You’re the best. I just started working at a Manufacturing company with hundreds of inventory and this has been a huge problem with that company. His QB inventory is a mess.
That was fun. i"m a QB fixer but fixing inventory is new to me, so I enjoyed that. Poor folks who let their inventory get out of hand, argh. I feel for them.
You're the best I've seen explaining QB so far. Does activating/inactivating inventory items could be a reason for having variances between inventory in BL & inventory valuation for previous dates? In my case, pulling-up inventory valuation today matches BL but doing it for previous dates shows variances then doing inactivate to some inventory items shows different differences on different dates but matches as of today.
No.. because there is an option to show inactive items in the valuation report. The variances are oftendo to people making adjustments to the inventory asset account via non-inventory transactions
Thank you very much for this video! Can you give advice on the Balance Sheet side of it: how to trouble shoot that side of it and how it got so far off in the first place? So that a large correction doesn't need to be done like this in the future?TIA!
Can you please do a review on how to properly document inventory adjustments for expired items? Should this reflect a negative or positive number on my P&L?
I have a company that does not do individual items for inventory just the price paid for it on the bank account and she writes inventory purchased. It is input in Inventory Asset. I never see what individual items are sold either , just the bank account that shows the income ...... Nothing subtracts from inventory asset and it does not show COGS. Any suggestions on how to make this work without putting in each item. She tells me the amount of inventory on hand in dollar amount when she wants a P&L but I don't know how to make it show on the P&L. Is there anyway to make this work "her way" in Quickbooks?
If you have a negative item, don't you need to find out why it was negative in the first place before you zero it out? Also, this video is to reconcile the inventory value to the ledger value, but does this value reflect the correct valuation of inventory? I am having quite a lot of trouble with QB inventory as some of the adjustments that my staff made just screwed up the average cost causing incorrect value of the item as well as incorrect COGs...and I still trying to find a way to rectify it :(
Hi Hector, I have a question regarding the Add of date on inventory. By mistake I put the wrong date. Could you please help me with the steps to correct my date?
Hi Hector. I've learned so much from your videos. Amazing. I've just cleaned up a 20 year mess. My Asset account still does not match between the Balance Sheet and Inventory valuation. We are a wholesale and manufacturing company. After lots of digging, I'm sure it is between our service charges. If I would like to use a service charge in my item cost, how would these be set up. Currently, they are not all the same. We have different service charges for different categories. I can clearly see that they are not uniform. But before I change them, I'd like to know which is correct. If I want the service (such as labeling or bottling) to be part of the assembly item, which expense account and which income account should i use?
Hi Hector You are a awesome teacher thanks for giving so generously of your time. I have a question concerning a build created incorrectly in 2018 (books are closed) but just caught the mistake now, How do I correct it so my inventory will reflect the correct stock on hand? Should have been a build with 2oz product but it was incorrectly created a build with a 9oz product so I need my inventory to reflect the true count.
@@HectorGarciaCPA thank so much for your response! I did it but I don't see the raw materials going back into stock. Do I need to do more to make that happen?
my inventory asset is calculating the RETAIL VALUE on some items and nothing on others, How do i change what Quickbooks is using to calculate the Value of inventory
If its wrong, you may need to do a one time value adjustment to fix the historical. Then moving forward you need to learn how to book the inventory purchases correctly
Hi Hector thank you for helping us with QB but what about when the Journal Report in my sales invoice generate a different entry when it come to COGS : Debit inventory and credit COGS. Pls. Help!
We write equipment leases. Since we own the equipment, should we create a fixed asset, and then somehow associate that fixed asset to a recurring invoice with memory?
@@HectorGarciaCPA When a work order get completed and the quantity is updated, should the value be updated as well? I am told within my company they are not updating the value and therefore my balance sheet is stagnant or unchanged. Is this proper accounting?
I tried making an adjustment for an item (zeroed it out) but the change does not show up in cogs I had enough inventory on hand for the cogs to go through. Does anyone know what could be causing this problem? I know for a fact that the previous year had nothing to do with it because my company just started assembling the product for the first time this year.
Hi hictor, i have a problem with my inventory. I have pending builds I don’t know how i got that. So when i need to make new building i do have on hand enough to build but the is amount( quantity reserved by another assemblies) how can i solve that please help
Hi Hector, your videos are a great help for us small businesses owners! My accountant made an adjustment to the quantity of an item we had none remaining of, however there was still a value showing. This must be the QB quirk you mentioned happens from time to time. Is this type of adjustment in the video for negative inventory with incorrect valuations doable in any version of Quickbooks Online? I plan to switch to QBE, however I wanted to convert my QBO file over, but was concerned with our negative inventory being a problem.
@@HectorGarciaCPA Thanks for the quick response! Is there a workaround? Or is the only option to make the adjustment (without starting a new company file) to convert the file to QBE and make adjustments after that?
