Estimated reading time: 3 minutes
If you’re using QuickBooks to manage your inventory, you may have heard of the Bill of Materials feature. This tool allows you to track the components and quantities needed to create a finished product. However, it can be a bit tricky to use at first. Here are five tips to help you streamline the process and save time.
The best way to manage advanced BOMs Lot and serial numbers In QuickBooks Online is to connect it with ERPAG extension from the marketplace.
Set up your BOM in QuickBooks correctly.
The first step to using QuickBooks Bill of Materials effectively is to set it up correctly. Make sure you have all the necessary information for each component, including the item name, description, and unit of measure. You should also assign a unique part number to each component to avoid confusion. Finally, make sure you have accurate cost information for each component, as this will be used to calculate the total cost of the finished product.
Use the “Build Assembly” feature.
One of the most useful features of QuickBooks Bill of Materials is the “Build Assembly” feature. This allows you to quickly and easily create a finished product by selecting the components you need from your inventory. To use this feature, simply select the “Build Assembly” option from the menu and follow the prompts to select the components you need. QuickBooks will automatically calculate the total cost of the finished product based on the cost of each component. This can save you a lot of time and effort compared to manually calculating the cost of each component and assembling the finished product yourself.
Keep track of inventory levels.
It’s important to keep track of your inventory levels when using QuickBooks Bill of Materials. This will help you avoid stockouts and ensure that you have enough components on hand to build your finished products. ERPAG allows you to set up reorder points and alerts so that you can be notified when inventory levels are running low. You can also run reports to see which components are in high demand and adjust your inventory levels accordingly. By keeping a close eye on your inventory, you can ensure that you always have the materials you need to build your products and keep your customers happy.
Use the “Reports” feature to analyze data.
QuickBooks offers a variety of reports that can help you analyze your inventory data and make informed decisions. For example, the “Inventory Valuation Summary” report shows you the total value of your inventory, while the “Inventory Stock Status by Item” report shows you the quantity and value of each item in your inventory. You can also use the “Assembly Shortage” report to see which components are running low and need to be reordered. By regularly reviewing these reports, you can stay on top of your inventory levels and make adjustments as needed.
Integrate QuickBooks with other inventory management tools.
To further streamline your inventory management process, consider integrating QuickBooks with other advanced inventory management tools like ERPAG. There are many third-party apps and software programs that can sync with QuickBooks to provide additional features and functionality. For example, you can use an app like ERPAG Inventory to track inventory levels across multiple locations, set up automatic reorder points, and generate detailed reports. By integrating QuickBooks with other inventory management tools, you can save time and reduce the risk of errors in your inventory data.
See more from the ERPAG blog: