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Posted by Chameleon on May 26, 2008, 4:51 pm
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On May 26, 12:17=A0pm, "aps" <> wrote:
> >wrote:
> >> Our inventory data in QB has shown unreasonable increases that we can't=
> >> explain. =3DA0Upon review, we found that invoices for incoming items we=
re
> >> sometimes held up and then entered in groups. =3DA0Sometimes the invoic=
es we=3D
> >re
> >> not entered in date sequence. =3DA0In many cases the invoices were ente=
red a=3D
> >fter
> >> the sales of the items such that we were selling from negative inventor=
y p=3D
> >er
> >> QB. =3DA0Ultimately, though, all invoices and sales were dated in QB as=
they=3D
>
> >> happened. =3DA0Does the QB inventory system fix itself when all the dat=
a is =3D
> >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'. =A0This creates a big mess in QB. =A0Just
> >entering the invoice for the purchase of the inventory later doesn't
> >fix everything. =A0You 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-...
> >g/dp/1434810690
>
> You obviously cannot sell negative inventory. =A0You will need to do one o=
f 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 i=
tems in QB with
> an associated cost. =A0You should be able to override the cost for each it=
em sold.
> 3. Also, check your receivers to make sure inventory and costs are being e=
ntered
> under the correct =A0item descriptions.- Hide quoted text -
>
> - Show quoted text -
Yes I agree here, do a physical and "reset" your inventory via
adjusments. Then get your operations in order and start receiving your
inventory on the right dates.
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