Tracking serial and lot numbers in QuickBooks is crucial for businesses that deal with products that have unique identifiers, such as electronics, pharmaceuticals, or certain food items. QuickBooks allows you to associate these unique serial or lot numbers with specific inventory items, making it easier to track and manage your products. Here’s how to track serial and lot numbers in both QuickBooks Online and QuickBooks Desktop:
QuickBooks Online:
- Enable Serial/Lot Number Tracking:
- Before you can track serial or lot numbers, you need to enable this feature in QuickBooks Online. To do this, go to the “Gear” icon (Settings) in the upper right corner.
- Under “Your Company,” select “Account and Settings.”
- In the left sidebar, click on “Advanced.”
- Under the “Inventory” section, check the box for “Track quantity and price/rate” and “Track serial numbers” and/or “Track lot numbers” as needed.
- Click “Save” to save your settings.
- Add Inventory Items with Serial/Lot Numbers:
- Go to the “Sales” menu and select “Products and Services.”
- Create or edit an inventory item.
- Check the box that says “Track quantity on hand” (required for serial/lot tracking).
- Choose whether to track serial numbers, lot numbers, or both, depending on your needs.
- Save the item.
- Record Purchases and Sales:
- When you purchase or sell items with serial or lot numbers, make sure to enter these numbers in the respective fields on the purchase or sales forms.
- QuickBooks will track the quantities and the associated serial or lot numbers for each transaction.
- View Serial/Lot Number Reports:
- QuickBooks Online provides reports like “Inventory Valuation Summary” and “Serial/Lot Number History” to help you track and manage serial and lot numbers.
QuickBooks Desktop:
- Enable Serial/Lot Number Tracking:
- Go to the “Edit” menu and select “Preferences.”
- In the Preferences window, click “Items & Inventory” on the left.
- Check the boxes for “Inventory and purchase orders are active” and “Serial/Lot Numbers are active.”
- Click “OK” to save your preferences.
- Add Inventory Items with Serial/Lot Numbers:
- Go to the “Lists” menu and select “Item List.”
- Create or edit an inventory item.
- In the item’s setup window, go to the “Serial Number” or “Lot Number” tab and check the box for serial or lot number tracking.
- Save the item.
- Record Purchases and Sales:
- When you purchase or sell items with serial or lot numbers, make sure to enter these numbers in the respective fields on the purchase or sales forms.
- QuickBooks will track the quantities and the associated serial or lot numbers for each transaction.
- View Serial/Lot Number Reports:
- QuickBooks Desktop provides reports like “Inventory Valuation Summary” and “Serial/Lot Number History” to help you track and manage serial and lot numbers.
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Tracking serial and lot numbers in QuickBooks enables you to maintain detailed records of your inventory, making it easier to trace product histories, comply with regulatory requirements, and manage warranty and recall processes if necessary.