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QuickBooks Premier Retail Edition is the premier edition of Quickbooks designed for retail use. It’s a powerful business management tool with features that help you work smarter and faster in your store.
QuickBooks Premier Retail Edition- Features & Pricing 2022
The “quickbooks desktop premier 2022” is the most recent version of QuickBooks. It includes features that are not available in other versions, such as mobile support and new features for business owners.
QuickBooks Premier Retail Edition is a retailer-specific version of QuickBooks Premier desktop accounting software. It aids with the management of accounting operations such as sales, inventory, invoicing, and more in retail organizations. QuickBooks Retail contains all of the capabilities of QuickBooks Premier, plus inventory tools and reporting tailored to the retail market. For one person, QuickBooks Desktop Premier costs $549.99 a year, with the price increasing as the number of users increases.
Tip: When you buy QuickBooks Premier desktop software, you may pick between a standard business version and an industry-specific edition. During the download procedure, be sure you choose the Retail Edition.
Visit QuickBooks Desktop Premier for more information. for more information.
For What Reasons Do We Recommend QuickBooks Retail Edition?
QuickBooks Retail Edition is ideal for small to medium-sized brick-and-mortar businesses that need specialized inventory, pricing, and industry-specific reporting features. It has simple price administration, sales order fulfillment, and sales and customer information monitoring, all of which are critical to any retail operation. QuickBooks Retail Edition is for you if you require a single platform to handle retail revenue and expenditures, produce and send invoices, maintain inventory, and calculate sales tax.
QuickBooks Retail Edition Is Particularly Beneficial For
- QuickBooks POS is a superb point-of-sale (POS) solution that interacts smoothly with QuickBooks Retail Edition to make monitoring sales and inventory simpler.
- Retail shops that utilize a cash register may use the Input Daily Sales tool to swiftly enter the day’s sales if they use a cash register to monitor and summarize sales.
- If you have an in-house bookkeeper working on a single computer, QuickBooks Retail is perfect since you can directly verify and review books with them rather than sharing files online.
- Individual sales in retail stores: You may record sales to individual customers as either sales receipts or invoices, depending on whether the consumer pays right away or later.
- Retailers who compute cost of goods sold (COGS) using average cost: When you sell a product, QuickBooks Premier calculates and records your COGS using the average-cost technique of monitoring inventory costs.
The Retail Edition of QuickBooks Isn’t a Good Fit For
- Owners of small businesses who wish to maintain their own books should: The learning curve for QuickBooks Retail Edition is significant, particularly if you’re new to accounting principles. You can’t exchange files with your accountant in real time since they aren’t saved on the cloud. QuickBooks Online is more user-friendly, and it gives your accountant real-time access to critical data.
- Fixed asset management is not included in QuickBooks Retail for retail enterprises. If your retail firm relies heavily on fixed assets, we suggest Xero, which lets you to manage and monitor fixed assets such as machinery and equipment.
- Retail firms with several locations: If you have many retail locations and need access for various people at different places, cloud-based retail accounting software like QuickBooks Online Plus could be a better option.
- Businesses that need inventory costing on a last-in, first-out (LIFO) or first-in, first-out (FIFO) basis: Only the average cost technique will be used to calculate the cost of inventory sold in QuickBooks Retail Edition. You may use QuickBooks Enterprise, a more capable application with LIFO or FIFO inventory accounting built-in, or you can buy third-party plugins that give extra inventory choices.
Are you on the lookout for something unique? Check out our guide to the best small company accounting software if you want to learn more about other comprehensive accounting software for business owners.
Pros and Cons of QuickBooks Retail Edition
Visit QuickBooks Desktop Premier for more information. for more information.
Pricing for QuickBooks Retail Edition
QuickBooks Premier retail version costs the same as QuickBooks Premier for small businesses. The cost of QuickBooks Desktop Premier 2022 ranges from $549.99 for one person to $1,749.99 for five users each year. There is no longer a one-time purchase option for QuickBooks Desktop Premier or any other QuickBooks Desktop package. Instead, the Plus membership is required, which includes automatic data backups, yearly system upgrades, and unlimited customer assistance.
