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T
TreyD
March 19, 2024
Question

Need Help Matching Vendor Bill to Vendor Credit Card Charge

  • March 19, 2024
  • 1 reply
  • 0 views

I have been going into my credit card purchases when buying goods and receiving them as an expense. However, I was unable to properly track inventory and inventory COGS. I recently went back over the last 15 months and changed from expense to items purchase with costs. The inventory still didn't balance as I bought 50 umbrellas for a customer, invoiced them and it still shows in my inventory valuation. I did research and it says that I need to create an item receipt. I did. Then it said to enter a bill for received items. I did. Then I received the items. Now I have a credit card charge with a negative, and a bill with a negative, and it says that the vendor has a balance. All 3 are the same numbers and the quantity of my umbrellas are now 100. How do I fix this mess that I have created? I want to clean up my inventory valuations to properly calculate COGS and need to do this for many more items, but this is the first I tried and I think I made a pretty good mess of this already. HELP!!!!!! I use quickbooks enterprise solutions: manufacturing and wholesale. I don't use enterprise suite.

1 reply

C
CamelleT
March 19, 2024

I understand that you want to clean up your inventory valuations, Trey. Let's work together to get this rectified.

 

We can make an inventory adjustment if you want to correct the quantity on hand. Here's how:

 

  1. Ensure you set up an inventory adjustment account.
  2. Go to Vendors and choose Inventory Activities. Then, select Adjust Quantity/Value on Hand.
  3. Click Inventory and hit Adjust Quantity/Value on Hand.
  4. Tap the Adjustment Type dropdown, then select Quantity, Total Value, or Quantity and Total Value. Click the adjustment type option and then select your adjustment account.
  5. Enter the Adjustment Date.
  6. Choose the Adjust Account dropdown, then click the adjustment account you set up.
  7. Add a Reference No. You can also assign a customer, job, or class.
  8. Click Find & Select Items. Choose the items you want to adjust. If you have a lot, search for any product in the Find field.
  9. Select Add Selected items.
  10. Add a new quantity or value (or both) for each item and hit Save and Close.

 

For further information, check out this link: Adjust your inventory quantity or value in QuickBooks Desktop.

 

However, if you want to correct the amount of your COGS, we can create a journal entry. I'd suggest seeking advice from your accountant to help you sort this out. 

 

I'll also add this reference to guide you about the possible causes of negative inventory and the steps to fix them: Fix negative inventory issues in QuickBooks Desktop.

 

Don't hesitate to post a reply if you have additional questions about managing your vendor bills or tracking inventory. I'll always be around to assist. 

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