Accounting Talk Accounting Talk    FAQ   Search   Memberlist   Usergroups   Register   Profile   Log in to check your private messages   Log in  Inventory tracking          Accounting Talk Forum Index -> Quickbooks View previous topic :: View next topic   Author Message news.verizon.net Guest Posted: Mon May 12, 2008 4:28 pm    Post subject: Inventory tracking Our inventory data in QB has shown unreasonable increases that we can't explain. Upon review, we found that invoices for incoming items were sometimes held up and then entered in groups. Sometimes the invoices were not entered in date sequence. In many cases the invoices were entered after the sales of the items such that we were selling from negative inventory per QB. Ultimately, though, all invoices and sales were dated in QB as they happened. Does the QB inventory system fix itself when all the data is in or does the effect of selling from negative inventory persist? Back to top   Ads Advertising Sponsor QBConsultant Guest Posted: Mon May 12, 2008 4:28 pm    Post subject: Re: Inventory tracking On May 12, 6:28 am, "news.verizon.net" <albertleves...@verizon.net> wrote: Quote: Our inventory data in QB has shown unreasonable increases that we can't explain.  Upon review, we found that invoices for incoming items were sometimes held up and then entered in groups.  Sometimes the invoices were not entered in date sequence.  In many cases the invoices were entered after the sales of the items such that we were selling from negative inventory per QB.  Ultimately, though, all invoices and sales were dated in QB as they happened.  Does the QB inventory system fix itself when all the data is in or does the effect of selling from negative inventory persist? When you sell from negative inventory, you create problems in QB. When there is negative inventory, it doesn't know what cost to assign to COGS, so it 'guesses'. This creates a big mess in QB. Just entering the invoice for the purchase of the inventory later doesn't fix everything. You can try entering the invoices as of their proper date, but I suspect you'll still have problems with inventory/COGS. When this happened with one of my clients, we decided that it wouldn't be cheaper and less time consuming to start over with a new file. Good luck! Michelle L. Long, CPA, MBA Author of: Successful QuickBooks Consulting: The Complete Guide to Starting and Growing a QuickBooks Consulting Business http://www.SuccessfulQuickBooksConsulting.com http://www.amazon.com/Successful-QuickBooks-Consulting-Comprehensive-Starting/dp/1434810690 Back to top   Ads Advertising Sponsor news.verizon.net Guest Posted: Mon May 12, 2008 8:23 pm    Post subject: Re: Inventory tracking "QBConsultant" <QBConsultant@gmail.com> wrote in message news:411bdda7-0c00-47b4-9b3b-af6c71c44fdb@x41g2000hsb.googlegroups.com... On May 12, 6:28 am, "news.verizon.net" <albertleves...@verizon.net> wrote: Quote: Our inventory data in QB has shown unreasonable increases that we can't explain. Upon review, we found that invoices for incoming items were sometimes held up and then entered in groups. Sometimes the invoices were not entered in date sequence. In many cases the invoices were entered after the sales of the items such that we were selling from negative inventory per QB. Ultimately, though, all invoices and sales were dated in QB as they happened. Does the QB inventory system fix itself when all the data is in or does the effect of selling from negative inventory persist? When you sell from negative inventory, you create problems in QB. When there is negative inventory, it doesn't know what cost to assign to COGS, so it 'guesses'. This creates a big mess in QB. Just entering the invoice for the purchase of the inventory later doesn't fix everything. You can try entering the invoices as of their proper date, but I suspect you'll still have problems with inventory/COGS. When this happened with one of my clients, we decided that it wouldn't be cheaper and less time consuming to start over with a new file. Good luck! Michelle L. Long, CPA, MBA Author of: Successful QuickBooks Consulting: The Complete Guide to Starting and Growing a QuickBooks Consulting Business http://www.SuccessfulQuickBooksConsulting.com http://www.amazon.com/Successful-QuickBooks-Consulting-Comprehensive-Starting/dp/1434810690 Thank you. That explains why we have the mess we do. Looks like we will need to enforce data entries in sequence as they happen once we clear up the current situation. Thanks again. Al Levesque Back to top   Ads Advertising Sponsor Haskel LaPort Guest Posted: Mon May 12, 2008 8:42 pm    Post subject: Re: Inventory tracking "QBConsultant" <QBConsultant@gmail.com> wrote in message news:411bdda7-0c00-47b4-9b3b-af6c71c44fdb@x41g2000hsb.googlegroups.com... On May 12, 6:28 am, "news.verizon.net" <albertleves...@verizon.net> wrote: Quote: Our inventory data in QB has shown unreasonable increases that we can't explain. Upon review, we found that invoices for incoming items were sometimes held up and then entered in groups. Sometimes the invoices were not entered in date sequence. In many cases the invoices were entered after the sales of the items such that we were selling from negative inventory per QB. Ultimately, though, all invoices and sales were dated in QB as they happened. Does the QB inventory system fix itself when all the data is in or does the effect of selling from negative inventory persist? When you sell from negative inventory, you create problems in QB. When there is negative inventory, it doesn't know what cost to assign to COGS, so it 'guesses'. The program uses the default cost entered on the item setup screen when an item with zero or negative count is sold. When the user later records receipt of said item the prior historical cost of goods sold is replaced with the actual cost