I have an issue: once I build an assembly product to send all material to the production line QuickBooks adds it at once to stock as a finished product although it is still in production not finished yet? the workers maybe need one week to finish ( as an example) and I need to be updating with real material and real finished products please help me how I solve this problem
@@HectorGarciaCPA thank you Hector very much for your reply , but in this way I cannot control the production line because I will build assembly after workers finished so , you give me an idea 💡 that everyday I will build assembly in the morning , move raw material form store to production area and tracking raw material very well and with the end of day I’ll edit same build with actual finished items but this way need some work around cause QB not cover my point.
Is there a way to "hide/eliminate" the items in inventory when they have been adjusted? so that when the item is looked up to see qty on hand it only shows what's available. Please advise. TY
I have a problem in my quickbooks desktop, the cost of goods is zero in the income statement for the sold items. And some items have zero sales as well.. I kindly need your help..thnk u
xasan Item List ga fiir ILeen waxaa laga yaaba inaad dooratey Non-Inventory Item Kadhig Inventory Part .Expense side kana kadhig Cost of Goods Sold. Income Side kana kadhig Revenue/Sales income etc.
@@HectorGarciaCPA I have a meeting with Alexander on Monday. Should I discuss with him or arrange a conference with you? I have a bank waiting for statements.
There is not warranty tracking. But if the info is inside the Invoice, you could always just search the invoice. If the items have serial numbers, you can enter that serial number in the Invoice
You’re the best. I just started working at a Manufacturing company with hundreds of inventory and this has been a huge problem with that company. His QB inventory is a mess.
Annie K. Good luck.
That was fun. i"m a QB fixer but fixing inventory is new to me, so I enjoyed that. Poor folks who let their inventory get out of hand, argh. I feel for them.
Hot mess
You're the best I've seen explaining QB so far. Does activating/inactivating inventory items could be a reason for having variances between inventory in BL & inventory valuation for previous dates? In my case, pulling-up inventory valuation today matches BL but doing it for previous dates shows variances then doing inactivate to some inventory items shows different differences on different dates but matches as of today.
No.. because there is an option to show inactive items in the valuation report.
The variances are oftendo to people making adjustments to the inventory asset account via non-inventory transactions
Thank you very much for this video! Can you give advice on the Balance Sheet side of it: how to trouble shoot that side of it and how it got so far off in the first place? So that a large correction doesn't need to be done like this in the future?TIA!
Thank you !!!!
This is greatly appreciated and will help me correctly adjust inventory!
Excellent!
Can you please do a review on how to properly document inventory adjustments for expired items? Should this reflect a negative or positive number on my P&L?
It would be an positive expense (a “negative” to net income)
Just make a regular inventory adjustment
Hi. Just want to ask the inventory adjustments should put right under COGS? Because it really really reflect negative at PL. ?
thanks for your instruction!! great helpful!
I have a company that does not do individual items for inventory just the price paid for it on the bank account and she writes inventory purchased. It is input in Inventory Asset. I never see what individual items are sold either , just the bank account that shows the income ...... Nothing subtracts from inventory asset and it does not show COGS. Any suggestions on how to make this work without putting in each item. She tells me the amount of inventory on hand in dollar amount when she wants a P&L but I don't know how to make it show on the P&L. Is there anyway to make this work "her way" in Quickbooks?
Just dont use inventory items…
If you have a negative item, don't you need to find out why it was negative in the first place before you zero it out? Also, this video is to reconcile the inventory value to the ledger value, but does this value reflect the correct valuation of inventory? I am having quite a lot of trouble with QB inventory as some of the adjustments that my staff made just screwed up the average cost causing incorrect value of the item as well as incorrect COGs...and I still trying to find a way to rectify it :(
All 100% true… but sometimes there is no time for that
Hi Hector, I have a question regarding the Add of date on inventory. By mistake I put the wrong date. Could you please help me with the steps to correct my date?
Hi Hector. I've learned so much from your videos. Amazing. I've just cleaned up a 20 year mess. My Asset account still does not match between the Balance Sheet and Inventory valuation. We are a wholesale and manufacturing company. After lots of digging, I'm sure it is between our service charges. If I would like to use a service charge in my item cost, how would these be set up. Currently, they are not all the same. We have different service charges for different categories. I can clearly see that they are not uniform. But before I change them, I'd like to know which is correct. If I want the service (such as labeling or bottling) to be part of the assembly item, which expense account and which income account should i use?
Use any COGS account
Hi Hector You are a awesome teacher thanks for giving so generously of your time. I have a question concerning a build created incorrectly in 2018 (books are closed) but just caught the mistake now, How do I correct it so my inventory will reflect the correct stock on hand? Should have been a build with 2oz product but it was incorrectly created a build with a 9oz product so I need my inventory to reflect the true count.
Just make a manual inventory adjustment with today’s date.
@@HectorGarciaCPA thank so much for your response!
I did it but I don't see the raw materials going back into stock. Do I need to do more to make that happen?
my inventory asset is calculating the RETAIL VALUE on some items and nothing on others, How do i change what Quickbooks is using to calculate the Value of inventory
If its wrong, you may need to do a one time value adjustment to fix the historical. Then moving forward you need to learn how to book the inventory purchases correctly
Hi Hector thank you for helping us with QB but what about when the Journal Report in my sales invoice generate a different entry when it come to COGS : Debit inventory and credit COGS. Pls. Help!
