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Use Serial, Lot Numbers, and Expiration Date to Track Inventory in QuickBooks

An excellent set of smart inventory management features is one of QuickBooks Enterprise features. These features simplify monitoring and providing […]


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An excellent set of smart inventory management features is one of QuickBooks Enterprise features. These features simplify monitoring and providing reports on your company’s inventory. QuickBooks Enterprise now supports serial, lot numbers, and expiration date tracking in addition to features like mobile barcode scanning, order fulfillment, cycle counts, in-depth inventory reports, and multi-location inventory management. Keep in mind that a lot number is a number that is assigned to a collection of items that share specified common qualities. Still, a serial number is a unique identifying number that is assigned to a manufactured product by a manufacturer. Because QuickBooks Enterprise does not support tracking of serial numbers, lot numbers, and expiration dates you must make your choice before using this functionality.

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To track inventory in QuickBooks Desktop Enterprise use serial or lot numbers and expiration dates. When Turn on Advanced Inventory QuickBooks Desktop Enterprise, you can track inventory with serial numbers, lot numbers, and expiration dates. Read this article and know more about using serial, lot numbers, and expiration dates to track inventory in QuickBooks Desktop Enterprise.

Use Serial, Lot Numbers to Track Your Inventory

Before starting you should decide that you want to track serial or lot numbers. Only you can choose one.

Use Serial Numbers if You:

  • With unique serial numbers, you can buy and sell inventory items.
  • Keep a record of the customers who purchased particular serial numbers.
  • Would like to know what serial numbers are on hand.
  • Require a report with all the invoices for a specific serial number. (This enables you to track the history of a serial number for a warranty.)

Use Lot Numbers if You:

  • In lots buy items.
  • From a specific lot keep track of which customers bought items.
  • If you need to keep track of every item from a specific lot, you will need a recall report. (For example, who purchased the things and what is now in stock).

Note: To avoid any errors, make careful to enter the serial or lot number before completing the transaction.

To Track Your Inventory Items Turn on Serial or Lot Numbers

  • Start by selecting the Edit option from the ▼ dropdown menu, and then you have to choose Preferences.
  • Then you have to select Items and Inventory, and then you have to choose Company Preferences.
  • Select Serial/Lot Number & Expiration Dates under Advanced Inventory Settings (if available).
  • Choose Serial Numbers or Lot Numbers, then choose Activate Lot or Serial Numbers.
  • Select the transaction types you wish to display serial or lot numbers for by going to Show Serial or Lot Number. Most purchase and sales forms that QuickBooks adds a serial or lot number column to include:
    • Bills
    • Checks
    • Item receipts
    • Credit card transactions
    • Pending invoices and sales orders
    • Invoices
    • Credit memos

Ensure that serial or lot numbers are always entered on invoices, sales receipts, item receipts, inventory transfers, and adjustments to the quantity in stock. Make Serial or Lot Numbers mandatory by selecting For the Selected Transactions.

  • Then you have to select OK.

You don’t have to enter serial numbers into QuickBooks right away if you already have a lot of inventory with them. As you receive purchased items with serial numbers, enter them. All of your serial numbers will then be in your company file.

Turn on the Expiration Date

You can sell the stock that is about to expire by selecting certain serial or lot numbers based on expiration. You can stop the stock from turning bad as you get items. Make the entry of serial or lot numbers and an expiration date necessary. To keep track of your inventory products, enable the expiration date after enabling serial or lot numbers.

  • First, You have to select Activate Expiration date.
  • Select the type of transactions you wish to display the expiration date for under Show expiration date. Most buy and sales forms include an expiration date box added by QuickBooks, including:
    • Bills
    • Invoices
    • Item receipts
    • Credit memos
    • Orders for sales and pending invoices
  • Optional: Ensure that serial or lot numbers are always entered on invoices, Sales Receipts, item receipts, inventory transfers, and adjustments to the quantity in stock. Make serial or lot numbers mandatory by selecting For the selected transactions.
  • If the expiration date is left out, an error message will appear.
  • At last, you have to select OK.

What is the Difference Between Serial, Lot Numbers, and Expiration Date?

These numbers or codes, often known as LSNs, serve to specifically identify inventory units within a single item. Despite the fact that serial and lot numbers can sometimes be used interchangeably, serial numbers are usually unitary whereas lot numbers are not.

Serial Number: A serial number, which can be seen on the package or the product itself, is an identification number given to a specific unit of a product from a single manufacturer. A serial number is generated once tracking an object starts, and it can be changed and tracked. The risk of accidents and incorrect device assembly is eliminated by tracking the serial number of each component.

Lot Numbers: An identification number known as a lot number is given to a specific quantity, batch, or lot of a product from a single manufacturer. Normally, packaging will have a lot numbers on the outside. To make each package concise, manufacturers frequently use barcode scanning and label printing. This definitely makes it easier to receive purchased parts.

Expiration Date: For 2023, Select Enterprise subscribers who track lots or serialized products will have access to an Expiration Date feature. They can now view expiration dates for Sales Transactions and get expiration dates for related reporting.

