Advanced Inventory gives even more power to QuickBooks Enterprise Solutions when tracking inventory. You can use 1 or more of these features available in Advanced Inventory:

• Multiple Inventory Sites
• Lot/Serial Numbers
• FIFO

Multiple Inventory Sites:

Multiple Inventory Sites tracks inventory you store at different sites or locations.

For example, you might store inventory at different warehouses, stores, shops, in multiple trucks, in different areas within a warehouse, at consignment locations, or at outside manufacturers.

You can:

• Keep track of how much inventory (number of units and dollar value) you store at each site
• Set site-specific reorder points so you know when to reorder inventory at each site.
• Purchase items for a specific site
• Sell items from a specific site
• Transfer items between sites
• Build assemblies using parts from different sites
• Run site-specific reports

Serial and lot numbers:

When you subscribe to Advanced Inventory, you can track serial numbers or lot numbers.

FIFO:

FIFO (first in, first out) is a method of calculating the value of inventory sold and on-hand. When you turn FIFO on, QuickBooks calculates inventory values based on the assumption that the first inventory items received are the first sold.