Inventory and Intuit Point of SalePresentation Transcript
Updated for Version 8!
Merchandise flow through the POS system
Inventory tracking and related features
POS document types and their effect on inventory
What does QB POS do outside of inventory tracking?
Customer information management
Reports and Graphs
End of Day procedure
Overview of Inventory Flow
Inventory Flow Overview
Stay current with “Live” Information Item Quantities On-hand quantities are updated in real time as retail activities such as receiving and selling merchandise, are recorded. If using networked workstations within a store, changes at one workstation are instantly reflected at other workstations and on reports. Track and Control Costs As merchandise is received and vouchers created, QuickBooks POS automatically updates average unit cost Tracking Inventory
Work Efficiently with Groups of Related Items Manage Inventory by Departments Categorizing merchandise into manageable departments helps monitor performance and make buying decisions. To compare the sales performance of two groups of items, each group should be assigned to its own department. Likewise, if you budget so many purchasing dollars for golf shoes and so many for running shoes, then you would want separate departments for each of those shoe types.
Department categories aide in:
Running meaningful reports
Handling group markdowns
Printing tags for entire merchandise categories
Grouping, viewing, and working with related items
Work Efficiently with Groups of Related Items Work with “Item Styles” (Pro Feature) A style is a group of items varying only by size, color, or some other attribute, such as a line of shoes in several sizes and colors. Styles can be easily viewed and processed as a group using a size/color grid, as shown below. Even a simple grid can display a lot of information about its items, such as on-hand quantity and totals by size, color, and for the entire style. Tracking Inventory
POS document types
Average unit cost is updated in inventory
Vouchers record merchandise shipments received from (or returned to) vendors:
Receiving Vouchers add to inventory quantity
Return Vouchers subtract from inventory quantity
If an item’s cost is different on a receiving voucher, then the average unit cost and default order cost are updated in inventory
POS document types
Receipts record merchandise sales to (and returns from) customers and paid outs
Sales receipts subtract from inventory quantity
Return receipts add to inventory quantity
Paid out receipts track changes to cash drawer balances, as reported on Shift and Store Close (X/Z Out) Reports
Customer payment by cash, check, credit card, debit card, gift card, gift certificate, and charges to store account are supported
Cashiers alerted if personal checks should not be accepted
Customer charge accounts, with up-to-date balances and limits (requires integration with QuickBooks Financial Software
POS document types
POS document types
Order documents are temporary documents used to plan the purchase or sale of items
Includes purchase orders and sales orders/work orders/layaways (Sales orders/work orders/layaways available in Pro levels only)
Order documents have no effect on inventory
The information recorded on an order document, such as items, costs, prices, and quantities, are easily transferred to a transactional document when the merchandise is actually received or sold. For example, the items ordered on a purchase order are received on a voucher, and it is the voucher that updates inventory
POS document types
Why is Inventory data entry critical?
Creating department classification & vendor lists
Entering new merchandise
Why is there an item number?
How do I look up a specific item?
How do I tag my merchandise?
Setting up Inventory Entering Items, Departments and Attributes
Click this button to toggle between the “pane” view and the “list” view Entering all the items you carry in your inventory into QuickBooks Point of Sale can be time consuming. The amount of time it takes depends on the number of items you have and the level of tracking detail you desire. Whether you enter each item individually or import them all from a spreadsheet, it is important to plan ahead and define your items in the way that works most effectively for you. Drag and drop columns, right click to customize Overview Click here to edit the items information
Each item must be unique. QuickBooks Point of Sale will not allow you to create two or more inventory rows with the same entries in the Department, Vendor Code, Item Name, Size, and Attribute fields. These are the key fields that define an item. The other inventory fields (such as Item Description are there to assist you in describing the item, but are not used for defining a unique item. Understanding which fields are useful to you will streamline your inventory and provide better reporting. For additional information, refer to the help menu. Item Definition
Item type: Used to designate the type of inventory item:
Inventory for a normal inventory item or an item that is a member of a style
Non-Inventory when defining a generic item or a service/fee that has no on-hand inventory quantity.
Assembly (Pro/Pro Multi-store only) for an item that is an assembly of other items
Group provides a method to quickly sell a group of items that are already in your item list individually, optionally at a discounted group price. Unlike an assembly, groups are not pre-built and the included items remain available individually
Services such as miscellaneous fees, charges, or hourly labor for which on-hand quantities are not tracked.
