
  • Step 2. From the dropdown menu of Adjustment Type, choose Serial Number.
  • Step 3. Select the Adjustment Date.
  • Step 4. Enter the item name in the item field, or press on the small arrow that appears and select from the item list.
  • Step 5. Click on Quick View for Serial Numbers in the Serial Number column.
  • Step 6. Input the serial numbers.
  • Step 7. Follow steps 3-6 to enter each item.
  • Step 8. Press Save & Close once finished.
  • Step 9. Check potential mistakes in entries, and run the Serial/Lot Numbers in the Inventory report tab.

Users can also paste serial numbers from a CSV (comma-separated values) or Excel.

From Excel

  • Step 1. Copy serial numbers from the Excel file which has them.
  • Step 2. Go to the Item field and enter the item name. Users can also click on the dropdown arrow to get the item list and select from it.
  • Step 3. Choose Add Serial Numbers.
  • Step 4. Click on the dropdown arrow and select Quick View for Serial Numbers. Then, right-click and choose Paste.
  • Step 5. Repeat the process for each item and click Save & Close after completion.

From CSV

  • Step 1. Copy the serial numbers from the .csv file containing the serial numbers.
  • Step 2. Go to the Item field and enter the item name. Like Excel files, users can also click on the dropdown arrow to get the item list and select from it.
  • Step 3. Choose Add Serial Numbers.
  • Step 4. Into the Serial Number field, directly paste the serial numbers.
  • Step 5. Again, do the same for each item, and in the end, press Save & Close.

For lot numbers

  • Step 1. Visit the Inventory tab and press on Adjust Quantity/Value on Hand.
  • Step 2. Choose the Adjustment Type dropdown and choose Lot Number.
  • Step 3. Choose the Adjustment Date.
  • Step 4. Input the item name in the Item field. Users can also click on the dropdown arrow and select from the item list.
  • Step 5. Input the lot number in the Lot Number field.
  • Step 6. Under the New Count column, input the number of items in the lot.
  • Step 7. Repeat steps 4 and 5 for assigning different lot numbers to more of the same item, or to assign different lot numbers to a separate item.
  • Step 8. After completion, click on Save & Close.
  • Step 9. Run the Serial/Lot Numbers in the Inventory report to check entry mistakes.

Lot Number Tracking Feature QuickBooks Enterprise

With a Lot number, companies can track products that are developed and produced together in the same batch. In case, there’s any problem that arises with some products, you can look at this given lot number and identify the batch, thereby finding out the products having issues. Also, call QuickBooks Enterprise Help Phone Number if want to explore how serial number tracking will work with your mobile.

Lot Number Tracking – Uses

The QuickBooks Enterprise Lot tracking feature is available to users within its Advanced Inventory functionality. This tracking feature helps companies to track the following:

  • Items purchased or produced in batches
  • Customers who bought items from a particular batch
  • Products in a recall report to track all the items from a specific lot. This will help you keep a record of items that are still in inventory and items purchased already
  • Lot number tracking helps in running reports with lists/details regarding:
    • Transaction history
    • Inventory on hand
    • First-in, first-out (FIFO) costing
    • Lot numbers on hand by site

Lot Number Tracking – Limitations

Of course, there are benefits of having Lot number tracking features in QuickBooks Enterprise. But the limitations too are many. These limitations tell users about the points to be taken into consideration to make sure they get the utmost benefits from the same. These include:

  • Choose either lot tracking or serial tracking. Never both together
  • The software does not make it mandatory for users to enter lot numbers. This results in increased human error possibilities
  • You cannot enter lot numbers via barcode scanners in QuickBooks Enterprise. Thus, third-party vendors sell applications to make you add the lot numbers to the system
  • The total quantity on hand of products based on the lots will be different from the total quantity on hand in inventory
  • You cannot print the lot numbers or serial numbers in QuickBooks Enterprise with Advanced Inventory
  • The expiry dates of products cannot be associated with the lot numbers as the expiry dates are issued only at item level 8. Thus, QuickBooks Enterprise is not found suitable for pharmaceutical industries or foot manufacturing niches, etc.
  • Tracking lot numbers in subassemblies is not possible. It makes clear that QuickBooks Enterprise lot number tracking is only meat for companies having simpler kinds of manufacturing.

Final Words

QuickBooks is a highly efficient application that helps in managing inventory and other accounting and transaction requirements effectively. It improves productivity through thorough consideration of each business’s requirements. Inventory management can be easily done using QuickBooks as it helps in tracking the inventory using lot and serial numbers. This allows users to identify and track their inventory items to get a systematic inventory management.

The article here gives a complete overview of the actions needed to use lot numbers in inventory management. However, if you still have doubts, feel free to contact our professionals who will help you understand and use the features of this application effectively.

Frequently Asked Questions (FAQ)

What is the function of the Serial Numbers/Lot Numbers button in the Edit Item and New Item window?

QuickBooks adds a serial or lot numbers button to the window when you add or edit an item. You can override the global warnings you set previously in Preferences after clicking on this button.

How do lot or serial numbers appear on printed forms?

Serial or lot numbers can be added or removed based on edited templates when allowed in printed forms. Serial or lot numbers are always visible on screen but on printed forms, lot numbers appear in a separate column while serial numbers appear in the main description separated by commas.

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