We write equipment leases. Since we own the equipment, should we create a fixed asset, and then somehow associate that fixed asset to a recurring invoice with memory?
You can’t associate it.
After my adjustment, I keep finding negative inventory. What is causing this to repeat?
I guess i would need to look at it. I don’t know what you are doing it not doing. Maybe the adjustment was not complete?
@@HectorGarciaCPA When a work order get completed and the quantity is updated, should the value be updated as well? I am told within my company they are not updating the value and therefore my balance sheet is stagnant or unchanged. Is this proper accounting?
I tried making an adjustment for an item (zeroed it out) but the change does not show up in cogs I had enough inventory on hand for the cogs to go through. Does anyone know what could be causing this problem? I know for a fact that the previous year had nothing to do with it because my company just started assembling the product for the first time this year.
Thanks for posting!
Hector, how are you? my question is: how can I check my previous inventory adjustments? thanks
You can tun a custom transaction detail report and filter by that transaction type
Hi hictor, i have a problem with my inventory. I have pending builds I don’t know how i got that. So when i need to make new building i do have on hand enough to build but the is amount( quantity reserved by another assemblies) how can i solve that please help
At 19:25, May I ask how can we create Negative Inventory Listing report using premier version?
Cant.. it’s only on Enterprise
Hi Hector, your videos are a great help for us small businesses owners! My accountant made an adjustment to the quantity of an item we had none remaining of, however there was still a value showing. This must be the QB quirk you mentioned happens from time to time. Is this type of adjustment in the video for negative inventory with incorrect valuations doable in any version of Quickbooks Online? I plan to switch to QBE, however I wanted to convert my QBO file over, but was concerned with our negative inventory being a problem.
Inventory value adjustment is not available in QBO
@@HectorGarciaCPA Thanks for the quick response! Is there a workaround? Or is the only option to make the adjustment (without starting a new company file) to convert the file to QBE and make adjustments after that?
Nordy yes you need to adjust the inventory on hand to zero. Change the cost in the item list. Then adjust the quantity again the next day.
I have an issue: once I build an assembly product to send all material to the production line QuickBooks adds it at once to stock as a finished product although it is still in production not finished yet? the workers maybe need one week to finish ( as an example) and I need to be updating with real material and real finished products please help me how I solve this problem
Wait until their are completed before you create the build
@@HectorGarciaCPA thank you Hector very much for your reply , but in this way I cannot control the production line because I will build assembly after workers finished so , you give me an idea 💡 that everyday I will build assembly in the morning , move raw material form store to production area and tracking raw material very well and with the end of day I’ll edit same build with actual finished items but this way need some work around cause QB not cover my point.
Is there a way to "hide/eliminate" the items in inventory when they have been adjusted? so that when the item is looked up to see qty on hand it only shows what's available. Please advise. TY
You need to make the active, adjust them to zero; then make them inactive
I have a problem in my quickbooks desktop, the cost of goods is zero in the income statement for the sold items. And some items have zero sales as well..
I kindly need your help..thnk u
I guess I would need to see it.. are you sure you are using inventory parts?
xasan Item List ga fiir ILeen waxaa laga yaaba inaad dooratey Non-Inventory Item Kadhig Inventory Part .Expense side kana kadhig Cost of Goods Sold. Income Side kana kadhig Revenue/Sales income etc.
@@HectorGarciaCPA Yes, teacher. i have solved the problem by watching some of your videos. Thank u.
how do you scan in quantity count that just came in ?
I don't want avg. Cost in inventory rather I need to take actual cost entered in my ledger , can anyone help....?
thats is not an option
I mean I need to take cost entered in bill with new cost for every item Purchased
Since we are a trader of bulk orders shipped on demand. Do you think batch costing can help us here
Emad khalid eitherway it doesn’t work like that.. it’s avg cost.
My inventory item list has many inactive items with quantities. However, I cannot change the item from inactive to active. Why not?
Shouldn’t be an issue, maybe you have some corruption
@@HectorGarciaCPA if corrupt how to I repair. Otherwise, I cannot correct these items?
Robert Schoen no clue.. without looking at it, it’s impossible to diagnose
@@HectorGarciaCPA I have a meeting with Alexander on Monday. Should I discuss with him or arrange a conference with you? I have a bank waiting for statements.
By the way, I'm really impressed with all your videos. Thanks.
do you consult?
Yes, sorry for the late response, do you still need help? here is my website qbkaccounting.com/hourly-quickbooks-consulting-training-support/
Hi Hector! How do I set up an appointment with you?
954-414-1524
HOW DO I MAKE SERIAL NUMBERS FOR MY PRODUCTS?
I explain serial numbers in other videos
@@HectorGarciaCPA Hi thanks for the reply, how do I track warranty for each of my products using QB?
There is not warranty tracking. But if the info is inside the Invoice, you could always just search the invoice.
If the items have serial numbers, you can enter that serial number in the Invoice
@@HectorGarciaCPA Will Barcode scanning work for AC units? and Aircon parts?
Could you pls tell me your email. Thank so much teacher..