Inventory nightmare

Oct 25, 2005 6 Replies
A

We recently opened a home decor and furnishings store in May and I have just now got the financial part under control and reconciled. Here is my major issue. I only use Sales receipts and have been adding inventory on the fly to COGS and Sales. Problem now is that I have entries for the actual amounts for inventory so my inventory is way out of whack plus I was not making deposits so I have all the entries from my bank and cannot take the ones from QB without messing everything up. What is the best way to fix this??? I'm hoping I don't have to redo all of my receipts and re-enter my inventory to the correct amounts, costs, etc. Has anyone come across this problem and any ideas? Any way to export the sales receipts, fix the inventory, the import the sales receipts again? The other problem I have is that I have reconciled all of my bank records and I have my sales still in undeposited funds. Any way around this besides starting over?



Any help would be appreciated



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A

It may be time to call in a QB consultant to help you straighten out your books.

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G

Like Allan Martin ...

The correct way is to begin correctly. Take the last complete correct set of books you have. Open a brand spanking new empty company file. Enter your chart of accounts and put in the beginning balances. Enter your item list. Enter your inventory beginning balances. Now grab the pile of entries and statements from that date to today and start entering them in order. When you get to today your books will be right if you don't make any entry errors.

Oh, you want to fix the mess you made ... Damn thats going to be a PITA. Good luck. You are going to learn a lot about physical inventory adjustments and general journal entires.

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A

Yes, contracting someone like Allan Martin would save you all the unnessary work listed below.

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G

Not. He already made the mess Allan. Someone has to do the work now unless you have a magic wand you waive to turn back time so he starts from the correct point and then his post never appears here asking for help.

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A

When you are a CPA in public practice and each tax season you see 30+ messes like the one described by the OP, you learn how to become a magician.

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