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Duplicate Inventory Values

Posted by Marius 
Duplicate Inventory Values
June 20, 2013 09:18AM
I hope there is someone who can help me with the following. I use Quickbooks Pro 2010 and use the inventory function where I create and track stock. The process I follow is the following. Create inventory Item, when stock received I capture the invoice and receive the item. This then creates the units in the inventory file. When it's time to pay the invoice I pay it under bill payments. when the item gets sold the inventory reduces and the cost of goods sold is increased which then appear on the income statement.

Now the problem is that the cost of sales has been duplicated because my bookkeeper did not create the items, and paid the invoices under banking, write checks using cost of goods sold. Now when the item gets sold it also increases the cost of goods sold. Now my inventory shows negative and cost if goods sold is duplicated, how do I fix this.

Thanks I look forward to your answers.
Re: Duplicate Inventory Values
June 23, 2013 05:25PM
It sounds like you need to adjust the inventory using the Income Account associated with the individual Inventory Item as the Adjustment Account.

Print a Profit & Loss Detail report prior to the adjustment and again after the adjustment to make sure you are getting the correct results.

Then make the adjustment which will increase your inventory income account which should offset the Cost of Goods increase and should fix the problem.

To adjust the inventory you go to Vendors; Inventory Activities, Adjust Quantity/Value on Hand, correct the actual inventory amount and use the appropriate item and income account it is linked to. You do not have to enter a Customer name to do this.

You cannot use a Cost of Goods Sold account to do this adjustment, only an Income or Expense Account.

It sounds like you have a good grip on how to do it correctly in the future.
Re: Inventory Items Transfer
January 20, 2014 01:29PM
How do I transfer Inventory Items from Quickbooks 2006 and Import them to Quickbooks 2014 on another computer?
Re: Inventory Items Transfer
January 21, 2014 09:39PM
You can back up your 2006 file and move it to the new computer. Once on the new computer use 2014 QB to restore the company file and that should transfer all your data into 2014
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