entered by the subsequent receipt. If receipts are entered in the correct date sequence the program should end up with the correct inventory quantity, valuation and historical cost of goods sold. This creates a big mess in QB. Just entering the invoice for the purchase of the inventory later doesn't fix everything. You can try entering the invoices as of their proper date, but I suspect you'll still have problems with inventory/COGS. When this happened with one of my clients, we decided that it wouldn't be cheaper and less time consuming to start over with a new file. Good luck! Michelle L. Long, CPA, MBA Author of: Successful QuickBooks Consulting: The Complete Guide to Starting and Growing a QuickBooks Consulting Business http://www.SuccessfulQuickBooksConsulting.com http://www.amazon.com/Successful-QuickBooks-Consulting-Comprehensive-Starting/dp/1434810690 Back to top   Ads Advertising Sponsor Chameleon Guest Posted: Mon May 26, 2008 8:51 pm    Post subject: Re: Inventory tracking On May 26, 12:17 pm, "aps" <> wrote: Quote: QBConsultant <QBConsult...@gmail.com> wrote: On May 12, 6:28=A0am, "news.verizon.net" <albertleves...@verizon.net wrote: Our inventory data in QB has shown unreasonable increases that we can't explain. =A0Upon review, we found that invoices for incoming items were sometimes held up and then entered in groups. =A0Sometimes the invoices we> >re not entered in date sequence. =A0In many cases the invoices were entered a> >fter the sales of the items such that we were selling from negative inventory p> >er QB. =A0Ultimately, though, all invoices and sales were dated in QB as they happened. =A0Does the QB inventory system fix itself when all the data is > >in or does the effect of selling from negative inventory persist? When you sell from negative inventory, you create problems in QB. When there is negative inventory, it doesn't know what cost to assign to COGS, so it 'guesses'.  This creates a big mess in QB.  Just entering the invoice for the purchase of the inventory later doesn't fix everything.  You can try entering the invoices as of their proper date, but I suspect you'll still have problems with inventory/COGS. When this happened with one of my clients, we decided that it wouldn't be cheaper and less time consuming to start over with a new file. Good luck! Michelle L. Long, CPA, MBA Author of: Successful QuickBooks Consulting: The Complete Guide to Starting and Growing a QuickBooks Consulting Business http://www.SuccessfulQuickBooksConsulting.com http://www.amazon.com/Successful-QuickBooks-Consulting-Comprehensive-... g/dp/1434810690 You obviously cannot sell negative inventory.  You will need to do one of two things: 1. Take a physical inventory of items marked in QB as negative quantities; or 2. If you are selling special order items, enter them as a special order items in QB with an associated cost.  You should be able to override the cost for each item sold. 3. Also, check your receivers to make sure inventory and costs are being entered under the correct  item descriptions.- Hide quoted text - - Show quoted text - Yes I agree here, do a physical and "reset" your inventory via adjusments. Then get your operations in order and start receiving your inventory on the right dates. Back to top   Ads Advertising Sponsor aps Guest Posted: Mon May 26, 2008 9:17 pm    Post subject: Re: Inventory tracking QBConsultant <QBConsultant@gmail.com> wrote: Quote: On May 12, 6:28=A0am, "news.verizon.net" <albertleves...@verizon.net wrote: Our inventory data in QB has shown unreasonable increases that we can't explain. =A0Upon review, we found that invoices for incoming items were sometimes held up and then entered in groups. =A0Sometimes the invoices we= re not entered in date sequence. =A0In many cases the invoices were entered a= fter the sales of the items such that we were selling from negative inventory p= er QB. =A0Ultimately, though, all invoices and sales were dated in QB as they= happened. =A0Does the QB inventory system fix itself when all the data is = in or does the effect of selling from negative inventory persist? When you sell from negative inventory, you create problems in QB. When there is negative inventory, it doesn't know what cost to assign to COGS, so it 'guesses'. This creates a big mess in QB. Just entering the invoice for the purchase of the inventory later doesn't fix everything. You can try entering the invoices as of their proper date, but I suspect you'll still have problems with inventory/COGS. When this happened with one of my clients, we decided that it wouldn't be cheaper and less time consuming to start over with a new file. Good luck! Michelle L. Long, CPA, MBA Author of: Successful QuickBooks Consulting: The Complete Guide to Starting and Growing a QuickBooks Consulting Business http://www.SuccessfulQuickBooksConsulting.com http://www.amazon.com/Successful-QuickBooks-Consulting-Comprehensive-Startin= g/dp/1434810690 You obviously cannot sell negative inventory. You will need to do one of two things: 1. Take a physical inventory of items marked in QB as negative quantities; or 2. If you are selling special order items, enter them as a special order items in QB with an associated cost. You should be able to override the cost for each item sold. 3. Also, check your receivers to make sure inventory and costs are being entered under the correct item descriptions. Back to top   Ads Advertising Sponsor Display posts from previous: All Posts1 Day7 Days2 Weeks1 Month3 Months6 Months1 Year Oldest FirstNewest First         Accounting Talk Forum Index -> Quickbooks All times are GMT Page 1 of 1   Jump to: Select a forum Accounting Talk----------------Accounting TalkPeachtreeQuickbooksQuicken  You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum 68 Attacks blocked Powered by phpBB © 2001, 2005 phpBB Group