| Author |
Message |
Guest
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 Posted:
Tue Oct 25, 2005 11:15 pm Post subject:
Inventory nightmare |
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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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Allan Martin
Guest
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| Posted:
Wed Oct 26, 2005 12:02 am Post subject:
Re: Inventory nightmare |
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<anoop.sahgal@gmail.com> wrote in message
news:1130264145.474564.73620@g44g2000cwa.googlegroups.com...
| Quote: | 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
|
It may be time to call in a QB consultant to help you straighten out your
books.
> |
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Allan Martin
Guest
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| Posted:
Wed Oct 26, 2005 4:02 pm Post subject:
Re: Inventory nightmare |
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"Golden California Girls" <gldncagrls@aol.com.mil> wrote in message
news:435FA0FA.65A32A9E@aol.com.mil...
| Quote: | Allan Martin wrote:
anoop.sahgal@gmail.com> wrote in message
news:1130264145.474564.73620@g44g2000cwa.googlegroups.com...
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
It may be time to call in a QB consultant to help you straighten out your
books.
Like Allan Martin ...
|
Yes, contracting someone like Allan Martin would save you all the unnessary
work listed below.
| Quote: |
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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Golden California Girls
Guest
|
| Posted:
Wed Oct 26, 2005 4:02 pm Post subject:
Re: Inventory nightmare |
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|
Allan Martin wrote:
| Quote: | anoop.sahgal@gmail.com> wrote in message
news:1130264145.474564.73620@g44g2000cwa.googlegroups.com...
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
It may be time to call in a QB consultant to help you straighten out your
books.
|
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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| Back to top |
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Golden California Girls
Guest
|
| Posted:
Thu Oct 27, 2005 8:03 am Post subject:
Re: Inventory nightmare |
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Allan Martin wrote:
| Quote: | "Golden California Girls" <gldncagrls@aol.com.mil> wrote in message
news:435FA0FA.65A32A9E@aol.com.mil...
Allan Martin wrote:
anoop.sahgal@gmail.com> wrote in message
news:1130264145.474564.73620@g44g2000cwa.googlegroups.com...
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
It may be time to call in a QB consultant to help you straighten out your
books.
Like Allan Martin ...
Yes, contracting someone like Allan Martin would save you all the unnessary
work listed below.
|
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.
| Quote: |
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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|
| Back to top |
|
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Allan Martin
Guest
|
| Posted:
Thu Oct 27, 2005 4:01 pm Post subject:
Re: Inventory nightmare |
|
|
"Golden California Girls" <gldncagrls@aol.com.mil> wrote in message
news:43605362.182E282C@aol.com.mil...
| Quote: | Allan Martin wrote:
"Golden California Girls" <gldncagrls@aol.com.mil> wrote in message
news:435FA0FA.65A32A9E@aol.com.mil...
Allan Martin wrote:
anoop.sahgal@gmail.com> wrote in message
news:1130264145.474564.73620@g44g2000cwa.googlegroups.com...
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
It may be time to call in a QB consultant to help you straighten out
your
books.
Like Allan Martin ...
Yes, contracting someone like Allan Martin would save you all the
unnessary
work listed below.
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.
|
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.
| Quote: |
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.
|
|
|
| Back to top |
|
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Guest
|
| Posted:
Fri Oct 28, 2005 11:54 pm Post subject:
Re: Inventory nightmare |
|
|
I get the message...I'm hosed so as I type I'm re-inputting my
inventory and will have to redo my undeposited funds, sales receipts,
etc. NEver again will I wait this long. Thanks everyone for confirming
my fears...no magic wand to be found.
Allan Martin wrote:
| Quote: | "Golden California Girls" <gldncagrls@aol.com.mil> wrote in message
news:43605362.182E282C@aol.com.mil...
Allan Martin wrote:
"Golden California Girls" <gldncagrls@aol.com.mil> wrote in message
news:435FA0FA.65A32A9E@aol.com.mil...
Allan Martin wrote:
anoop.sahgal@gmail.com> wrote in message
news:1130264145.474564.73620@g44g2000cwa.googlegroups.com...
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
It may be time to call in a QB consultant to help you straighten out
your
books.
Like Allan Martin ...
Yes, contracting someone like Allan Martin would save you all the
unnessary
work listed below.
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.
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.
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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