I am using Intuit Quick books Enterprise solution : Accountant 13.
Our fiscal year end is 30th June. Now the issue is this that till 30th May 2020 my inventory asset account value is positive but from 31st May its negative despite of the fact that my physical inventory count is positive.
I have checked the entries too but i am unable to find the problem. Please help me out i am also attaching the file.
Hey there, Umair Waheed. Welcome to the Community.
Thanks for providing me with a PDF file showing what's happening. I'll help you go over the possible reasons why you're seeing negative inventory. Once the reason is identified, it's proper correction method can be implemented.
Here's a list of the potential causes:
Inventory items were sold without recording purchases - This means bills were entered with accounts but not inventory items.
Sales are your first transaction(s) for an item - Inventory reports can show incorrect information if an average cost hasn't been established yet.
Purchases or adjustments were done before generating sales records - Meaning that transaction dates aren't adjusted properly and need to be changed, if legitimately possible, to show as dated before invoices.
Before attempting our solutions for a scenario like this, Intuit recommends: