The Menace of Negative Inventory in QuickBooks

Kingston, March 13, 2023: Negative inventory is a sign of poor management when processing sales and manufacturing orders, not a necessary occurrence that manufacturers must face. And if you continue to allow the negative stock to generate in your inventory, you will always be risking selling items to customers that you don't have in stock, performing a stock transfer with insufficient inventory and ordering more materials even though necessary materials are already in production.
Negative inventory is also bad because Profit and Loss Cost of Goods Sold (COGS) amount turn out incorrect, cash basis balance sheets are out of balance, balance sheet inventory amounts show incorrectly, vendor reports contain errors and bills for inventory purchases show up on income and expense reports.
The situation of negative inventory can be avoided by setting up inventory items with an opening balance. This can be done by entering the quantity on hand and value to establish the average cost when creating a new inventory item. Non-posting estimates and sales orders can be used to track sales for which inventory is available. Pending invoices can also be used to enter sales for which inventory is available.
Withholding employee permissions prevents employees from making similar mistakes, while setting the date lock prevents users from entering transactions that they may have forgotten to enter before the end of the month.
E-Tech offers a repair service to fix all instances of negative inventory in the QuickBooks file. The service will analyze the source data file to identify the items and dates the quantity on hand went negative and then fix all occurrences of negative inventory. The repaired file will not contain any trace of negative inventory and will verify correctly in QuickBooks.
Visit https://quickbooksrecovery.co.uk/quickbooks-file-data-services/quickbooks-negative-inventory-repair/ for more information.

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 thousand 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).

For media inquiries regarding E-Tech, individuals are encouraged to contact Media Relations Director, Melanie Ann via email at Melanie@e-tech.ca.

This release was published on openPR.