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chris75
Level 1

I cannot save transactions because the transaction date is BEFORE the opening balance date of an inventory account. How to change the date on the inventory account

 
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Best answer April 29, 2019

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MaryGraceS
Moderator

I cannot save transactions because the transaction date is BEFORE the opening balance date of an inventory account. How to change the date on the inventory account

Hello there, @chris75.

 

Thank you for the quick response. Allow me to help share some insight to create a transaction using an inventory item. 

 

The steps provided by my colleague allows you to edit the start date or As of date in that item. This way, QuickBooks allows you to move the date back when creating the transaction. 

 

However, if you get a warning that you can't adjust the item's starting date because it doesn't have a starting value transaction associated with it, I suggest creating a new inventory item instead. 

 

Here's how:

  1. Select the Gear icon on the Toolbar.
  2. Under Lists, select Products and Services.
  3. Select New.
  4. Choose Inventory as the type.
  5. Enter the information required. 
  6. Please make sure to enter the date you start to track the inventory item’s quantity on hand in the As of date field.

You may want to use this article for additional reference: How to set up Inventory tracking (Create inventory items).

 

Let me know how this turns out or if you have any other questions with QuickBooks Online. I'll be glad to help you further. Have a great rest of the week. 

View solution in original post

9 Comments 9
IamjuViel
QuickBooks Team

I cannot save transactions because the transaction date is BEFORE the opening balance date of an inventory account. How to change the date on the inventory account

Hello there, @chris75.

 

I can furnish you with some details so you'll be able to record and save your transactions in QuickBooks successfully.

 

You received the prompt because the date of the transaction you're trying to record is after the start date of the inventory item.

 

To remove the prompt, here's how:

  1. Click the Gear icon (⚙).
  2. Choose Products and Services.
  3. Look for the inventory item.
  4. Click the Edit button.
  5. On the Quantity on hand, select Starting value.
  6. Click the Got it button.
  7. Change the date under As of date.
  8. Hit Save and close.

 

That should do it! Let me know how it works on your end. I'm always here to help you in tracking your inventory in QuickBooks Online.

chris75
Level 1

I cannot save transactions because the transaction date is BEFORE the opening balance date of an inventory account. How to change the date on the inventory account

QB Online will not allow me to set the date for BEFORE the transaction occurred (e.g. we received inventory in September and sold it in October but the start date of October 1 is throwing the error.  I cannot move the date back).  QB is forcing me to se an inventory level effective AFTER the first sale for the item.

MaryGraceS
Moderator

I cannot save transactions because the transaction date is BEFORE the opening balance date of an inventory account. How to change the date on the inventory account

Hello there, @chris75.

 

Thank you for the quick response. Allow me to help share some insight to create a transaction using an inventory item. 

 

The steps provided by my colleague allows you to edit the start date or As of date in that item. This way, QuickBooks allows you to move the date back when creating the transaction. 

 

However, if you get a warning that you can't adjust the item's starting date because it doesn't have a starting value transaction associated with it, I suggest creating a new inventory item instead. 

 

Here's how:

  1. Select the Gear icon on the Toolbar.
  2. Under Lists, select Products and Services.
  3. Select New.
  4. Choose Inventory as the type.
  5. Enter the information required. 
  6. Please make sure to enter the date you start to track the inventory item’s quantity on hand in the As of date field.

You may want to use this article for additional reference: How to set up Inventory tracking (Create inventory items).

 

Let me know how this turns out or if you have any other questions with QuickBooks Online. I'll be glad to help you further. Have a great rest of the week. 

View solution in original post

chris75
Level 1

I cannot save transactions because the transaction date is BEFORE the opening balance date of an inventory account. How to change the date on the inventory account

I have done that - but the problem is that I now have to go back and correct 75 sales one at a time.  QB has all sorts of hicks like this.  You should be able to move the date back on the inventory which will affect balance sheets, etc. and then run a recalculation of balance sheets based on the new inventory dates.  A lot of these errors are from an import from QB2015 on Mac and I am literally editing 600+ records by hand.

Malcolm Ziman
Level 10

I cannot save transactions because the transaction date is BEFORE the opening balance date of an inventory account. How to change the date on the inventory account


@chris75 wrote:

IYou should be able to move the date back 


You can. In the Item edit screen click the link that says "Starting value", then "Got it". That opens a "Inventory Starting Value" transaction where you can change the date

 

I take it back. It seems you can't

Rustler
Level 15

I cannot save transactions because the transaction date is BEFORE the opening balance date of an inventory account. How to change the date on the inventory account

@chris75 

 

I have not tried this recently, but it used to work

 

open the chart of accounts, use the register for inventory asset, find the entry for the item that says START, edit that entry and change the date

 

It is one at a time though

Malcolm Ziman
Level 10

I cannot save transactions because the transaction date is BEFORE the opening balance date of an inventory account. How to change the date on the inventory account

You get this bizarre message:

"Please select a date that comes after the last transaction that used this item when you weren’t tracking it as inventory."

It makes no sense

 

abbyco
Level 1

I cannot save transactions because the transaction date is BEFORE the opening balance date of an inventory account. How to change the date on the inventory account

How do you change the accounting method from accrual to cash?

MaryLurleenM
Moderator

I cannot save transactions because the transaction date is BEFORE the opening balance date of an inventory account. How to change the date on the inventory account

Changing your accounting method only takes a few steps, abbyco.

 

Here's how:

  1. Click the Gear icon.
  2. Select Account and Settings.
  3. Click Advanced on the left pane.
  4. In the Accounting section, select Edit ✎ icon.
  5. Choose the Accounting method.
  6. Select Save, then Done.

Here's an article for future reference: Choose between cash and accrual accounting methods in reports.

 

If you have additional questions, don't hesitate to leave a reply.

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