- July 14, 2018
- Posted by: developer
- Category: Blogs, Quickbooks Fishbowl Inventory
Inventory management and manufacturing software for QuickBooks are provided by Fishbowl. The software is a cloud-based inventory management solution for QB online that is available free of cost. Targeted at small & medium size businesses, it is specially designed for the purpose of completely automating inventory management.
Another useful advantage associated with the software is that it does not have ads and no caps on items in inventory, user numbers & locations. Neither there’s need to upgrade tiers, not the credit card is required.
Why is FishBowl used for inventory management?
You might be wondering why organizations need FishBowl for accomplishing inventory management in QB? Why can’t they just do it in QB? This is done as the handling of Landing cost becomes very easy once the accounting software is coupled with FishBowl inventory. Landed cost is defined as the purchase cost of a part including all expenses used in landing the part in the warehouse.
However, application of landing cost to parts is possible without FishBowl inventory(using any Work around outside the system), still there’s some sort of limitations-three major of them are described below:
- If you’re applying landing cost without FishBowl, then you will have to do extra work, specifically in the case when different you receive different parts on an invoice.
- Choosing any other workaround outside the system for applying landing cost can cause errors.
- Not every person outside the system can be freely given rights to adjust inventory values.
Keeping in mind the above-mentioned limitations, usage of FishBowl integrated inventory management system with QB can be the most feasible mean.
Account Integration: When it comes to integration of Fishbowl, the processing facility is available in QuickBooks Online & Xero. Through the description mentioned ahead, our motive is to make users aware of inventory management integration in QuickBooks.
If you want to process inventory and manufacturing then integrate FishBowl in QuickBooks Pro, Premier, Enterprise & Online versions. You can know it better going through quick comparison chart.
How to export Data from FishBowl to accounting system?
Some major considerations which all should be kept in mind while exporting data to accounting system:
Accounting integration must be completed before proceeding for exporting data from FishBowl to the accounting system. One also initiates the export process by going to the Export link in the DashBoard Module. Steps are given below:
- Go to ACCOUNTING Module in the accounting group.
- Click the EXPORT button placed in the toolbar module.
- Standard Export-Standard method exports something which has been completed since the last successful export.
- Report- It facilitates the re-exporting of all entries within the given data range. It should be used carefully in order to avoid duplicates in case entries are already posted.
- Mark as Posted
How to Import Data from FishBowl to QuickBooks?
In order to import data from QBO to the fishbowl, choose which type of information should be imported and next click IMPORT button located on General Tab of the accounting module. Through FishBowl initial inventory can be added in some different ways:
- Import Inventory via CSV File- Comma-separated Values are most commonly used formats for databases & spreadsheets. CSV files give allowance to information to be imported from spreadsheets. Another way to export such type of file is bar-code readers.
- Add Inventory in the Inventory module- ADD INVENTORY or CYCLE COUNT options can be used for adding initial inventory and adjusting inventory quantities.
No doubt, Fishbowl is loved by accounting professionals as it integrates seamlessly with QuickBooks for facilitating robust inventory management system. Likewise other software systems, it has some limitations too. As it involves a variety of people, hence there are possibilities of FishBowl errors under certain circumstances. Let’s discuss four common FishBowl errors and:
Reconciliation of QB & FishBowl fails at initial stage: In such case, you need to perform the reconciliation at the “GO LIVE” Point prior to any operating transactions.
Inventory Parts are mapped with a Wrong account: Mapping of new inventory parts in FishBowl can be done in two places. The default mapping is mandatory, and it depends on the FishBowl part type. Individual part account mappings are the second type which can be used optionally.
People commit a common mistake by mapping wrong account while using individual account mappings. Procedure for mapping Inventory and Non-Inventory parts differ from one another. Inventory Parts should be mapped to Inventory Asset Account, while Non-Inventory Parts should be mapped on the cost of goods sold (COGS) account.
Creation of POs(Purchase Orders) with zero dollars: There is a disconnection between Accounting and Operations, which is often realized that accounting focuses on dollars and operations do focus on quantities. In the case of the new part, purchasing will reduce a PO with zero cost amount.
Issuing purchase orders with zero dollar value is not acceptable in real means. Whenever, any item is received against PO with zero dollar value, zero dollars costing layer is created in the inventory system. To understand the concept deeply or to avoid any misconceptions associated with it you can take assistance from support executives.
Edit Inventory Transaction in QuickBooks: Fishbowl QuickBooks environment is a one-way push from FishBowl to QB. Any editing or customization in QB side will be responsible for creating differences between QB control account & sub-ledger of FishBowl.
Headed by a group of proficient, dedicated and experienced technical support staff, we provide reliable QuickBooks Support Service on all major & minor concerns associated with the accounting software. For any query or technical concern, feel free to visit QuickBooks 24*7 whenever you need.
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