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Calling the Shots on Negative Inventory on Hand in QuickBooks: Take Charge with These Tips

Via: ReleaseWire

Updated 10:58 AM CDT, Wed, August 14,2019

Brandon, MB -- (SBWIRE) -- 08/14/2019 -- Negative inventory is generally caused when sales transactions are entered before the corresponding purchase transactions are entered. Negative inventory balances for specific items can have significant ramifications to the integrity of your financials, while also causing QuickBooks to incorrectly calculate average costs, sometimes also leading to the possibility of data corruption.

"This situation can easily be avoided if you record the sale of inventory items after you have purchased them and entered the purchases into QuickBooks," John Rocha, E-Tech's Technical Service Manager said. "Before attempting to correct negative inventory, it is important to back up your data and keep it safe," he added.

E-Tech is a leading QuickBooks consultancy service provider in North America.

If production records do not match up to the actual amount of inventory produced, it can lead to a negative balance. "An example of this is when invoices are unclear, or when an accidental duplication of a transaction is made. This gives rise to ghost inventory and a negative balance may appear," Rocha said.

In order to prevent negative inventory from occurring, Rocha advised that it was necessary to set up inventory items with an opening balance, use non-posting estimates and sales orders to track sales for which you do have inventory, use pending invoices to enter sales for which you do have inventory and set preferences to warn you of budding problems. Keeping a check on every item that enters or leaves your company is another effective way to make sure your inventory is accurate.

Checking to see if a file has Negative Inventory report can be done through the Inventory Valuation Detail Report. This report will show negative inventory with negative numbers in the Quantity on Hand (QOH) column.

E-Tech's exclusive Negative Quantity on Hand Repair service offers an exclusive service to repair data file and remove all instances of negative quantity on hand. For more information on E-Tech's file preparation service, visit: https://e-tech.ca/Quickbooks-Negative-Quantity-on-Hand-(QOH)-Repair.aspx

About E-Tech
Founded in 2001, E-Tech is the leading file repair, data recovery, and data conversion services provider in the United States and Canada. The company works to stay up to date on the latest technology news, reviews, and more for their customers.

For media inquiries regarding E-Tech, individuals are encouraged to contact Media Relations Director, Melanie Ann via email at Melanie@e-tech.ca.

To learn more about the company, visit: www.e-tech.ca

For more information on this press release visit:
http://www.sbwire.com/press-releases/calling-the-shots-on-negative-inventory-on-hand-in-quickbooks-take-charge-with-these-tips-1256130.htm

Media Relations Contact
Melanie Ann
Email: Click to Email Melanie Ann
Web: https://www.e-tech.ca/