Inventory and Intuit Point of Sale
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Inventory and Intuit Point of Sale

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  • NOTES TO THE INSTRUCTOR: These training materials are for QuickBooks Point of Sale Version 8.0 , released in September 2008. These slides are not meant to serve as stand-alone training materials. They are designed to accompany an interactive training presentation led by a QuickBooks Point of Sale expert*. Copies of these slides appear in the participant’s guide, which serves as a useful reference after the class is completed. Before presenting these slides, the instructor should be familiar with the topics covered and prepared to answer questions that participants may have about these topics. Much of the training presentation should be interactive – the instructor should encourage participants to follow along at their workstations whenever possible. Remember that these slides are meant to guide the instructor through training participants in QuickBooks Point of Sale. While the training is designed to last approximately 2-3 hours, the instructor may choose to cover some of the material in greater/less detail to adhere to different time requirements. DATA FILES: Throughout most of the presentation, the trainer can use the practice file, Al’s Sports Hut, to demonstrate workflows in POS. Al’s Sports Hut can be opened by clicking the Practice QBPOS link on the home navigator. In the first exercise, the students will create a new company file called Benny’s Electronics. This new company file will be used for all of the remaining exercises. During the training students will toggle back and forth between Benny’s Electronics and the practice file, Al’s Sports Hut. USING THE EXERCISE BOOKLET: The exercise booklet is designed to facilitate learning of the most common tasks in POS. Some workflows (e.g. making a return receipt) can be accomplished in several different ways (e.g. going to the Point of Sale menu or going to the I Want To menu). When possible, encourage students to seek out the workflow that makes the most sense to them. The exercise booklet should be printed out and distributed to trainees at the beginning of the presentation. *Looking for a QuickBooks Point of Sale expert to deliver training at your SBDC? We have a nation-wide team of QB POS experts who can help! Members of our Retail Solution Provider team draw their expertise from years of IT and retail experience, and they can provide reliable, local product support to you and your clients. To get in touch with a Retail Solution Provider in your area, please contact Tom Ruscitti at [email_address] . Tell us how we can improve our training materials! Give us your feedback in this brief survey: http://www.surveymonkey.com/s.asp?u=16912993164 (cut and paste link into your browser)
  • NOTE: This slide explains why so much of this training course is about setting up inventory – it is at the center of retail activities. Nearly every transaction you make affects inventory. Ordering Merchandise In QuickBooks POS, when merchants need to restock or add new merchandise, they create and send temporary documents called purchase orders (POs) to vendors. A PO typically includes the following information: • The vendor’s company name • Order, shipping, and cancel dates • A list of the items to be ordered and information about those items, including description, cost, and the quantity ordered • The total cost of the order, including discounts and fees • A summary of the PO fill status (what has been received and what has not) The merchandise ordered on a PO is added to inventory when the merchandise has been recorded on a receiving voucher referencing that PO. When a PO has been filled or cancelled, it can safely be deleted. Receiving vouchers provide the permanent record of the items purchased. Purchase orders are not shared between QuickBooks POS and QuickBooks Financial Software. Since they are planning documents, they have no effect on inventory valuation. Receiving vouchers, however, are the primary way that QuickBooks POS “tells” QuickBooks Financial Software that the merchandise has been received and whether a payable is now due.
  • NOTE: slides 23-35 are a high-level overview of what QuickBooks Point of Sale does. Plan to spend no more than 10-15 minutes on this overview. The QuickBooks POS inventory is designed to help retailers define, track, view, edit, and group merchandise in a convenient and efficient manner. Each row in the item list represents a unique item. QuickBooks POS can store an unlimited number of inventory items. The inventory system is referred to as a perpetual inventory system, because transactional documents created in QuickBooks POS (receiving vouchers, sales receipts, adjustment memos, and transfer slips) keep the item quantities and costs updated automatically. The QuickBooks POS inventory stores all item information, including: • on-hand quantity • average unit cost • up to five different price levels • UPC codes (bar codes and numbers issued by the Uniform Code Council to give a retail product a unique identifying number) • tax status assigned to each item • minimum quantities (reorder point)
  • If you have a department and item name that are the same it will ask you if you want to add the item to an existing style or if you want to make this item unique. If these are 2 different items make sure that the item name is unique.
  • These next few slides just give an general overview of what types of documents that we have in Point of Sale.
  • Store account charges are supported if QuickBooks Point of Sale is used with QuickBooks Financial Software
  • NOTE: Walk through this section in QB POS and have participants follow along. These pages in the participant’s guide will serve as a useful reference after the class is completed.
  • Follow along: have participants open up Al’s Sports Hut. Direct participants to the Edit Item form.