Department: In most retail businesses, related merchandise is grouped into departments . Establishing and using departments is a good way to monitor past sales performance and manage your current inventory, which will help you to make informed buying decisions. Item Definition
Vendor: Each item can have a vendor assigned. By assigning a vendor, QuickBooks Point of Sale can track merchandise by vendor when it is ordered, received, or sold. Item Definition
Item Name : is the primary description for the item and is the description your customer will see on receipts. Item Definition
Item Description: A description field usually used for recording any additional information to describe this particular item. Often used to record additional information at the point of sale. Item Definition
Attribute : A field used to describe an item characteristic, typically color or a second size. One to twelve characters. Item Definition
Size: The size of an item: one to twelve characters. This field can also be used to describe a second item attribute other than size if desired. Item Definition
UPC: Universal Product Code. Products may or may not come pre-assigned with UPCs. If you would like, you can scan this barcode into QB POS and can be used in place of a QB POS assigned item number. Item #: This is a system-assigned number that is unique to your business. This can be in printed in barcode format. These can be used in place of the UPC. Alternative Lookup: Additionally, there is an alternative look-up field, where you can use another look-up number other than the UPC or item number, such as a supplier catalog number. Item Definition
Tax Code: A drop-down list containing each of the tax code names defined in company preferences. Item Definition
Serial # Tracking: Specify if you want to be prompted to enter a serial number when the item is listed on documents. Item Definition
Many retailers sell merchandise that is grouped into styles. A style is a group of inventory items that share the same basic item information but differ in one or two traits, such as size, color, pattern, etc. For example, Baseball Gloves might come in 2 types (lefty and righty) and 5 sizes, resulting in a style grid with 10 distinct items: When reviewing on-hand quantities or making a purchase order, it can be very helpful to view and work with all the members of a style at the same time. Style Definition
In most retail businesses, related merchandise should be grouped together into departments, that is, manageable categories to help you monitor past performance and make future buying decisions. By designing your departments carefully, you gain great flexibility when selecting and summarizing data for reports. A typical retailer can use about 10 to 20 departments, but the right number varies for each company. Departments
By spending the time to define your departments and vendors, you can get meaningful reports that give you the information you need to run your business. Inventory, sales and other reports can be grouped, sorted and filtered by these classifiers. Reports
Item List Report The report display can be customized to display the descriptive fields that best define your inventory. Reports can be filtered to include only certain criteria, such as specific departments, or only merchandise supplied from certain vendors On-hand quantity, cost, and price information displayed with item descriptions for merchandise. Reports are organized as a list of all items (itemized) or grouped by similar merchandise that varies only in some attributes, such as size or color. Useful Inventory Report
Reorder Point Report The information in the report display columns can be sorted on any descriptive column you have defined. This can be useful to group similar merchandise. Filter the report to show only items that have an on-hand quantity of 0 or 1 to find the most critical reorder items. Useful Inventory Report
Creating a Purchase Order Exercise 1
Creating a Receiving Voucher Exercise 2
Useful Purchasing Reports Purchase Order Detail Report The information in the report display columns can be changed to reflect the information that is most pertinent for your business. Filter the report for item attributes if you need to know which purchase order placed the order for the item. Purchase Order Detail Reports will show you a list of orders hat you have submitted to vendors. This is your “plan” for merchandise you expect to receive. The reports can be with or without item detail. They show you the date of the order as well as quantity due and expected cost to you.
Useful Purchasing Reports Receiving Detail Report Change the display to sort on purchase order number, voucher date, or voucher number as desired. Filter for a specific item if you want to know the last time it was received. The Receiving Detail Report lists vouchers that has been received by your store and added to inventory. The reports can be displayed with or without item detail. You can find out the actual cost of merchandise you have received into inventory for a specific time period.
About William English
Founded English Management Solutions 2002
Located in San Diego – serve customers nationwide
ProAdvisor 2002, Advanced ProAdvisor 2007
Former Intuit Employee 1993-96
Supported DOS Version 1 & 2 Window V 3 and V4
POS ProAdvisor Version 2.1
Helped over 100 retailers implement POS
Consulted with several hundred more
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