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Level 1

Inventory: quantity on hand not saving the values correctly. any pointers?

Hi,

 

On reviewing my inventory I have noticed that almost all of the 400 or so items have saved as a 2-item starting value, when originally I entered them as 1 value.  The items I sell are one-off clothing items, so this error/issue is throwing off my list of what stock is sold and what I no longer have.

 

I am wondering if there would be a simple reason for this, or an error on my part making this happen?  Going into each inventory item to edit the starting value seems painfully slow, I  also want to be able to avoid the issue altogether for future entries.

 

Any help or tips would be appreciated!  Thanks

 

 

5 Comments
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QuickBooks Team

Inventory: quantity on hand not saving the values correctly. any pointers?

Thanks for posting to the Community, @libkre.

 

As I reviewed your situation, it's possible that you've entered a starting value before you processed the purchase order.
 

Incorrect cost and quantity on hand may cause the incorrect value in your inventory.
 

To make sure we're on the same page, may you give me screenshots so that I can give you an appropriate resolution?
 

Please feel free to leave your comment below and tag me (@Jovychris_A). I'll keep my notifications open. Have a good one!

 

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Level 1

Inventory: quantity on hand not saving the values correctly. any pointers?

Hi  @Jovychris_A 

 

Thanks for your reply to my question/issue.

 

What I usually do is enter a Sales Receipt once I make an online sale, and in there I will add my product as New Inventory and complete all the item details and prices, source, quantity on hand etc.  I enter the date I sold it as the starting date, as I most times only have 1 item available.   

 

I do this same process for every Sales Receipt, and * most * times it will save perfectly fine with 1 in stock.  Occasionally though it does save the product as having 2x in stock , or same as when I enter it as having 2x in stock, it will save as 4x in stock or 6x... as if it is doubling?

 

Some screen shots of the incorrect  starting values. 

 

Cheers, Libby

 


Screenshot 2020-04-14 10.07.57.png Screenshot 2020-04-14 10.09.06.png Screenshot 2020-04-14 10.09.19.png

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Level 1

Inventory: quantity on hand not saving the values correctly. any pointers?

Also to add, I have previously gone into my products list and manually edited the stock on hand to change alot of them from 2x back to the correct 1x value,  and now I have about $8000 recording as 'inventory shrinkage'  which is throwing everything.   Feeling like I have muddled everything up... is there a way to correct  or reverse this shrinkage value? I did not want the change in inventory from 2x items to 1x item to actually affect my profit and loss, and it was a correction of my error in recording rather than an actual real loss.

 

Feeling overwhelmed with this muddle up!  Screenshot 2020-04-14 10.22.31.png

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Level 1

Inventory: quantity on hand not saving the values correctly. any pointers?

hi @Jovychris_A 

 

Sorry for the 3rd message in a row!   the same issue is happening, this time where I have just entered an Expense for an invoice an 2019.   I have added a new product/inventory to list the items purchased, 2x 'glitter white' and 1x 'glitter peacock' as you will see in the screenshots below..

 

Once I save the Expense receipt however,  I went and searched for the product in my inventory and it again is showing incorrect amounts held. the starting values for the product are incorrectly showing as 3x 'glitter white' and 2x 'glitter peacock' . So quickbooks is adding an extra 1x more starting value than I entered.  Could there be a reason for this happening?   Really appreciate any feedback here!  

 

Thanks, Libby

 

Screenshot 2020-04-14 11.06.17.png Screenshot 2020-04-14 11.06.36.png Screenshot 2020-04-14 11.06.42.png

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Content Creator

Inventory: quantity on hand not saving the values correctly. any pointers?

Hi Libby,

 

The best place to start would be to run a report of one of these affected inventory products to see if you can pinpoint why they are duplicating. If they are showing the correct starting balance but the quantity on hand has doubled, it may mean that you're accidentally creating an expense transaction instead of a sales transaction for these products; eg you are setting the starting amount for two products, and then recording an expense instead of a Sales Receipt. This would show that you are purchasing more and would cause the quantity to double. To run the report:

 

  1. Go to the Sales tab, then Products and Services.
  2. Choose an item, select the dropdown arrow to the right of the Edit option, and select Run Report.
  3. Make sure you are setting the date range to All Dates so you can view all activity, then Run Report again.

 

You can delete any incorrectly created Expenses by clicking on these to open them, selecting More at the bottom of the screen, then Delete. If required, you can then record these as Sales. You can also delete the manual quantity adjustments you have been making that are recording to inventory shrinkage using the same process. 

 

 

This article provides best steps on how to add your inventory from the beginning, and this one details how inventory tracks in QuickBooks Online. I hope the information provided helps to resolve your enquiry. Feel free to reply if you have further questions, and you can also contact our Support Team on 1800 046 038 as they can walk through the process you are taking with you to ensure the best outcome is reached. 

 

-Kass