Year-end cycle counts are now possible with QuickBooks, and can even be performed with handheld Android devices.
As we move closer to the end of 2018, many businesses begin thinking about performing a year-end cycle count. Cycle counts are an essential part of inventory management, as they allow operations to continue while performing inventory audit on various subsets of physical goods. Cycle counts are essential to ongoing inventory accuracy, and therefore business operations and profitability.
As of October 2018, QuickBooks Enterprise Platinum Edition now includes the ability to perform cycle counts in product. Intuit hasn’t advertised this feature too heavily, but we know from working with clients in retail, manufacturing, and wholesale that it will be a game changer for inventory management.
How It Works
You’ll access all cycle counts from a central hub, which will show you the cycle counts that have been performed on various inventory items in a certain time period. Here you can see four different items. QuickBooks shows the quantity (a number derived from inventory entry and sales) vs. the counted quantity, which is the number counted in your recent cycle count. It then displays any difference between the stated and actual quantity.
Click on Status to view past cycle counts, current cycle counts, or cycle counts that are pending review.
From there you can export to Excel, adjust the quantity on hand based on the counted inventory, or mark as closed to complete the cycle count.
The best part of the new cycle count feature is that cycle counts can be performed on a handheld Android device.
With the Android, you can be on site at your inventory location, performing the inventory count. This can be done manually, by entering in the number counted. Or it can be done by barcode scanning. As of this writing, this can be done by serial number, but not by lot number. Simply use the Android to scan and it will automatically adjust the counted number.
Cycle counts is an extremely user-friendly feature and will obviously be a huge time-saver during year-end inventory management. Prior to this release, many of our clients have continued to manage cycle counts in Excel—exporting the inventory list, performing a physical count (sometimes lugging their computer to a warehouse to do so), and then re-uploading. Now this function can be performed entirely inside of QuickBooks.
Cycle counts is only available inside QuickBooks Enterprise Platinum. If you are a current Platinum user you can simply download the upgrade from the Intuit website, or inside the product. The feature has already been released, so you will have access immediately.
If you currently use QuickBooks Pro, Premier, or Enterprise Silver or Gold you will need to upgrade to access this feature. You may consider the upgrade well worth it when you consider the man hours your team is spending performing manual cycle counts.