Manufacturing Software for Quickbooks is one of the software designs on behalf of the Intuit by ManageEngine. This Indian product has won its mark in manufacturing and wholesale. In fact, it is even possible to create, deliver, and wholesaling companies.
QuickBooks Manufacturing and Wholesale is a comprehensive software that is powered by QuickBooks Enterprise that gives you the power to manage your manufacturing business with ease. Whether you are running a small manufacturing business out of your garage or managing multiple companies with hundreds of employees, this is the solution for you. Over 1000 new features have been introduced since the last version.
QuickBooks® Online offers numerous applications and add-ons that integrate seamlessly to automate workflows, bookkeeping, invoicing, data entry, and more. These easy QuickBooks integrations streamline operations to help small- and medium-sized businesses run smoothly.
QuickBooks Online Advanced users can benefit from our growing collection of best-in-class Premium Apps, which enable access to your important financial information all in one place. With these customizable tools, business owners no longer have to spend hours manually inputting numbers and information. Instead, these integrations boost productivity and make QuickBooks the single source of truth for your finances and your business.
Because there are hundreds of apps and add-ons in the QuickBooks App Store, finding the right one for your business can be challenging. That’s why we rounded up our picks for the best QuickBooks apps and add-ons that can grow with you and your business. Take a look at the QuickBooks Online Advanced set of Premium Apps and other standouts from our QuickBooks App Store that make bookkeeping, accounting, payroll, and other financial operations a breeze.
Premium apps for QuickBooks Online Advanced
Bill.com
One of the most highly rated apps you can sync with QuickBooks is Bill.com. Bill.com gives you more financial control by allowing you to set up customized workflows and routing rules for faster and easier approvals from any device. With the Bill.com integration, all of your bank account information syncs with QuickBooks to help you manage your accounts receivable and accounts payable. When you connect Bill.com to your QuickBooks Online Advanced account, the Premium App-only capability of deep linking between bills in both programs is enabled.
Using Bill.com with QuickBooks syncs your invoices, customers, accounts, book balance, and vendors. This functionality allows you to create payment schedules, set reminders, automate approvals, and more. Whenever a bill needs attention, you’ll be able to access it fast with the Bill.com app.
HubSpot
If you’re in need of customer relationship management (CRM) software, the HubSpot integration is a must. With HubSpot and QuickBooks, you can see everything about your leads and customers, all in one place. HubSpot is one of the best QuickBooks integrations because it allows businesses to sync their CRM and accounting softwares to speed up their sales cycle, helping sales and finance teams work better together. With QuickBooks Online Advanced and its HubSpot integration as a Premium App, customers can bring invoices into QuickBooks in a draft state, and set up their own automated flow to move invoices from draft to review and approval between HubSpot and Advanced.
Salesforce
Another top QuickBooks app is Salesforce. Salesforce allows you to connect your business accounting and CRM so you can see how your business is running and where it can be improved. The Salesforce Connector by QuickBooks is a Premium App available for QuickBooks Online Advanced users only. It’s great for bringing your sales and finance teams together to ensure consistent information is maintained between accounts, invoices, and payments. You can also share data such as customer information, sales orders, expenses, and invoicing between these two teams. With these two systems working in tandem, you have complete visibility into your business and cash flow. With data in real time, the connector provides you with accurate data to drive business growth.
DocuSign
E-Signature app DocuSign is the first e-Signature integration added to our suite of Premium Apps. DocuSign eSignature Connector for QuickBooks Online Advanced enables teams to track down signatures from clients, employees, and other professionals when needed. DocuSign eSignature allows you to seamlessly sign, send, and manage digital documents directly from QuickBooks Online Advanced. With DocuSign e-Signature for QuickBooks Online Advanced, you’ll be able to send an estimate out for electronic signature directly from QuickBooks making business convenient for you and your customers.This integration is exclusively available for QuickBooks Online Advanced users only.
LeanLaw
LeanLaw is an industry-specific integration that boosts productivity for law firms and legal businesses. We’ve ranked this as one of the best QuickBooks apps because it puts the data and reporting you need as a law firm right at your fingertips. The QuickBooks Online Advanced integration enables tracking for an array of processes, such as trust accounting, client reports, and billable hours, to name a few.