Assign Serial/Lot Numbers to Existing Inventory

Make sure your current inventory includes all relevant information on the serial or lot numbers. When you want to apply serial or lot numbers to already-existing inventory, use Adjust Quantity/Value on Hand.

Serial Numbers

  • Select Adjust Quantity/Value on Hand under Inventory.
  • Then you have to select Serial Number from the ▼ dropdown menu after choosing Adjustment Type.
  • Now you have to choose the Adjustment Date.
  • Enter the item’s name in the Item field or choose it from the item list by clicking the Small Arrow▼.
  • Select Quick View for Serial Numbers from the Serial number column.
  • Now you have to enter the serial numbers.
  • For each item, Repeat steps 3 through 6.
  • After finishing, Choose Save & Close.
  • Run the Serial/Lot Numbers in the Inventory report to check your entries for mistakes.

You can paste Excel serial numbers or a list of values separated by commas (CSV).

Excel/ CSV Files

  • From your Excel document, copy the serial numbers.
  • Enter the item’s name in the Item field or choose it from the list by clicking the Small Arrow▼.
  • Decide which column to Add Serial Numbers to.
  • Select Quick View for Serial Numbers by clicking the Small Arrow▼.
  • Excel: Right-click, choose Paste, and then click OK.
  • Copy the serial numbers from CSV and paste them directly into the Serial Numbers area.
  • Select Save & Close after performing as necessary.

Lot Numbers

  • Select Adjust Quantity/Value on Hand under Inventory.
  • Now you have to choose Lot Number from the ▼dropdown menu after choosing Adjustment Type.
  • Then choose the Adjustment Date.
  • Enter the item’s name in the Item field or choose it from the item list by clicking the Small Arrow▼.
  • In the Lot Number field, Type the Lot Number.
  • Enter the number of the lot’s items in the New Count column.

Pro Tip: Repeat steps 4 and 5 to assign a new lot number to additional copies of the same item or to a different item.

  • After finishing, choose Save & Close.
  • Run the Serial/Lot Numbers in the Inventory report to make sure your entries are correct.

Assign Existing Serial or Lot Numbers to Expiration Date

To give serial or lot numbers an expiration date, use Adjust Quantity/Value on Hand.

Serial Numbers

  • Select Adjust Quantity/Value on Hand under Inventory.
  • Then choose Serial Number after selecting Adjustment Type▼.
  • Choose an Adjustment Date.
  • You can either type the item’s field into the item box or choose it from the item list by clicking the Small Arrow▼ icon.
  • Select Add Multiple Serial Numbers under the Serial number column.
  • After choosing the serial numbers and entering the expiration dates, click Yes, and then update.
  • On each item, Repeat steps 4, 5, and 6.
  • Run the Serial Numbers in the Stock report to verify the accuracy of your entries.

Lot Numbers

  • Start by selecting Adjust Quantity/Value on Hand under Inventory.
  • Then choose Lot Number after selecting Adjustment Type▼.
  • Choose an Adjustment Date.
  • You can either type the item’s name into the item box or choose it from the item list by clicking the Small Arrow▼ icon.
  • From the Lot Number field, choose the lot number.
  • Enter the expiration date in the Expiration date field, and then you have to click the Yes, update button.

Pro Tip: Repeat steps 4 and 5 as necessary to assign an expiration date to a different lot number of the same item or a different lot number to a different item.

  • Running the Lot Numbers in the Stock report will verify the accuracy of your entries.

Use the Inventory Expiration Status Report

You may track and keep track of expired and expiring lots/serials in one location with the help of inventory expiration status.

  • You have to select Reports and then click on Inventory
  • Then you have to choose Inventory Expiration Status

Note: Turn on the Inventory and purchase orders are active checkbox in the Items and Inventory Company Preferences to access inventory reports.

Your inventory lot and serial numbers are listed in this report, along with the expiration date and days left to expire.

You will also be able to filter for:

  • All items
  • Yet-to-expire items
  • Custom date range
  • Already expired items

Conclusion

With the help of this blog, you will be able to solve your issue regarding using serial, lot numbers, and expiration dates to track inventory in QuickBooks Desktop Enterprise. In case you still face any issues regarding this then you can directly connect with Dancing Numbers team via LIVE CHAT. The team will always be there for their users to help them out.

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Frequently Asked Questions (Faqs)

How to Add a Serial Number to an Item in QuickBooks?

If you want to add a serial number to an item in QuickBooks then you have to follow the below mentioned steps:

● Start by clicking the Gear icon.
● Then you have to go to Products and services.
● Now you have to choose the item and then you have to click the Edit option.
● In the Item/Service code field you have to enter the serial number.
● At last, You have to click on Save and then close.

How to Keep a Track of Serial Numbers?

Using a spreadsheet is one of the greatest ways to keep track of everything. The serial number, product name, and purchase date can all be stored in separate columns that you can create. Even different tabs can be used to differentiate between business and personal items.

How do Serial Numbers and Lot Numbers Appear on Printed Forms?

Serial and lot numbers on printed forms can be added or removed by editing templates. On the display serial and lot numbers constantly appear. Multiple serial numbers are displayed in the description on printed forms, each one separated by a comma. The lot number is displayed in a separate column.

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Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

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