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How to Adjust Incorrect Inventory in QuickBooks and QuickBooks POS
Published 05/31/2011 | 
Adjusting the quantity does not adjust the average cost, which means all their gross margin reports in QuickBooks POS are inaccurate, not to mention their financials in QuickBooks. They might be adjusting cost as well, but it’s unlikely they’re doing it correctly. It’s also extremely unlikely that both their inventory asset and COGS numbers in QuickBooks are correct even if they are in QuickBooks POS (which is also unlikely).
The only way they could be is if they did a full inventory count, manually calculated the average cost of each item, and did both a Qty and Cost adjustment. Since they say receiving items takes too long, they probably haven’t take the time to adjust their inventory correctly either.
In addition, if they allow their inventory to go negative in QuickBooks POS all sorts of whacky inventory and COGS information is often sent to QuickBooks, causing inventory and COGS balances to no longer match up in the two systems and requiring yet another journal entry adjustment.
Honestly, it takes far less time to simply receive the inventory in QuickBooks POS correctly than it does to make all the necessary adjustments that are required if they don’t.
Written by +Ruth Perryman, CMA, CFE, CFM, MBA
Ruth has provided QuickBooks help to thousands of businesses around the world since 1996. She is an Intuit Solutions Provider, an Advanced Certified QuickBooks ProAdvisor, and a member of the Intuit Trainer/Writer Network. She is also certified in QuickBooks Point of Sale and QuickBooks Enterprise Solutions.
QuickBooks price list | Buy QuickBookse | Free trial of QuickBooks POS | Free trial of QuickBooks Enterprise
How to Delete Memorized Reports in QuickBooks
Published 05/30/2011 |
Written by +Ruth Perryman, CMA, CFE, CFM, MBA
Ruth has provided QuickBooks help to thousands of businesses around the world since 1996. She is an Intuit Solutions Provider, an Advanced Certified QuickBooks ProAdvisor, and a member of the Intuit Trainer/Writer Network. She is also certified in QuickBooks Point of Sale and QuickBooks Enterprise Solutions.
QuickBooks price list | Buy QuickBookse | Free trial of QuickBooks POS | Free trial of QuickBooks Enterprise
How to Fix QuickBooks Payroll E-Pay to California EDD
Published 05/29/2011 |
Written by +Ruth Perryman, CMA, CFE, CFM, MBA
Ruth has provided QuickBooks help to thousands of businesses around the world since 1996. She is an Intuit Solutions Provider, an Advanced Certified QuickBooks ProAdvisor, and a member of the Intuit Trainer/Writer Network. She is also certified in QuickBooks Point of Sale and QuickBooks Enterprise Solutions.
QuickBooks price list | Buy QuickBookse | Free trial of QuickBooks POS | Free trial of QuickBooks Enterprise
How to Fix Rejected Transactions in QuickBooks Point of Sale
Published 05/28/2011 | 
Written by +Ruth Perryman, CMA, CFE, CFM, MBA
Ruth has provided QuickBooks help to thousands of businesses around the world since 1996. She is an Intuit Solutions Provider, an Advanced Certified QuickBooks ProAdvisor, and a member of the Intuit Trainer/Writer Network. She is also certified in QuickBooks Point of Sale and QuickBooks Enterprise Solutions.
QuickBooks price list | Buy QuickBookse | Free trial of QuickBooks POS | Free trial of QuickBooks Enterprise