The price for QuickBooks Desktop Premier is broken down in the table below:
QuickBooks Retail Edition may accommodate up to five users. You’ll need to upgrade to QuickBooks Enterprise if you require more than five users. QuickBooks Enterprise allows up to 40 users.
QuickBooks Retail Edition vs. QuickBooks Online Pricing
QuickBooks Retail is a cost-effective option for a single user. For $549.99, you can buy industry-specific accounting software for a single user. You may even use the program to keep track of the books for an endless number of businesses. QuickBooks Online Plus, on the other hand, costs $80 a month and does not include a retail edition. For each business for which you’re preparing the books, you’ll need an unique QuickBooks Online membership.
The QuickBooks Online Plus subscription allows for up to five concurrent users, while the QuickBooks Retail Edition only allows for one user unless additional licenses are purchased. For a thorough comparison of desktop and online solutions, see our page on QuickBooks Online versus Desktop.
Other QuickBooks Desktop Editions Pricing
Nonprofit, Contractor, Manufacturing and Wholesale, Professional Services, and Retail are the five industry-specific versions of QuickBooks Premier. QuickBooks Enterprise includes all of these industry-specific versions. QuickBooks Pro ($349.99 per year for one user) and QuickBooks Enterprise ($1,340 per year for one user) are the other desktop products. Learn more about the various QuickBooks desktop products in our QuickBooks desktop comparison guide.
Features of QuickBooks Retail Edition
In addition to the usual capabilities described in our QuickBooks Desktop Premier review, QuickBooks Retail Edition includes industry-specific functionality. These functions aid in the management and tracking of inventory, sales, customers, and pricing for retail enterprises.
In 2022, there will be new features.
There are various new features in QuickBooks Desktop 2022 that may help retail enterprises.
- With its improved 64-bit processing capabilities, QuickBooks Retail is now 38 percent quicker and more dependable. This means you’ll be able to generate invoices, manage inventory, and monitor sales tax more quickly, resulting in increased company efficiency.
- Pay Vendor Bills Online: QuickBooks Desktop Premier’s mobile app makes it simple to pay suppliers and wholesale manufacturers. You may use your smartphone to input invoices or take a photo of your document. You may then use Melio to pay your suppliers online, eliminating the need to print and send paper checks.
You may build and send a payment URL to your customers for prepayment if you allow partial payments or payments in installments. This feature is beneficial to companies who collect deposits from consumers for goods or services that have not yet been delivered. The consumer receives the URL link, and QuickBooks Premier keeps track of it until it’s paid.
Examine QuickBooks Retail Edition’s Industry-Specific Functionality
- Set up and monitor inventory by item: Each of your goods may be set up as its own inventory item. You can specify a standard cost and sales price per item that will automatically complete purchase orders (POs) and invoices, but you can still adjust the price on those forms if it changes.
The inventory item panel also keeps track of the number of units on hand, POs, and sales orders. You may also set a reorder point to get notified when your inventory is running low and needs to be refilled. With each inventory acquisition, the average cost per unit is computed and utilized to estimate the cost when a unit is sold:
In QuickBooks Retail Edition, here’s an example of an inventory item.
- Set specific pricing levels for individual inventory items or apply a custom price level rule to all inventory items. For example, you might create a Friends and Family pricing level that lowers the sales price of all inventory goods by 10%. When producing invoices and sales receipts after setting a custom pricing level, you may select whether to use the normal price or the custom price level:
In QuickBooks Retail Edition, you may set various price levels.
- Create POs: You can create a PO when ordering inventory. The units on POs will show in the inventory item screen so you know there are more units on the way. To create a PO, go to the Vendors menu and click on Create Purchase Orders. Complete the Create Purchase Orders form, and click Save & Close or Save & New:
In QuickBooks Retail Edition, create a new Purchase Order.
- Shrinkage is an unavoidable element of retail sales. Adjust inventories to account for it. Shrinkage may be recorded by either inputting the amount of the adjustment (for example, if you know an item was broken) or the actual units of inventory on hand. Based on the average cost per unit, QuickBooks will make an adjustment to report the shrinkage charge.
