Workers neglecting to enter Item receipts or customer service entering invoices without sufficient quantity on hand are some of the reasons cited
Brandon, MB -- (SBWIRE) -- 01/21/2019 -- The Quickbooks Negative Inventory issue, also called the Negative Quantity on hand issue, is caused when sales transactions are entered before entering purchase transactions.
"A negative inventory is a bad prospect for the stock as it will lead to incorrect financial statements, wrong reports, and damaged data files," John rocha said. "Incorrect profit and loss and cost of goods sold amount, performing or failing to perform transactions in QuickBooks that results in a negative carrying balance of inventory is the number one reason for data corruption in the data file."
QuickBooks experts cite a number of other reasons such as workers neglecting to enter Item receipts, or customer service entering invoices without sufficient quantity on hand. Whatever the reason may be, QuickBooks cannot calculate an average cost-of-goods-sold (COGS) of the item when it's sold, if the item has a negative quantity.
Rocha said a quick solution to common errors would be to set the warning "if not enough goods to sell" to the "Quantity Available," not the "Quantity on Hand" in QuickBooks Premier. The quantity available is the result of quantity on hand less all of the other outstanding orders needing that item. "There may still be enough quantity to fulfill this order, but not all of the others. By using this setting, the user gets a warning that the order they are entering will put the balance of items into negative territory," he added.
E-Tech, a data repair and conversion service company, offers a repair service to fix all instances of negative inventory in the file. The service will analyze the source data file to identify the items and dates the quantity on hand went negative and then fix all occurances of negative inventory. The repaired file will not have negative inventory and will verify correctly in QuickBooks.
"E-Tech walked us through resetting all inventory quantities to be in the positive. It took them 30 minutes. Immediately the QBO interface was back to its normal responsiveness, new invoices synced from Method to QBO instantly, and no more errors. We highly recommend E-Tech if you have issues with negative inventory in Quickbooks," Sandra C., an E-Tech customer said.
For details of the repair service, visit E-Tech at https://e-tech.ca/Quickbooks-Negative-Quantity-on-Hand-(QOH)-Repair.aspx
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.
136 11 th St
Brandon, MB R7A 4J4
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