E-Tech’s Negative Inventory Repair Service offers a Positive Stroke
Brandon, MB -- (SBWIRE) -- 03/27/2019 -- Negative Inventory in QuickBooks is typically caused by entering sales transactions before entering the corresponding purchase transactions.
"Selling items you do not have in stock by entering sales transactions before entering purchase transactions, results in the Quantity on Hand being negative when you sell the item. Even if the corresponding purchase transactions are entered after the sales transaction, the data file will still show a negative quantity on hand error," E-Tech's John Rocha, ?Technical Services Manager ??said.
"Negative Quantity on Hand will show up on your balance sheet, but primarily it shows up on the Inventory Valuation Detail report with negative numbers in the Quantity on Hand column."
E-Tech, a leading file repair, data recovery, and data conversion services provider in the United States and Canada, offers ?a repair service to fix all instances of negative inventory in the file.
Rocha added that selling items with negative inventory will make the Quantity On Hand negative and can cause incorrect Cost of Goods Sold (COGS) on the Profit and Loss report, thereby distorting COGS and inventory. They are not corrected until an average cost with a bill, check, credit card charge or Adjust Quantity or Value On Hand is established.
Moreover, Rocha explained that adding inventory transaction with items that have negative quantity on hand will put cash or accrual basis balance sheet out of balance. "Rebuilding the data file will fix the data damage, but it must be done every time an inventory transaction is entered. Eventually, the file will be un-repairable and you will have to start a new data file," Rocha said.
E-tech's Negative Inventory Repair service analyzes the source data file to identify the items and dates the Quantity on Hand went negative and then fix all occurrences of negative inventory. The repaired file will not have negative inventory and will verify correctly in QuickBooks. There may be a change to the COGS and Inventory Asset account balances after the repair. There will also be a change to the Opening Balance Equity account that will be used to add the inventory adjustments.
For more information, visit: ?https://quickbooksrepairpro.com/Quickbooks-Negative-Inventory-Fix.aspx?.
Founded in 2001, E-Tech is a 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
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