- Create sales orders: Sales orders will assist QuickBooks in ensuring that you have enough inventory. Units available are determined by subtracting inventory required to fulfill open sales orders from units on hand. QuickBooks will tell you that it’s time to repurchase when available units fall below the minimum you select.
To make a sales order, go to the Retail tab and choose Create Sales Orders. Choose the relevant class from the dropdown list, choose a template (optional), and fill in the needed information on the Create Sales Orders form:
In QuickBooks Retail Edition, create a new Sales Order.
- Once an order has been completed, you may convert the sales order into an invoice that can be printed or sent to the buyer.
- Construct customer groups: You may use specific criteria like customer type, location, status, and balance to create rule-based customer groups in QuickBooks Retail Edition. You can save time by forming customer groups and reducing the amount of time you spend sending emails to customers and updating customer lists.
- Add barcodes to sale pricing: In addition to the product name and description, QuickBooks Retail now allows you to put sales prices on your product bar codes. This enables you to effectively convey price to your staff and consumers.
- Produce Invoices: You may start from scratch and create an invoice, a sales order, or an estimate. QuickBooks Retail gives you the option of selecting from a variety of invoice templates, each of which can be customized with colors and a logo. Important information, such as the customer’s name, date, item descriptions, and amount, must be included while constructing an invoice:
In QuickBooks Premier Retail Edition, create a new invoice.
- Customize payment receipts: QuickBooks Retail now enables you to modify and customize payment receipts to include your logo and other brand-related data.
Reports
In addition to all the usual accounting reports and financial statements like the balance sheet and statement of profit and loss (P&L), retailers will find these QuickBooks Retail reports useful:
- Gross Margin by Inventory Item: This report breaks down inventory sales by inventory item, reporting the amount sold, average selling price, cost of goods sold (COGS), gross margin (or profit), and gross profit percentage. This will assist you figure out which of your goods are the most lucrative and worthy of prominent floor space (or website positioning for online stores):
In QuickBooks Retail, here’s an example of a Gross Margin by Inventory Item report.
- Inventory Valuation Summary: This report tells you not only how much inventory you have on hand, but also how much it costs and how much it sells for:
In QuickBooks Retail, here’s a sample Inventory Valuation Summary report.
- Inventory Stock Status by Item: This is highly useful for deciding when inventory should be reordered. It shows not only the units on hand, on sales orders, and on POs, but also the average weekly units sold for each inventory item:
In QuickBooks Retail, a sample Inventory Stock Status by Item report is provided.
Customer Service and Usability
QuickBooks Retail Edition offers full navigation centers to assist novice users find their way around the system, while not being as straightforward to set up and use as cloud-based accounting solutions. The QuickBooks Retail screen has a menu bar and dropdowns under each menu, so you can quickly access the functions you need. The Retail Menu bar, for example, has dropdown menus for doing a variety of tasks, such as inputting daily sales, producing estimates and sales orders, and paying bills:
Home Screen of QuickBooks Desktop Retail Edition
You can get assistance via the in-software help center, live chat support, an online knowledge library of informative articles, and a community forum, among other places. QuickBooks Premier customers also get access to unlimited phone customer support.
Alternatives to QuickBooks Retail Edition
Conclusion
QuickBooks Retail Edition is an industry-specific version of QuickBooks Premier that is very powerful. It may help you better manage your inventory and simply alter product prices and price levels, enabling you to take advantage of special pricing. Despite the fact that QuickBooks Retail Edition is a capable desktop tool, it is best utilized by an experienced in-house bookkeeper.
If you buy QuickBooks Premier, be sure to download the QuickBooks Retail Edition for free and start utilizing its industry-specific features right away.
QuickBooks Premier Retail Edition is a software that offers you an online and offline solution for your financial needs. It also offers the ability to manage different types of accounts, such as bank accounts, credit cards, and loans. This software costs $149.99 per year or $59.99 per quarter. Reference: quickbooks premier online.
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