“Settling accounts”: Correcting QuickBooks’ Negative Inventory on Hand to set the record straight

sales transaction have been entered without the necessary items on hand.

Generating timely invoices and inventory receipts for each transaction are very important, and failure to do so can cause receipts to be generated before sales are entered leading to a negative inventory state.

Experts find that lack of QuickBooks knowledge can also lead to this problem. It is important to remember that when sales happen, the receiving items section needs to be appropriately updated.
According to John Rocha, E-Tech’s Technical Service Manager, this can also be caused due to employee negligence. “Operators sometimes neglect to enter Item Receipts, hence QuickBooks cannot calculate an average mainly reflected on the Inventory Valuation Detail report with negative numbers in the Quantity on Hand column. This also results in an unbalanced Cash Basis balance sheet, incorrect balance sheet inventory amount, errors in Vendor reports, inventory purchase bills reflecting on income and expense reports and consistent data damage issues.”

Rocha advised that the simplest way to avoid this is by turning on the inventory preference. “This would alert you if you try to sell something you don’t have. If at all you find yourself in a situation where you must sell something before it is received or billed, you can use one of the non-posting transactions to generate your documents for the customer,” he said,
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.

ETech 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. -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.

This release was published on openPR.