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How to Turn on Enhanced Inventory Receiving (EIR) in QuickBooks?

Enhanced Inventory Receiving, or EIR, in QuickBooks Desktop Enterprise, separates Item Receipts from Bills and creates a new process for […]


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Enhanced Inventory Receiving, or EIR, in QuickBooks Desktop Enterprise, separates Item Receipts from Bills and creates a new process for receiving and paying Items.

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What is QuickBooks Enhanced Inventory Receiving (EIR)?

EIR is known for managing the entirely new procedures of paying and receiving items and it is regarded as one of the best features in the QuickBooks Desktop Enterprise solutions. The most advanced feature offered by QuickBooks Desktop Enterprise V12.0 is QuickBooks Enhanced Inventory Receiving (EIR). When it is started, it changes previous transactions. This feature controls the entire new procedure for receiving and paying for the items.

What happens When You Turn on EIR?

  • Bills no longer replace Item Receipts and do not increase the number of Inventory Items.
  • Unless you receive a bill for an open item receipt, item receipts no longer have an impact on accounts payable.
  • Even if the item receipt is in a closed period, QuickBooks will change the item cost if you receive a Bill with different charges than the related item receipt.
  • Each time a new Item Receipt is entered in QuickBooks Desktop, the inventory average cost is recalculated. These item receipts occasionally cause a tiny rounding mistake to the average cost and change the order of inventory transactions throughout the day.
  • Every bill in your company file that includes items also generated an item receipt, which raises the total number of transactions.
  • The inventory-related third-party application might not work as expected.

Restrictions While using EIR

  • In Item Receipts or Bills, You can’t enter negative items.
  • On an Item Receipt, You can’t enter expenses.
  • For non-inventory Items, If you create a Purchase Order, to close the PO you must receive them with an Item Receipt.
  • On Item Receipts, you can no longer mark items as Billable.

Accounting Behind EIR

When you turn on EIR in QuickBooks Desktop, a liability account called Inventory Offset Account is created. The amount for bills and item receipts is removed from the offset account as they are entered.

When you enter an Item Receipt QuickBooks Desktop creates the following Journal Entry:

Item Receipt

DebitInventory Asset Account
CreditInventory Offset Account

When you enter a Bill QuickBooks Desktop creates the following Journal Entry:

Bill

DebitInventory Offset Account
CreditAccounts Payable

Common reports might not appear as they used to due to the way QuickBooks Desktop creates these transactions when you enable EIR.

Enable EIR

With EIR turned on, the account you used to set up the item is replaced with the Inventory Offset Account (Type: Other Current Liability) when creating bills (Expense or Income Account). The Account: All Income/Expense and Name: Filters are the default settings for the Job Profitability Detail report. The correct amount for Act is thus obtained by adding or changing the Filter Account to Inventory Offset Account. Cost column

Inventory Offset Account

How to Enable Enhanced Inventory Receiving (EIR)

  • Choose Preferences from the Edit menu and then you have to select Items and Inventory.
  • Then you have to go to the Company Preferences tab and then you have to select Enable which is under the Enhanced Inventory Receiving section.
  • After that, you have to review the warning message and then select Continue, then click on OK.
Company-Preferences
  • You will be asked to back up your company file.
  • It may take some time to complete this process as it depends on the size of your company file.
  • When it will finish, QuickBooks Desktop will provide a summary of changes that have taken place during this process.
Enhanced-Inventory-Receiving

New Process for Receiving and Paying for Items

To receive and pay inventory when EIR is off there are two ways.

  • Single Transaction: Enter a bill that also increases your inventory you have on hand.
  • Two Transactions: To increase your inventory, enter an item receipt. Then, record a bill against the item receipt.

You have to record two transactions in any order, after turning EIR on

  • A receipt for an item to increase inventory on hand.
  • Bill to pay for the Items. Note that after turning on EIR, item receipts no longer have an impact on your Accounts Payable. To see the accurate value of your Accounts Payable, you must enter a Bill against an open Item Receipt.

With the above article, you will be clear about how to turn on Enhanced Inventory Receiving (EIR). All the important steps have been mentioned above. In case you still face any issues related to this then you can connect with Dancing Numbers team via LIVE CHAT.

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Frequently Asked Questions (Faqs)

What is Enhanced Inventory Receiving?

The item receipt raises inventory on hand and a new liability account called Inventory Offset when using Enhanced Inventory Receiving. When EIR is enabled, there is no checkbox to convert an item receipt into a bill, yet the form is still visually comparable to the default Bill form in QuickBooks.

How to Turn off Enhanced Inventory in QuickBooks?

Enhanced Inventory Receiving, or EIR, in QuickBooks Desktop Enterprise, separates Item Receipts from Bills and establishes a new procedure for receiving and paying Items. Important: Once EIR is switched on, it cannot be turned off.

What is the Inventory offset Account in QuickBooks?

When you use the Enhanced Inventory Receiving (EIR) feature of QuickBooks, the Inventory Offset account is a liability account that is created (available in QuickBooks Enterprise only). Between item receipts and bills, this account serves as a clearing account.

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Dancing Numbers supports all QuickBooks entities that are mentioned below:-

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Invoice
Receive Payment
Estimate
Credit Memo/Return Receipt
Sales Receipt
Sales Order
Statement Charge

Vendor Transactions

Bill
Bill Payment
Purchase Order
Item Receipt
Vendor Credit

Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

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Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

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Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


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How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

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What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

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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.


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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