As at when this post was published was had just concluded a training and chart of account clean up for a client in the telecommunication industry; they are a fast-growing smartphone and accessories enterprise already managing their finance on QuickBooks Enterprise. Of all the challenges they shared with us, a major concern was that they have outlets in different locations, both within and outside Lagos but couldn’t record inventory transfers in QuickBooks Enterprise when smartphones are issued from the warehouse to various sales outlet. The reason is simple, they are not subscribed to advanced inventory module.
If you are familiar with QuickBooks Enterprise, there is a module called “Advanced Inventory”, an additional feature that is only available to subscribers. It lets you effectively manage your inventories, set up multiple warehouses or locations, and record inventory transfers.
For a retail store that owns more than one warehouse or has branches in different locations, inventory transfers are part of their operation as this sub-outlets expects what they sell to come from head office and the main office in turn record such issues in their book for proper accountability. Another major area is sales, it won’t be proper for all the income earned to be treated under an account head, categorisations also matters so that management can track the sales performance of these outlets since they are profit centres.
Request For Our Accounting Software ServiceFor over 5 years, we have implemented QuickBooks for several companies under Retail, Manufacturing, Oil & Gas, Real Estate & Construction, Travels, Hospitality,Legal, Co-operatives, NGOs, Financial & Service Sectors.
- Mbaire Services Nigeria Ltd(Construction)
- Aristokrat 360 Limited(Creative & Media Agency)
- Hawkes Legal(Legal)
- Lilygate Hotel(Hospitality)
- Josien Holdings Limited(Distribution)
- Aisha Buhari Foundation (Futured Assured)(NGO)
- Doheney HR Services(HR)
- Biddel Oil & Gas Limited (Oil & Gas)
- System Intelligenz Limited(Contractor)
- MagTech Information Security (IT)
- Infusion Cakes Nigeria (Bakery)
- Landmark Centre (Event Centre)
- Mountain Ice Travel & Tour (Travels)
- BTS System (Service)
- Logos Travel Support & Solutions Ltd (Travels)
- Germaine Auto Centre (Autos)
- BD Consult (PR)
- Starlight Nigeria (Retail)
- Temple Private School (Education)
- C. Charles Resources Limited (IT consulting)
- Adeniyi Coker Consultants Limited (Real estate and construction)
- The Nigerian Economic Summit Group (NGO)
- Value Mart Supermarket (Retail)
- Transweb Bureau De Change (Financial Service)
- Wakanow Travels (Travels)
- Vektro Food Limited (Manufacturing & Retails)
- Orient Petroleum PLC (Oil & Gas)
- Plus More
The scenario painted here depicts my client’s needs but the QuickBooks Enterprise they are currently running on is not subscribed to “advanced inventory module” as they felt it was expensive, not because of the fee (which was $1400 for a user license) but the fact that it’s a recurring bill that is not priced on a user license but up to 30 concurrent users. For businesses running in Nigeria affected by several challenges, such expenses, though, will help them get their accounting and financial management right, is deemed out of range for management budget.
Our team was invited to overhaul the challenge, and proffer a workable solution that will track inventory transfers, generate inventory report of each outlet and their sales figure on a real time.
Here are steps we took to resolve inventory transfer challenges:
- We asked the warehouse managers to do a physical count of all inventories in their respective locations so we can ascertain the true positions of their report.
- We imported these inventories via excel into QuickBooks and map them to inventory assets that represent different locations.
- We utilised our in-house QuickBooks customization experience spanning over 5 years to transfer inventories from one store to another which eventually reduced the quantity in the issuing location and increased the quantity at the receiving location by the same units transferred.
- We also ran a training and helped our client record sales of location so that when they generate sales report or profit or loss account, all the different sales outlets will be represented.
You may ask, is this process as effective as the “Advanced Inventory Module”, yes, it is very close as you have the inventory balances well represented, and can also track sales of each store using class.
If you are having issues managing your inventory in different warehouses, feel free to contact us at email@example.com or call Oge on 08105090001
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