Skip to main content

Quickbooks Negative Inventory Repair

 




The Quickbooks Negative Inventory issue (also called the Negative Quantity on hand issue) is caused when you enter sales transactions before entering purchase transactions. This means that you have sold inventory items that are not in stock. This is very bad in Quickbooks because it causes the following issues:

  • Data Damage forcing you to constantly rebuild the file to bring your B/S to balance
  • Cash-basis Balance Sheet is out of balance
  • Profit and COGS amounts are incorrect
  • Balance Sheet Inventory Account amounts are incorrect
  • Incorrect Vendor Reports
  • Error: LVL_ERROR--Error: Verify Account: Invalid balance. Amount overflow has occurred. Rcrd = 99.
  • Error: Verify Account Balance failed. Calc bal = 0.00, List bal = *overflow*
  • An overflow error has occurred. One of your accounts has exceeded the maximum value allowed. Review the balances in your chart of accounts and lower the value of the account to less than 10,000,000,000,000.
  • Error: "It looks like something in your company file is causing your balance sheet to go out of balance."
  • Error: Itemhistupdateengine.cpp -- LVL_ERROR--Error: Verify item history Target average cost mismatch error (expected value, found value).
  • Error: Itemhistupdateengine.cpp -- LVL_ERROR--Error: Verify item history Target value on hand mismatch error (expected value, found value).
  • Error: Itemhistupdateengine.cpp -- LVL_ERROR--Error: Verify Item History: Bad target COGS for Item.



How to Find if your data file has Negative Inventory?

Run the Inventory Valuation Detail (IVD) report in Quickbooks:

  1. In Quickbooks, select Reports>Inventory>Inventory Valuation Detail.
  2. Click the Dates drop-down and select All.
  3. Find all occurances of negative amounts in the On Hand column.


How to Fix Negative Inventory?

Adjust the transaction dates such that bills are dated before invoices:

  1. From the Quickbooks menu, select Reports and then Inventory and then Inventory Valuation Detail.
  2. Click the Dates drop-down arrow and select All.
     
  3. Scroll through the report to an item that is showing a negative amount in the On Hand column.
  4. If you can do so legitimately, adjust the dates of the bills and/or invoices so that the bill dates are before the invoice dates.
     
  5. Repeat steps 3 through 4 for each item with a negative quantity in the On Hand column.

Caution: It is not sufficient to adjust the current QOH to a positive value. You must eliminate each occurrence of negative QOH.

Is there a File Repair Service to fix this issue?

We offer a repair service to fix all instances of negative inventory in the file. The service will analyze your source data file to identify the items and dates the quantity on hand (QOH) went negative and then fix all occurances 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. Your bookkeeper will need to add adjusting journal entries after the repair.
Please contact us for details.

Labels:

Comments

Post a Comment

Popular posts from this blog

Maximizing Efficiency: QuickBooks Optimization Strategies

 Maximizing Efficiency: QuickBooks Optimization Strategies promises to unlock the full potential of your QuickBooks software. In today's fast-paced business world, efficiency is key, and this guide is your roadmap to achieving it. Discover a wealth of strategies tailored to optimize your QuickBooks experience, enabling you to streamline workflows, save time, and increase productivity. From mastering advanced features to customizing settings to align with your unique business needs, this resource covers every aspect of QuickBooks optimization. Learn how to leverage automation tools to reduce manual data entry and eliminate repetitive tasks. Explore tips for organizing your chart of accounts and setting up reports for actionable insights into your financial performance. Dive deep into integration options to seamlessly connect QuickBooks with other essential business tools, enhancing collaboration and data accuracy. Whether you're a small business owner or an accounting professio...
Post a Comment
Read more

QuickBooks US to Canada Conversion: A Comprehensive Guide for Seamless Transition

Switching your QuickBooks setup from the US to Canada can be a daunting task, but with the right guidance, you can ensure a smooth transition. Whether you're expanding your business operations across borders or relocating, this step-by-step guide will help you navigate the intricacies of converting your QuickBooks data from the US to Canada.   Why Convert QuickBooks US to Canada? Before diving into the conversion process, it's important to understand why this switch is necessary: Tax Compliance : Canadian tax laws differ significantly from those in the US. Converting your QuickBooks setup ensures you remain compliant with Canadian tax regulations, including GST/HST and provincial sales taxes. Currency and Accounting Standards : Canada uses different currency and accounting standards, making it essential to switch your financial software to avoid discrepancies and ensure accurate reporting. Localized Features : QuickBooks Canada offers localized features tailored to Canadian bus...
Post a Comment
Read more

QuickBooks for Mac Repair: Solutions for Common Issues and Optimization

  QuickBooks for Mac is a robust accounting and financial management software that helps small businesses streamline their bookkeeping tasks. However, like any software, it is prone to occasional issues that can hinder its smooth operation. Whether it's a performance lag, crashes, or problems with file integrity, understanding how to troubleshoot and repair QuickBooks for Mac can save businesses time and reduce stress. This article will guide you through common problems and offer solutions to ensure QuickBooks for Mac runs efficiently. Common Issues in QuickBooks for Mac Installation and Update Issues One of the most common problems with QuickBooks for Mac occurs during installation or updates. Users may encounter errors when trying to install the software or install updates. This can happen due to compatibility issues, corrupted installation files, or insufficient system resources. Corrupted Company Files A damaged or corrupted company file can result in a variety of problems i...
Post a Comment
Read more