LeanLaw is a prime example of how QuickBooks Online Advanced’s Premium Apps can meet the specific needs of your business and particular industry.
QuickBooks Payroll
QuickBooks Payroll is owned by Intuit® and works automatically with QuickBooks Online. With QuickBooks Payroll, you can pay and manage your team all in one place. Integrating payroll, human resources, taxes, health benefits, workers’ compensation, and more, QuickBooks Payroll is your go-to app for tackling payday.
QuickBooks Payroll also comes with auto payroll, same-day direct deposit, and advanced mobile time tracking by QuickBooks Time to make tracking hours and paying employees painless. Small business owners can also benefit from QuickBooks Payroll come tax time. This app runs your payroll for you with the latest rates for sales tax, income tax, payroll tax, and more. It also calculates payments and files forms automatically.
What We Recommend QuickBooks Manufacturing and Wholesale Edition For
QuickBooks Manufacturing and Wholesale Edition is ideal for small- to medium-sized light manufacturers and wholesalers with experienced bookkeepers. It has everything in QuickBooks Premier, plus industry-specific features and advanced inventory tools that are extremely beneficial for manufacturing and distribution businesses.
QuickBooks Manufacturing and Wholesale Edition Is Especially Good For
- Businesses that need an accurate count of inventory available: You can track not only inventory on hand, but also inventory assigned to sales orders, reserved for assemblies, and on purchase orders (POs).
- Manufacturers with complex assemblies: You can define the amounts of materials, inventory, and labor needed for a particular assembly. Those amounts are transferred to the assembled product automatically each time an assembly is completed.
- Businesses with special pricing rules: Prices can be customized by customer, customer type, or assigned to individual sales.
- Businesses that need detailed sales reports: Sales can be broken down by sales representative, product, product type, customer, and customer type.
QuickBooks Manufacturing and Wholesale Edition Is Not a Good Fit For
- Businesses owners who want to manage their own books: QuickBooks Manufacturing and Wholesale Edition is not the best option if you plan on keeping the books yourself unless you have experience with bookkeeping. Compared to cloud-based software, it’s hard to share your books with an external accountant when you need help. You might want to consider a simpler alternative like QuickBooks Online, or explore all the differences between QuickBooks Online vs Desktop.
- Businesses with multiple users: QuickBooks Premier is expensive at $2,099 (one-time fee) for five users as compared to QuickBooks Online Plus, which only costs $80 per month with five users included.
- Businesses that need first-in-first-out (FIFO) or last-in-first-out (LIFO) inventory costing: Your only option for determining the cost of goods sold (COGS) is the average cost method. Third-party plug-ins are available that provide additional inventory options. If your business needs advanced cost tracking with FIFO or LIFO inventory accounting, QuickBooks Enterprise might be an ideal alternative.
Are you looking for something different? If you want to explore other comprehensive accounting software for business owners, check out our guide to the best small business accounting software.
QuickBooks Manufacturing and Wholesale Edition Pros and Cons
| PROS | CONS |
|---|---|
| Create invoices from sales orders | Desktop-based program requires installation and setup |
| Transfer cost and quantity from raw materials to manufactured products automatically | FIFO accounting for inventory cost requires a third-party add-on |
| Track COGS using the average cost method | Doesn’t track the weight of inventory for shipping |
| Manage inventory and manufactured products better with in-depth units available information | License required for each simultaneous user (maximum 5) |
| Set special price levels across all inventory, manufactured products, and labor | More difficult to share with an off-site accountant compared to cloud-based programs |
Using QuickBooks to Manage Inventory in a Manufacturing Firm
Tracking inventory in a manufacturing firm is more difficult than in other types of businesses. When you boil down everything to its essence in QuickBooks, the problem stems from a couple of tricky accounting requirements:
- In a manufacturing environment, the manufacturer combines raw materials items into finished-goods items. This means — and this is the challenging part — that the manufacturing process reduces the inventory count and value for some items (the raw materials or the components) and at the same time increases the count and value of the other, finished-goods items.
