QuickBooks is the most used app for day-to-day business and accounting solutions. Its various features help with the regular accounting tasks and ease the load of an accountant.
But there are instances when you can come across issues like “Negative Inventory.” However, these are not significant issues but still need your attention to improve the efficiency of the QuickBooks Desktop application. In this article, we have discussed about the complete procedure to fix negative inventory issues in QuickBooks desktop. Thus, keep reading!
What is a Negative Inventory?
Negative Inventory in QuickBooks means that the sales transactions are included in the list before submitting corresponding Purchase Transactions. Simply put, it means that you’ve sold the items unavailable in stock.
Issues Caused by Negative Inventory Issue in QuickBooks Desktop
- A new inventory item doesn’t have an average cost.
- The sales of an item without any average cost are the major causes of negative inventory.
- You are getting an item for a cost that is different from the Item Cost.
- A negative inventory also causes errors with the vendor reports.
Steps to Troubleshoot Negative Inventory Issues in QuickBooks Desktop
If Sales Are Your First Transaction for An Item:
- Head to the “QuickBooks Reports” menu, choose “inventory,” and later click on Inventory Valuation Summary.
- QuickZoom the item having incorrect values by double-clicking on the item name and Inventory Valuation Detail Report.
- QuickZoom the first Bill under the list to open the “Enter Bills” window.
- Click on “Save & Close” for all your changes.
Purchase or Adjustments Were Made Before Entering Sales
- Try to change the transaction dates and change them in a way so that bills are dated before invoices.
- Under the menu bar, opt for Reports and later choose “inventory” and “Inventory Valuation Detail.”
- Choose dates from the drop-down menu and click on the Lists.
Now, we hope that you’ll be able to delete negative entries from your QuickBooks Desktop. Our team of expert’s curates these steps, and you can also connect with them if you are stuck at a particular stage.
You can also contact the QuickBooks desktop error support team for further assistance with the negative inventory issue or other errors.