Run the Inventory Valuation Detail (IVD) report in Quickbooks:
- In Quickbooks, select Reports>Inventory>Inventory Valuation Detail.
- Click the Dates drop-down and select All.
- Find all occurances of negative amounts in the On Hand column.
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
How to Fix Negative Inventory?
Adjust the transaction dates such that bills are dated before invoices:
- From the Quickbooks menu, select Reports and then Inventory and then Inventory Valuation Detail.
- Click the Dates drop-down arrow and select All.
- Scroll through the report to an item that is showing a negative amount in the On Hand column.
- 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.
- 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.
Please contact us for details.
To enquire about our Quickbooks Negative Inventory Repair, please fill out the form below. We will get back to you ASAP.