  • 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 4. 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. 5. Service Services such as miscellaneous fees, charges, or hourly labor for which on-hand quantities are not tracked. Note: Non-Inventory, Assembly, Group, or Service can only be selected if the current on-hand quantity is zero.
  • Item Definition 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 Item Number: 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. 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. 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.
  • Follow along: direct participants to the Additional Info tab. Item Definition Serial # Tracking: Specify if you want to be prompted to enter a serial number when the item is listed on documents.
  • Follow along: direct participants to the Add/Edit All Items in this Style grid.
  • In most retail businesses, related merchandise is grouped together into departments . A department is a manageable category created to aid in monitoring past performance and in making future buying decisions. A well-designed department structure will also save time and give greater flexibility when conducting a physical inventory, marking down prices, printing tags, and selecting and summarizing data for reports. Every item entered into inventory must be assigned to a department. While each item can only belong to one department, grouping like items together still allows for more powerful reporting and analysis.
  • Follow along: have participants open up Al’s Sports Hut. Direct participants to an Item List Report.
  • Follow along: direct participants to the Reorder Point Report.
  • Have participants open up Benny’s Electronics. Refer your participants to Exercise 4-1 in their workbooks. When merchants need to restock or add new merchandise, they create temporary documents called Purchase Orders (PO’s) and send them to vendors. Since a purchase order is simply a request for merchandise it does not effect merchandise levels in QuickBooks Point of Sale. PO’s may be deleted when you no longer need them to track order status. A receiving Voucher is document that provides a permanent record of merchandise received into inventory. When a shipment arrives from a vendor, you create a receiving voucher to update inventory. If a receiving voucher references a purchase order, you can automatically bring any or all of the items listed on the PO to a voucher. The PO’s fill status will then be updated to provide you an up to date order status.
  • Refer your participants to Exercise 4-2 in their workbooks. Receiving Merchandise A receiving voucher is a QuickBooks POS history document that provides a permanent record of merchandise received into inventory. When a shipment arrives from a vendor, the receiving voucher is created either directly from the open PO or entered as a separate document which references the open PO. On the voucher the retailer essentially “tells” QuickBooks POS whether some or all of the items ordered from the vendor have been received. A return voucher , on the other hand, records merchandise returned to the vendor and removed from inventory. A return voucher is used only when the retailer wants to send back to the vendor items that have already been received into inventory. If an item is returned before creating a receiving voucher—such as for merchandise that arrives damaged—no return voucher should be made. After a voucher is updated, it is called a former voucher and is stored in the Receiving History list, accessible from the Purchasing menu or the voucher task list. When receiving merchandise against a purchase order (PO), you can bring any or all of the items listed on the PO to a voucher. The PO’s fill status will be updated when the voucher is updated. Updating a voucher updates the received items’ cost and order cost in inventory, if costs have changed. To keep accurate track of the value of inventory, it is important to enter the correct cost information for voucher items. If prices have not been previously defined in inventory, and there is a margin or markup specified, updating the voucher causes the prices at each of the price levels to be calculated and populated to the inventory price fields. Once an item’s prices are defined in inventory, the voucher does not automatically update prices on reorders. POS functions in this way because each retailer may have different pricing strategies and procedures. For example, if the cost of an item increases by just a few cents, does the retailer want to increase the price, possibly necessitating printing and applying new tags to existing merchandise? Some retailers might want to and others may want to increase prices only when costs change by some certain degree. We recommend that each retailer review their prices when costs increase, making pricing changes per their individual pricing policies. To assist retailers in this regard, QuickBooks POS displays a cost change alert when updating a voucher with new costs. This alert affords the retailer the opportunity to review and update prices, if desired, before printing price tags for the received items. (Pro Multi-Store) Both Headquarters and remote stores can create receiving vouchers and reference QB POS while doing so. Headquarters can create vouchers for any store; remote stores can only create vouchers for their own.
  • Have participants open up Al’s Sports Hut. Follow along: direct participants to the Purchase Order Detail Report.
  • Follow along: direct participants to the Receiving Detail Report.

Inventory and Intuit Point of Sale Inventory and Intuit Point of Sale Presentation 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
  • Tracking Inventory
  • 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
    Tracking Inventory
  • 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?
    • Useful reports
    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.
    Item Definition
  • 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
    • Contact us at 858-467-0400 X11
    • [email_address]
  • Further resources
    • Check out our blog at www.qbpos-done-right.com/blog
    • Sign up for our on-line classes
      • 2 hour class
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      • Includes up to 15 minute 1 on 1 phone call after class.
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      • Email [email_address] to sign up