Press release
Setting The Record Straight with Quickbooks Negative Inventory On Hand
Kingston, UK: August 28, 2021 Negative inventory is caused when sales transactions are entered before the corresponding purchase transactions.This could be caused by several reasons such as incorrectly entering transactions. Generating timely invoices and inventory receipts for each transaction are very important, and failure to do so can cause receipts to be generated before sales are entered leading to a negative inventory state.
Potential issues include incorrect cost of goods sold balances, errors on vendor reports, and “out of balance” balance sheets.
According to John Rocha, E-Tech’s Technical Service Manager, this can also be caused due to employee negligence. “Operators sometimes neglect to enter Item Receipts, hence QuickBooks cannot calculate an average cost-of-goods-sold (COGS) when it’s sold if there is negative quantity ( https://quickbooksrecovery.co.uk/quickbooks-file-data-services/quickbooks-negative-inventory-repair ) ,” he said.
Negative inventory ( https://quickbooksrecovery.co.uk/quickbooks-file-data-services/quickbooks-negative-inventory-repair/ ) can be avoided by recording the sale of inventory items after they have been purchased and entered the purchases into QuickBooks.
To further elaborate on this, when creating a new inventory item, the quantity on hand can be entered to establish the average cost. If there are no units on hand, a purchase could be entered before entering the sale.
Using non-posting estimates and sales orders to track sales for contained inventory can be done by entering the customer order as an estimate or sales order and then purchasing the inventory item and entering the purchase into QuickBooks. Lastly, convert the estimate or sales order to an invoice.
Using pending invoices to enter sales for contained inventory can be done by entering the customer order as an invoice and then marking the invoice as pending. The inventory items can be purchased and entered into QuickBooks. The invoice can then be marked as final. Finally, adjust the invoice date to the date on which the goods are shipped to the customer. Setting preferences can also warn of potential problems. This can be done under Edit > Preferences > Items & Inventory > Company Preferences, where you can check mark the box that states “Warn if not enough inventory to sell.”
Withholding permissions prevents employees from making mistakes. Setting the date lock prevents users from entering transactions that they perhaps forgot to enter before month-end.
E-Tech offers a repair service to fix all instances of negative inventory in the QuickBooks file. The service will analyze your source data file to identify the items and dates the quantity on hand (QOH) went negative and then fix all occurrences of negative inventory. The repaired file will not have negative inventory and will verify correctly in QuickBooks.
For more information on this service, visit https://quickbooksrecovery.co.uk/quickbooks-file-data-services/quickbooks-negative-inventory-repair/
Melanie Ann
Media Relations
E-Tech
61 Bridge St.
Kingston HR5 3DJ
www.quickbooksrecovery.co.uk
About E-Tech
E-Tech is the leading service provider of QuickBooks File Repair, Data Recovery, QuickBooks Conversion and QuickBooks SDK programming in the UK and Ireland. In our 20 years plus of experience with Intuit QuickBooks, we have assisted over a 1000 satisfied customers with their requirements.
We offer a range of services for existing QuickBooks users and provide comprehensive solutions for small businesses. Additionally, our expertise covers the US, UK, Canadian, Australian (Reckon Accounts), and New Zealand versions of QuickBooks (PC and Mac platforms).
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