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Subject Author Date
Inventory tracking news.verizon.net 05-12-2008
Posted by news.verizon.net on May 12, 2008, 7:28 am
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 Our inventory data in QB has shown unreasonable increases that we can't
explain. Upon review, we found that invoices for incoming items were
sometimes held up and then entered in groups. Sometimes the invoices were
not entered in date sequence. In many cases the invoices were entered after
the sales of the items such that we were selling from negative inventory per
QB. Ultimately, though, all invoices and sales were dated in QB as they
happened. Does the QB inventory system fix itself when all the data is in
or does the effect of selling from negative inventory persist?



Posted by QBConsultant on May 12, 2008, 11:13 am
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 wrote:
> Our inventory data in QB has shown unreasonable increases that we can't
> explain. =A0Upon review, we found that invoices for incoming items were
> sometimes held up and then entered in groups. =A0Sometimes the invoices we=
re
> not entered in date sequence. =A0In many cases the invoices were entered a=
fter
> the sales of the items such that we were selling from negative inventory p=
er
> QB. =A0Ultimately, though, all invoices and sales were dated in QB as they=

> happened. =A0Does the QB inventory system fix itself when all the data is =
in
> or does the effect of selling from negative inventory persist?

When you sell from negative inventory, you create problems in QB.
When there is negative inventory, it doesn't know what cost to assign
to COGS, so it 'guesses'. This creates a big mess in QB. Just
entering the invoice for the purchase of the inventory later doesn't
fix everything. You can try entering the invoices as of their proper
date, but I suspect you'll still have problems with inventory/COGS.
When this happened with one of my clients, we decided that it wouldn't
be cheaper and less time consuming to start over with a new file.
Good luck!

Michelle L. Long, CPA, MBA
Author of: Successful QuickBooks Consulting: The Complete Guide to
Starting and Growing a QuickBooks Consulting Business
http://www.SuccessfulQuickBooksConsulting.com
http://www.amazon.com/Successful-QuickBooks-Consulting-Comprehensive-Startin=
g/dp/1434810690

Posted by news.verizon.net on May 12, 2008, 11:23 am
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wrote:
> Our inventory data in QB has shown unreasonable increases that we can't
> explain. Upon review, we found that invoices for incoming items were
> sometimes held up and then entered in groups. Sometimes the invoices were
> not entered in date sequence. In many cases the invoices were entered
> after
> the sales of the items such that we were selling from negative inventory
> per
> QB. Ultimately, though, all invoices and sales were dated in QB as they
> happened. Does the QB inventory system fix itself when all the data is in
> or does the effect of selling from negative inventory persist?

When you sell from negative inventory, you create problems in QB.
When there is negative inventory, it doesn't know what cost to assign
to COGS, so it 'guesses'. This creates a big mess in QB. Just
entering the invoice for the purchase of the inventory later doesn't
fix everything. You can try entering the invoices as of their proper
date, but I suspect you'll still have problems with inventory/COGS.
When this happened with one of my clients, we decided that it wouldn't
be cheaper and less time consuming to start over with a new file.
Good luck!

Michelle L. Long, CPA, MBA
Author of: Successful QuickBooks Consulting: The Complete Guide to
Starting and Growing a QuickBooks Consulting Business
http://www.SuccessfulQuickBooksConsulting.com
http://www.amazon.com/Successful-QuickBooks-Consulting-Comprehensive-Starting/dp/1434810690


Thank you. That explains why we have the mess we do. Looks like we will
need to enforce data entries in sequence as they happen once we clear up the
current situation. Thanks again.

Al Levesque



Posted by Haskel LaPort on May 12, 2008, 11:42 am
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wrote:
> Our inventory data in QB has shown unreasonable increases that we can't
> explain. Upon review, we found that invoices for incoming items were
> sometimes held up and then entered in groups. Sometimes the invoices were
> not entered in date sequence. In many cases the invoices were entered
> after
> the sales of the items such that we were selling from negative inventory
> per
> QB. Ultimately, though, all invoices and sales were dated in QB as they
> happened. Does the QB inventory system fix itself when all the data is in
> or does the effect of selling from negative inventory persist?

When you sell from negative inventory, you create problems in QB.
When there is negative inventory, it doesn't know what cost to assign
to COGS, so it 'guesses'.

The program uses the default cost entered on the item setup screen when an
item with zero or negative count is sold.

When the user later records receipt of said item the prior historical cost
of goods sold is replaced with the actual cost entered by the subsequent
receipt. If receipts are entered in the correct date sequence the program
should end up with the correct inventory quantity, valuation and historical
cost of goods sold.





This creates a big mess in QB. Just
entering the invoice for the purchase of the inventory later doesn't
fix everything. You can try entering the invoices as of their proper
date, but I suspect you'll still have problems with inventory/COGS.
When this happened with one of my clients, we decided that it wouldn't
be cheaper and less time consuming to start over with a new file.
Good luck!

Michelle L. Long, CPA, MBA
Author of: Successful QuickBooks Consulting: The Complete Guide to
Starting and Growing a QuickBooks Consulting Business
http://www.SuccessfulQuickBooksConsulting.com
http://www.amazon.com/Successful-QuickBooks-Consulting-Comprehensive-Starting/dp/1434810690


Posted by aps on May 26, 2008, 12:17 pm
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>wrote:
>> Our inventory data in QB has shown unreasonable increases that we can't
>> explain. =A0Upon review, we found that invoices for incoming items were
>> sometimes held up and then entered in groups. =A0Sometimes the invoices we=
>re
>> not entered in date sequence. =A0In many cases the invoices were entered a=
>fter
>> the sales of the items such that we were selling from negative inventory p=
>er
>> QB. =A0Ultimately, though, all invoices and sales were dated in QB as they=
>
>> happened. =A0Does the QB inventory system fix itself when all the data is =
>in
>> or does the effect of selling from negative inventory persist?
>
>When you sell from negative inventory, you create problems in QB.
>When there is negative inventory, it doesn't know what cost to assign
>to COGS, so it 'guesses'. This creates a big mess in QB. Just
>entering the invoice for the purchase of the inventory later doesn't
>fix everything. You can try entering the invoices as of their proper
>date, but I suspect you'll still have problems with inventory/COGS.
>When this happened with one of my clients, we decided that it wouldn't
>be cheaper and less time consuming to start over with a new file.
>Good luck!
>
>Michelle L. Long, CPA, MBA
>Author of: Successful QuickBooks Consulting: The Complete Guide to
>Starting and Growing a QuickBooks Consulting Business
>http://www.SuccessfulQuickBooksConsulting.com
>http://www.amazon.com/Successful-QuickBooks-Consulting-Comprehensive-Startin=
>g/dp/1434810690

You obviously cannot sell negative inventory. You will need to do one of two
things:
1. Take a physical inventory of items marked in QB as negative quantities; or
2. If you are selling special order items, enter them as a special order items
in QB with
an associated cost. You should be able to override the cost for each item sold.
3. Also, check your receivers to make sure inventory and costs are being entered
under the correct item descriptions.


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