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Repair Negative Inventory in QuickBooks

Make correcting mistakes a habit.

Quickbooks Negative Inventory Repair

We are humans and to us mistakes do happen. Yet, it is necessary to make amends. Sometimes, we end up doing sales transactions before the purchase ones. Hence, this makes us sell even if we are out of stock. Many would think it beneficial for the bottom line. However, it is not good for your Quickbooks.

Therefore, we provide you Quickbooks Negative Inventory repair so that you can get rid of errors caused due to it. This will allow you ease and will not cause any problems to your QB software.

Errors Arising due to Negative Inventory

What We Will Do For You?

We will help you by doing the following :

  • Consultation Hence, we will first consult you if you have a negative inventory issue. 
  • Identification Our team will identify the amount of negative inventory you have in your Quickbooks. Therefore, we will make a plan accordingly to repair it.
Some Frequently Asked Questions (FAQs)

Ans – Negative Inventory happens when you do the sales transactions before the purchase ones in Quickbooks. It is selling the products of inventory that are actually not there. This error can be very harmful for Quickbooks. In addition you suffer from corruption of data, incorrect profit, mismatched balance sheet and others. It usually occurs when : 

  • There is an increase in the number of items as compared to what you had earlier.
  • You forget to record all of the purchase transactions.
  • In addition, if you have entered a wrong number of inventory and entered the wrong in Quickbooks.
  • Likewise, it can happen, when your vendor sends you a smaller amount of inventory as compared to that written in the purchase order.
  • You did not convert your purchase orders into bills.

This negative inventory can be a great harm to your QB software. It can cause : 

  • Data corruption and damage.
  • COGS and profit amounts get filled wrong.
  • Similarly, there are incorrect reports of vendors.
  • Moreover, The cash basis balance sheet loses its balance.
  • There is an overflow of errors.
  • The balance sheet doesn’t match.

Hence, if you too face any kind of issues, do contact and get a negative inventory repair. Else, it would be a lot harmful and destructive.

Ans – In order to find out negative inventory, you have to either get an IVD report or negative item listing report.

Inventory Valuation Detail

The inventory valuation detail or IVD report helps one to calculate the amount of negative inventory. It comes in negative numbers. Hence, The column with Quantity on Hand (QOH) shows the result. In order to process this report, follow the below steps – 

  • Firstly, go to the reports present in the menu.
  • Then, go to inventory. After that, click on inventory valuation.
  • Then, open the drop down menu.
  • Here look for dates and tick them all.
  • The on hand column will give the negative amounts.

Negative Item Listing Report

If you have access to Quickbooks Enterprise 15.0 or above versions, only then you will be able to get the negative item listing report. Note that, it excludes the past quantities.

In order to get the above said report, follow the below steps –

  • Firstly,Go to the reports menu.
  • Then,Click on inventory.
  • Next, select Negative Item listing.

If you have access to Quickbooks Premier or Enterprise 2014 or any version before that which doesn’t include advanced inventory option, you can go through the below steps –

  • Visit the vendors menu.
  • Here, go to the inventory activities. Then, go to the inventory center.
  • Next, in the inventory center, at the top left change the filter. Change it from Active inventory to Assembly to QOH <=Zero.

Ans – Follow the below steps to fix negative inventory : 

  1. First item transaction is sales
  • Go to inventory in the Reports. Then, select inventory valuation summary.
  • Double click the item name which has wrong data. You will see that item’s IVD report.
  • Next, book the first bill. Now, you’ll enter the bills window.
  • Now you have to change the bill’s date to the date before the first invoice.
  • Tap save and close.
  1. Inventory was sold without any purchase registering.
  • Firstly, you have to put bills as accounts.
  • Then, edit the bills. Move entries in expenses tab to item tab.
  1. You entered sales before purchase or any other changes
  • Go to reports.
  • Select inventory.
  • Then, go to Inventory Valuation Detail.
  • In the drop down menu, go to dates.
  • Here, choose all of them.
  • Go through all the report. You have to find an item that has a negative amount in its on hand column.
  • Similarly, change the dates now. Shift the dates of bills before the dates of invoice. Do so legally.

Ans – Yes there is a file repair service. We are here to provide you Quickbooks Negative Inventory Repair. Hence, we will be fixing all extents of negative inventory in your data. Therefore, the service includes identifying the dates and items Quantity on hand (QOH) that are negative. Afterwards, we will fix all of it. 

Moreover, after repairing, the file will no longer have any negative inventory. Thus, your Quickbooks will work efficiently. 

Yet, there are changes in the COGS and inventory asset account balances after the repair gets completed. In addition, a change in the opening balance equity account will also take place.We will use this equity account balance to correct the adjustments in inventory. Therefore, adjusting journal entries is required in bookkeeping after the repair.

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Data Services for QuickBooks

SauceBox™ Approach

Our trademarked SauceBox™ Approach is a five-step “secret-sauce” recipe to client success.  We start by listening to the client and walking through a methodical approach to finding a solution that fits our client’s pain points.  Our goal is to provide the best possible client experience, every single time!

01

Discover

Listen to the client and their pain points. 

02

Synthesize

Determine the scope of client need(s).

03

Solve

Provide a comprehensive solution based on the scope.

04

Review

Complete a comprehensive follow-up with the client.

05

Revisit

Provide scheduled check-ins to ensure client success.

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