Hi All! If someone would be so kind and help before I throw my laptop out of the window.. well, that would be just peachy!
A client has a balance within stock (a few actually and I am hoping one answer will sort them all!)
I've attached a screenshot of the stock account, which cant be posted to.
He has posted a customer invoice £401.50 plus (I think) a supplier invoice less a credit (£420-18.50)
Then an item receipt appears for the £420
Looking at the VAT report, the VAT has picked up on the item receipt.. I cant see it picking up the supplier invoice/credit
Bizarrely.. the supplier centre shows a balance for the £420 + VAT = £516 - yet there is no outstanding item to clear and its not showing on the creditor list
Why has it done this? How can I get this £420 out of stock. How do I get rid of the duplicate without affecting the VAT??
To the lovely soul(S) who is going to attempt to answer this, I say thank you thank you thank you
I am used to Sage, where I use transaction numbers, and the audit trial, and actual posting dates, to determine whats what. Quickbooks doesn't appear to offer those, so when I look at the VAT return print out, and NL postings, I cant tell if the item for the same amount, is one or the other!
I have told the client to get his accountant to make a journal in his accounts production software. He has moved over to Sage since this year end passed, so its not worth messing about with.
-- Edited by FoxAccountancyServices on Thursday 3rd of October 2013 10:11:24 PM
I'm not sure I can answer your question, because it does sound very odd, but there's a couple of things that may lead to other things that eventually could help.......
I haven't used stock on QuickBooks very often, but know that you can receive an item without the bill - i.e. the product has arrived so is booked into stock, but the invoice comes a day or two later. I wonder if your Item Receipt is just this - not a duplicate - but, perhaps your client has then put in the bill without 'receiving' the goods. So the Item Receipt is still 'in stock' awaiting the bill, but the bill has been entered as well, in which case the bill and the item receipt will need to be re-linked to show correctly.
With regards to the VAT picking up on the receipt but not the bill - are the dates too far apart to be showing on the same VAT report???? If not, I don't know what this could be
With the supplier centre not showing the credit.....have you looked at the bill - have they put the credit on the bill on a second line perhaps - although that still wouldn't really explain how the balance shows as £420!!!
With regards to getting the £420 out of stock - perhaps delete the bill IF its been created without using the Item Receipt, then go to create it again using the 'Enter Bills against Stock' option and this might just sort the problem........perhaps!!!! Good Luck
Carol
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Carol Saunders Lady of Ledger Book Keeping Telford, Shropshire
Sorry, I am aware of that report. I didn't word that very well! It's the transaction numbers I was meaning QB didn't offer. Or does it? Please tell if so? Have lost my mind trying to sort this!
Is there a way that I can tell whats appeared on the VAT return? So, on Sage the audit trail, it shows an "R" next to the transaction, to show that its gone onto a return. That allows me to identify the duplicate copy that hasn't gone on the return. If I could do this, it would help me figure out what I have to delete, without messing all the VAT figures up
Also, the QB audit trail doesn't seem to allow me sort things into transaction date order, so that I can easily find what I am looking for. Is there a certain way to do this?
There are thousands of transactions, and the Trn dates are all over the place. The report auto runs in physical posting date order, and I cant see a sort option on the report. A little hand comes up when I go near the titles, but clicking them doesn't do anything?
If you go into the COA, and click on VAT liability and open it up it will show you all the transactions and when it was filed in VAT, it has in there Due Date and Filled Date, so then you can see which on is the duplicate.
I think the some of the issues with this stock account, I am trying to balance, is that the client was able to post sales of stock that didn't exist. So theres a credit to the stock account, but no debit for the actual stock purchase.
Is there a particular setting that needs to be switched on to prevent this from happening by any chance? Would be good to know for future use
I work for a client on QB who uses the stock function and this is one of my biggest moans with QB in that it will warn you that you don't have enough stock on hand to sell the item, but will still let you continue to create an invoice, resulting in negative stock if it's not kept a close eye on. I have never found a setting within QB to stop this happening (not saying it's not there though!)
