Learn About Enhanced Receiving in QuickBooks Enterprise

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Call brief
Lori Walsh from Fourlane discussed the Enhanced Receiving feature in QuickBooks, highlighting the key differences between having it turned on and off, including the creation of a separate "Inventory Offset" account, the separation of responsibilities between the accounts payable and receiving teams, and the importance of reconciling the accounts to maintain accurate records. The presenter demonstrated the process of creating purchase orders, item receipts, and paying bills, emphasizing the benefits of the enhanced receiving feature for better visibility, control, and reconciliation of open items.

Key points
1. Lori discussed the enhanced receiving feature in QuickBooks and its key differences compared to the standard receiving process.
2. Enhanced receiving provides more control and visibility over the receiving and accounts payable processes.
3. It creates a separate "inventory offset" account on the balance sheet to track received items before they are billed.
4. This allows for reconciliation of the receiving account and better visibility into open transactions.
5. Enhanced receiving is a one-way feature - it cannot be turned off once enabled, so Lori advised testing it in a sandbox environment first.
6. The meeting covered setting up user permissions for inventory and accounts payable teams to segregate duties.
7. Lori demonstrated how to process multiple receipts against a single vendor bill using enhanced receiving.
8. She emphasized the importance of reconciling the receiving account regularly to identify any discrepancies.
9. Enhanced receiving can help prevent issues like accidentally paying for items not yet received.
10. Overall, the feature provides more control and visibility, but requires careful implementation and process changes.

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