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Level 1

Inventory

Hi Everyone,

 

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.

 

My email id: [email address removed]

 

3 Comments
Level 15

Inventory

Have you run the Verify/Rebuild Data? As another troubleshoot, open your company file on the trial license of QBES 2020.

https://http-download.intuit.com/http.intuit/Downloads/2020/Latest/Setup_QuickBooksEnterprise20Trial...

 

 

Level 1

Inventory

Hi,

    I have already tried Rebuild Data but same result.

QuickBooks Team

Inventory

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:

  • Performing a back up of your QuickBooks company file without overwriting any prior backups.
  • Consulting with an accountant to assure any changes made are done accurately. If you need one, I recommend checking out the Find an Accountant tool.
  • Not adjusting the current QOH to a positive value, because each negative occurrence must be eliminated.
  • Checking how extensive the problem is. If it doesn't appear to be easily repairable, a better option might be to start a new data file.


For detailed steps on how to fix each of the three possible causes mentioned above and prevent this from occurring moving forward, you can utilize our fix negative inventory issues article.

Here's a couple resources about inventory which may come in handy:


If you have any other questions, please don't hesitate to respond. I'll be here to help. Have a great day!

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