Introduction:
ServiceBox has recently introduced an innovative "Do Not Track Inventory" feature in its accounting connector settings for QuickBooks Online and QuickBooks Desktop. This article will guide you through the functionality of this feature, helping you understand how it can benefit your business by providing greater flexibility in managing inventory tracking.
Understanding the "Do Not Track Inventory as Asset" Feature:
The "Do Not Track Inventory as Asset" feature is designed to give you control over how your inventory is tracked in your accounting software (QuickBooks Online or QuickBooks Desktop only). The feature is particularly useful for businesses with varied inventory management needs, allowing you to tailor your approach based on factors like simplicity, operational requirements, or resource limitations.
Why opt for "Do Not Track Inventory As Asset"?
1. Simplicity of Cost Tracking:
Some businesses prefer a straightforward approach to cost tracking without the added complexity of detailed inventory management. Enabling the "Do Not Track Inventory" feature accommodates this preference.
2. Specific Operational Needs:
Service-oriented companies may not necessarily need intricate inventory tracking. The feature allows such businesses to focus on their core services without the burden of detailed inventory management.
3. Small Businesses with Limited Resources:
For smaller businesses with limited resources, opting for basic accounting methods without intensive inventory tracking can be a practical choice. The "Do Not Track Inventory" feature supports this approach.
How This Feature Works:
1. Checkbox Decision:
A simple checkbox allows you to decide whether to track the item as an asset.
For a QuickBooks Online customer, go to the menu option "QuickBooks Online">Settings> Invoice Accounts> "Do Not Track Inventory as Asset".
For QuickBooks Desktop Users, a similar checkbox is available in the connector program, providing the same control over inventory tracking preferences.
2. Syncing with Accounting Software:
The impact of your decision becomes apparent during the syncing process with your accounting software. If the checkbox is unchecked, the item is treated as inventory, affecting asset or expense accounts.
If checked, the item is created as a non-inventory item in your accounting software.
Feel free to explore this feature within your ServiceBox account and reach out to our support team for any questions or further assistance ([email protected]). We're here to help you optimize your inventory management experience.