Using Bin Locations with Serialized items

Can someone clarify the functionality or lack there of regarding using serialization with bin locations. I am attempting use bin locations for serialized items. BUT I’m told that P21 does not track serialized items by bin location. Is that true or just true because I don’t have the proper licenses?

I see other posts describing issues with serialized bin tracking and utilizing serial number maintenance. I have a Serial Number Utility Maintenance but it does not look like what I need.

Can someone point me in the correct direction?

Maybe there is something in P21 like this checkbox in Site Configuration in Epicor Kinetic?