You must be obliged to know that our QuickBooks support team will be updating you on issues of negative values, which will affect your company value of inventory.
Negative Inventory.
This arises when you enter the sales transaction before you enter the subsequent transactions of purchase, you usually sale the inventory items which you are not having in your stock.
When you try to sell items which you have entered into your QuickBooks company file
• You often purchase items which are using the Items Tab on an item receipt, item bill, verify a credit card charge, debiting inventory and crediting Account Payable, Cash, or Credit Card Payable.
• You sell items on invoices or on sales receipts
• The sales transaction actually records two transactions:
o The Sales/Receivable transaction, where you debit account receivable and the sales which needs to be credited.
o The Inventory/COGS transaction, where you credit Inventory and debit the amount of COGS.
• You run Profit and loss report and expense reports which show the invoices and sales receipts because they keep track of both the income and the expenses.
• You run Balance Sheet reports which displays item receipts, bills, checks and credit card charges because they keep track of the increased inventory and they display invoices and sales receipts because they record the decreased inventory.
Hope, we have provided you with the best result, if still you are not satisfied you are free to contact us at QuickBooks Helpline Number @ 1-800-731-1629 and you can also drop a mail to us at support@qbooks247.com. You can contact our executives 24*7 to help you.
This arises when you enter the sales transaction before you enter the subsequent transactions of purchase, you usually sale the inventory items which you are not having in your stock.
When you try to sell items which you have entered into your QuickBooks company file
• You often purchase items which are using the Items Tab on an item receipt, item bill, verify a credit card charge, debiting inventory and crediting Account Payable, Cash, or Credit Card Payable.
• You sell items on invoices or on sales receipts
• The sales transaction actually records two transactions:
o The Sales/Receivable transaction, where you debit account receivable and the sales which needs to be credited.
o The Inventory/COGS transaction, where you credit Inventory and debit the amount of COGS.
• You run Profit and loss report and expense reports which show the invoices and sales receipts because they keep track of both the income and the expenses.
• You run Balance Sheet reports which displays item receipts, bills, checks and credit card charges because they keep track of the increased inventory and they display invoices and sales receipts because they record the decreased inventory.
Hope, we have provided you with the best result, if still you are not satisfied you are free to contact us at QuickBooks Helpline Number @ 1-800-731-1629 and you can also drop a mail to us at support@qbooks247.com. You can contact our executives 24*7 to help you.
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