Kingston, United Kingdom, 25th Sep 2022, King NewsWire,
Negative Inventory happens when sales transaction have been entered without the items on hand.
Negative Inventory can also be a result of failing to enter all purchase orders into QuickBooks, miscalculation of physical inventory so the quantity in QuickBooks is different, the quantity received from a supplier does not match the purchase order in QuickBooks, or if purchase orders were not converted to invoices. QuickBooks only counts items as inventory after an invoice is created.
Avoiding Negative Inventory can be done by entering the quantity on hand and value to establish the average cost. If there are no units on hand, enter a purchase before entering the sale.
Also use non-posting estimates and sales orders to track sales for which there is no inventory – First, enter the customer order as an estimate or sales order. Next, purchase the inventory item and enter the purchase into QuickBooks. Lastly, convert the estimate or sales order to an invoice.
Pending invoices can also be used to enter sales for which there is no inventory – First, enter the customer order as an invoice and then mark the invoice as pending. Second, purchase the inventory items and enter the purchase into QuickBooks. Next, mark the invoice as final. Finally, adjust the invoice date to the date on which the goods are shipped to the customer.
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.
For more information on this service, visit https://quickbooksrecovery.co.uk/quickbooks-file-data-services/quickbooks-negative-inventory-repair/
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).
For media inquiries regarding E-Tech, individuals are encouraged to contact Media Relations Director, Melanie Ann via email at Melanie@e-tech.ca.
Contact Person: Melanie Ann
Address 1: 61 Bridge St. Kingston HR5 3DJ
Country: United Kingdom
The post How Negative Inventory in QuickBooks can be avoided appeared first on King Newswire.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Economy Lane journalist was involved in the writing and production of this article.