- In a manufacturing environment, the rules say that you don’t just count the value of items in the finished-goods-item inventory values. You also count the cost of labor and factory overhead used in manufacturing the items.
QuickBooks solves the first problem related to manufacturing inventory, but it doesn’t solve or address the second problem. Fortunately, as long as you’re a small manufacturer, you probably don’t need to worry too much about the second problem. You should ask your CPA about this. But don’t worry — Congress and the Internal Revenue Service have provided a bunch of loopholes that make the accounting easier for the small guys.
Handling manufactured inventory the simple way
If you’re using QuickBooks Pro or some earlier versions of QuickBooks Premier, you don’t have the ability to account for the manufacture of inventory in QuickBooks. The best that you can do is group items to combine into individual items in a customer’s invoice.
This approach sounds sloppy, but it isn’t quite as bad as you may think at first blush. You can choose to show only the group item in a customer invoice. This means — getting back to the example of the florist selling red roses and vases — that the florist can “manufacture” a crystal vase of a dozen red roses and then show the manufactured item as a group item in the customer’s invoice.The one thing that’s problematic about the “just use a group item” approach is that it doesn’t give you a way to track the finished goods’ inventory values.
Performing inventory accounting in QuickBooks
To account for the manufacture of inventory in QuickBooks Premier or QuickBooks Enterprise Solutions, you add inventory assembly items to the Item list for those items that you manufacture. You also record the manufacture of items as you … well, manufacture them.
Suppose that Pine Lake Porcelain mostly just buys and resells coffee mugs and other porcelain doodads. But also suppose that once a year, Pine Lake Porcelain assembles a collection of red coffee mugs into a boxed St. Valentine’s Day gift set. In this case, QuickBooks can record the assembly of a boxed gift set that combines, for example, four red coffee mugs, a cardboard box, and some tissue-paper wrapping.
Adding inventory assembly items
To describe manufactured items, follow these steps:
- Choose Lists → Item List.\QuickBooks displays the Item List window.
- Click the Item button in the Item List window, and choose New from the drop-down list.QuickBooks displays the New Item window.
- Choose the Inventory Assembly item from the Type drop-down list.QuickBooks displays the Inventory Assembly version of the New Item window.
- Specify the account to use for tracking this item’s cost when you sell it.QuickBooks suggests the Cost of Goods Sold account. If you’ve created other accounts for your COGS, however, choose the other appropriate account.
- Describe the manufactured item.Type a description of the item that you want to appear in documents that your customers see, such as invoices. (QuickBooks suggests the same description that you used in the Description on Purchase Transactions text box as a default.)
- Enter the amount that you charge for the item in the Sales Price box.
- Indicate whether the manufactured item is subject to sales tax by using the Tax Code drop-down list.
- Use the Income Account drop-down list to specify the account that you want QuickBooks to use for tracking the income from the sale of the item.
- Identify the components that go into the finished item.Use the Bill of Materials list to identify the individual component items and the quantities needed to make the inventory assembly. Each component item goes on a separate line in the list. Not to be too redundant, but do note that you identify both the component item and the number of component items needed.
- Identify the asset account.Specify the other current asset account that you want QuickBooks to use for tracking this inventory item’s value.
- Select a build point.Use the Build Point boxes to specify the lowest inventory quantity of this item that can remain before you manufacture more. When the inventory level drops to this quantity, QuickBooks adds a reminder to the Reminders list, notifying you that you need to make more of the item.
- Ignore the On Hand and the Total Value boxes.See that On Hand box? Leave it set to zero. To enter a number now is to record an uncategorized transaction, and you don’t want to do that. Go ahead and leave the Total Value field set to zero, too.
- Leave the As Of box empty, or enter the current date.It doesn’t matter.
Conclusion
Find the cheapest QuickBooks Manufacturing and Wholesale 2020 software dupillicates or typical blunders to mistake in the most financially astute version. For, even though there are several free legal forms available, the rate of mistakes in these forms far exceeds the rate you might think. The more advanced your business becomes, the more intricate your procedures and processes get.
