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User1011
December 7, 2023
Question

Close Period - But Without adjusting negative stock values

  • December 7, 2023
  • 1 reply
  • 0 views

I want to close a period form other users making changes except changes with a password.

I have some negative stock values in my inventory.

QuickBooks Online will not let me close a period until I adjust my negative stock values (i.e. change -20 a 0).

Other than adjust the stock values, can I close the period without adjustiong those negative values.

 

 

 

 

1 reply

C
Carneil_C
December 7, 2023

Hi there, @User1011.

 

Let me assist you by sharing some information about the closing period with negative stock value.

 

There are a few instances that cause a negative stock. These are:

 

  • Only sell more products than you originally had.
  • Not every purchase order that you made was entered into QuickBooks.
  • The quantity in QuickBooks is different due to a miscounted stock.
  • The quantity in QuickBooks didn't match what you received from your supplier. It can cause a miscount.
  • Purchases are not converted into bills. Items are only counted as stock by QuickBooks when a bill has been created.

 

Adjusting stocks can impact your accounting. Thus, QuickBooks won't allow you to close the period without doing so. That said, I recommend reaching out to your accountant to ensure the accuracy of your books. If you're not affiliated with one, you can utilize our accountant to look for one in your area.

 

For deeper insights about tracking stocks and adjusting stock quantity, these articles can give you further details:

 

 

Once you're ready to close out the year, check out this reference: Close your books in QuickBooks Online.

 

I'm still all ears if you need further assistance with your inventories, running reports, etc. Just add your reply below, and I'll get back here as soon as possible. Take care always.

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