One, two, three, four…It’s that time of year for annual inventory counts and importing inventory into QuickBooks. Instead of manually entering your counts into QuickBooks Desktop (Pro, Premier, or Enterprise), use Transaction Pro to speed up the process and minimize data entry mistakes.
Whether your company uses inventory scanners, a separate inventory system, or downloaded Excel worksheets, Transaction Pro Importer can import the count numbers into QuickBooks with only a few clicks using an Inventory Adjustment import. Inventory Adjustment imports allow you to import changes to quantities by either importing the change amount or the new amount. For example, if a count shows an Item has two more than currently reflected in QuickBooks for a total of five, then you can either import a +2 quantity adjustment amount or import 5 for the new quantity. The choice is yours. When adjusting the quantity, positive numbers increase the on-hand quantity and negative numbers decrease the quantity.
When importing a quantity adjustment, your import file needs to contain a column for a reference number, the General Ledger account to which to post any adjustments, the Item name, and the new or adjusted quantities. Depending on your settings and options selected in QuickBooks, other import fields available include Class, Inventory Site, Inventory Bin, and Serial/Lot Numbers.
An Inventory Adjustment can also update the value of Items in much the same way as updating the quantities. The value can be adjusted up or down or a new value can be imported. However, when importing an Inventory Adjustment using Transaction Pro, quantities and values need to be separate entries, meaning that they either need to 1) have a separate transaction reference number or 2) be imported in two separate imports. We recommend option two in order to minimize any issues.
We also recommend not having the entire inventory count be the same transaction reference number. If the entire count is imported as the same transaction, if any one row of data has an error, the entire count import will be rejected and it may not be easy to locate the issue. We recommend importing transactions as small batches of 25 items. You can still import the entire count with one import, just change the reference number column to a new number ever so many rows to group them into smaller transactions within QuickBooks.
If you are using QuickBooks Enterprise and Advanced Inventory, Transaction Pro Importer can also assist with transferring inventory from one site or one bin to another. This can be a handy tool if you are re-organizing your warehouse as part of your year-end organization. The import type for this is Transfer Inventory. If you are using Serial/Lot Numbers, it can also move these with the items right along with the location transfer.
For more year end tips and tricks, reference our New Year Prep section in our Knowledge Base. If you have any additional questions, email firstname.lastname@example.org. Happy Counting!