Inventory

Hi there, Diane628.

I can help you in handling this transaction.

By default, QuickBooks will prompt a warning when you attempt to sell an item with a zero or negative quantity on hand. Please know that you can receive inventory with or without a bill in the program.

To avoid having a negative inventory, you can create an item receipt to receive the items without a bill. This process will increase your inventory asset account and accounts payable. I'll show you how:

1. Under the My Shortcuts section, select Home.
2. Go to the Home tab, then click the Receive Inventory drop-down menu.
3. Choose Receive Inventory without a bill to open the Item Receipt window 
4. Select the appropriate vendor name.
5. Select Yes to receive a purchase order for the bill.
6. Choose the correct purchase order, then select OK. If you didn't create a purchase order, you can directly enter the items, quantity, and amount.
7. Select Save & Close.

Once you receive the bill, follow these steps to enter the corresponding payable for the item receipt:

1. Head to the Home page.
2. Select Enter Bills against Inventory.
3. On the Select Item Receipt window, choose the correct vendor name from the Vendor drop-down menu.
4. Tick the Use Item receipt date for the bill date checkbox to keep the original inventory availability date.
5. Select the item receipt that corresponds to your bill. You may need to convert each bill separately if there are multiple item receipts.
6. Click OK.

After that, you can now start paying your open bills. For more information about this process, you can visit this article: Accounts Payable workflow.

In addition, here's a reference that you can read to help track your inventory status in QuickBooks Desktop: Customize item reports.

Feel welcome to tag me in your comments and posts if you need further help in managing your purchases and inventories. Stay safe and have a productive week ahead.

Hi Diane628,

Hope you’re doing great. I wanted to see how everything is going about the issue in your inventories yesterday. Was it resolved? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at anytime.

Looking forward to your reply. Have a pleasant day ahead!

Hello

That post did help;  thank you so much....New issue;  when cleaning up old item receipts not attached to any invoice...QB will not let me delete the item receipt because the items are attached to inventory or an assembly item...what I've read on the community site is to contact our accountant as to how to proceed...

Is that your recommendation as well?

Thanks so much for the reply

Thanks for following up with the Community, Diane628.
 

I'm happy to hear KlentB was able to help with your inquiry about inventory.
 

Since your item receipt has items that are attached to inventory or assembly records, I'd recommend working with an accounting professional to properly identify how to proceed. If you're in need of one, there's an awesome tool on our website called Find an Accountant. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.
 

Here's how it works:

1. Visit our Find an Accountant webpage.
2. In the Find an expert in section, choose what you're looking for, then use your search field to enter a City or ZIP code.
3. Hit Search.
   
4. Browse through the results and find one that works best for your business. You can click each ProAdvisor's profile to learn more information about their services.
   

Once you've found an accounting professional, they can be contacted through their Send a message form:

1. Use your available text box to introduce yourself. Be sure to include details about the services you're looking for.
   
2. Enter the appropriate info in the Your name, Your email, and Your phone number (optional) fields.
   
3. Select Send message.
   

You'll additionally be able to find many detailed resources about using QuickBooks in our help article archives.
 

Please feel welcome in sending a reply if there's any questions. Enjoy the rest of your day!