QuickBooks Desktop: Inventory Issues (Part 1 of 2) Troubleshooting

QuickBooks 30-day free trial + 30% off for 12 months:
https://quickbooks.intuit.com/partner...


If you want to access the 8-part series, here is the link to purchase:
http://www.hectorgarcia.com/advanced

Part 2: Fix Inventory Issues in QuickBooks Desktop:    • QuickBooks Desktop:  Inventory Issues (Par...  

Timestamps:
00:00 - Beginning Balance + Purchases - Cost of Goods Sold = Ending Inventory Balance
01:25 - Overstated vs. Understated Inventory, and Net income issues
06:19 - Comparing the Inventory Valuation Report vs. Balance Sheet's Inventory Asset Value
09:35 - Inventory Adjustments with WRONG adjustment account
10:27 - Inactive Inventory items with balances
14:22 - When zero QOH items carry an asset value other than zero


How to quickly know if inventory is “off”?
Inventory Valuation Summary does not match Balance Sheet
Asset Value in Inventory Valuation Summary doesn’t “feel” right

Potential Causes:
-Journal Entries affecting Inventory Asset account
-Inventory adjustment using the Inventory Asset account as the adjusting account
-Inactivated Inventory Items with a QOH other than zero
-Using wrong units of measure on transactions
-Using wrong items on transactions (similarly named)
-Negative QOH on inventory items
-Inventory items with zero QOH retaining a balance in the valuation report






Call our office 954-414-1524 to setup a private training/consultation about QuickBooks, Excel, Accounting/Bookkeeping, Taxes, and/or General Business Consulting (rates vary from $395 to $1,000) for first consultation depending on length and consultant required. E-mail Hector your questions [email protected]

To setup a 30-day free trial of QuickBooks Online and then a 30% http://www.quickbooksoffer.com/?cid=i...