Kington, UK -- (SBWire) -- 04/13/2021 --Data corruption is mainly caused by performing or failing to perform transactions in QuickBooks which results in a negative carrying balance of inventory. Negative Inventory occurs when a sales transaction but the items have not been received as of yet.
This can happen when employees neglect or forget to enter Item Receipts. Customer service enters invoices without sufficient quantity on hand. When this happens, QuickBooks is unable to calculate an average cost-of-goods-sold (COGS) of the item when it's sold.
Negative Quantity on Hand shows up on a balance sheet, but is mainly reflected on the Inventory Valuation Detail report with negative numbers in the Quantity on Hand (QOH) column. Issues that can arise due to Negative Inventory are incorrect profit and loss and cost of goods sold amount, an unbalanced Cash Basis balance sheet, incorrect balance sheet inventory amount, errors in Vendor reports, inventory purchase bills reflecting on income and expense reports and consistent data damage issues.
To prevent this from happening, QuickBooks Premier allows to set a warning that says "if not enough goods to sell" to the "Quantity Available," not the "Quantity on Hand." By using this setting, the user gets a warning that the order they are entering will put the balance of items into negative territory.
With holding permissions is another way to prevent the issue of negative inventory. With QuickBooks Premier Users can be set to general roles such as Accounts Receivable, Accounts Payable, or Payroll. This restricts access to sensitive financial information and reporting.
Setting a date lock further averts users from entering transactions that they perhaps forgot to enter before month-end, and posting pre-dated Item Receipts and Invoices. Reviewing the Inventory Stock Status report from time to time also helps to thwart the issue before it takes place.
E-Tech offers a repair service to fix all instances of negative inventory in the QuickBooks file. The service will analyze the source data file to identify the items and dates the quantity on hand (QOH) went negative, and then fix all occurrences of negative inventory. The repaired file will not have negative inventory and will verify correctly in QuickBooks.
More service specifications for E-Tech's QuickBooks Negative Inventory Repair Service can be seen at https://quickbooksrecovery.co.uk/quickbooks-file-data-services/quickbooks-negative-inventory-repair/.
About E-Tech
E-Tech is the leading service provider of QuickBooks File Repair, Data Recovery, QuickBooks Conversion and QuickBooks SDK programming in the UK and Ireland. In their 20 years plus of experience with Intuit QuickBooks, they have assisted over 1000 satisfied customers with their requirements. E-Tech UK covers US, UK, Canadian, Australian versions which include Reckon Accounts, and New Zealand versions of QuickBooks through PC and Mac platforms.
For media inquiries regarding E-Tech, individuals are encouraged to contact Media Relations Director, Melanie Ann via email at Melanie@e-tech.ca.
To learn more about the company, visit: https://quickbooksrecovery.co.uk/
Media Contact
Melanie Ann
E-Tech
61 Bridge St.
Kington HR5 3DJ
Melanie@e-tech.ca
www.quickbooksrecovery.co.uk
Nipping QuickBooks' Negative Inventory in the Bud