Inventory Management: Rapid Inventory and QuickBooks Enterprise, Version 12.0
Posted by Kevin Reynolds on May 23, 2012
If you are planning to purchase or upgrade to QuickBooks Enterprise, here are some facts regarding QuickBooks Enterprise, Version 12.0 and Rapid Inventory. With the release of QuickBooks 2012 in late 2011, Intuit has added a number of new inventory management features with the Advanced Inventory option for QuickBooks Enterprise. If you are using Rapid Inventory with QuickBooks or you are intending to implement Rapid Inventory with QuickBooks 2012, here are a few points of comparison and compatibility:
- Multi-warehouse and multi-location:
- Rapid Inventory offers both multiple warehouses and multiple locations within a warehouse.
- QuickBooks Advanced Inventory allows the user to create up to 200 “Inventory Sites.” These sites can be used as warehouses or locations, but they cannot be nested, which means there cannot be warehouses with locations inside them.
- Lot or serial number tracking:
- Rapid Inventory provides lot / serial number tracking and barcode equipment (labeling and scanning) for receiving, inventory counts, build assembly, movement, and sales order picking. Rapid Inventory also has “first-in, first-out” (FIFO) and “first-expiration date, first out” (FEFO) inventory rotation options tied to lot or serial numbers.
- QuickBooks Advanced Inventory now has lot or serial number tracking for receiving, build assemblies, inventory counts, and sale orders.
- QuickBooks Enhanced Inventory Receiving (EIR): This new function in QuickBooks 2012 works with Rapid Inventory. Item Receipts and Bills are now separate transactions in QuickBooks so that Item Receipts no longer affect Accounts Payable and Bills no longer affect inventory. A word of caution here: be aware that you cannot turn this option off once you have turned it on, so be sure to back up your QB company file first. It will go back through your entire company file and create item receipts for all billed inventory, so your financials will change for prior periods.
- FIFO Costing: This welcomed new feature can be turned on by itself in QuickBooks Advanced Inventory and works fine with Rapid Inventory.
If you are not intending to use any of the QuickBooks Advanced Inventory functions, then Rapid Inventory operates the same as prior releases with no changes.
If you have inventory and use QuickBooks, Rapid Inventory is the fully-integrated QuickBooks inventory management system for you. Let Rapid Inventory help you take the next step of inventory accuracy for QuickBooks users! Try a free 30-day trial of Rapid Inventory today!