When an inventory item (with a quantity on hand) is deleted from QuickBooks Desktop Point of Sale, an adjustment to account is automatically generated for the decrease in inventory. Ensure the adjustment is reflected correctly in the QuickBooks Balance Sheet report.
This issue may be happening because of the following reasons:
In QuickBooks Desktop Point of Sale:
- The correct accounts are not mapped.
- The adjustment did not transfer during the data exchange.
In QuickBooks Desktop:
- The Balance Sheet report may not have been run for the correct date.
- The correct adjustment is not reflected in the Inventory Asset account.
It is recommended to follow the steps provided for both QuickBooks Point of Sale for Desktop and QuickBooks Desktop to resolve the problem.
QuickBooks Desktop Point of Sale: Check the account mapping to determine which accounts are tracking the adjustment. Verify that the adjustment transferred correctly from Point of Sale during the data exchange.
QuickBooks Desktop: Verify that the Balance Sheet report reflects the correct information.
QuickBooks Desktop Point of Sale
- Verify the account mapping.
- From Point of Sale, go to File, select Preferences and choose Company.
- Select Accounts from the list displayed in the left side of the window.
- Ensure the Asset Account on the Inventory line matches the QuickBooks inventory account.
- Select the Advanced tab.
- Ensure the QB Account for the Document Offset line has the correct account selected to match QuickBooks document offset account.
- If the correct accounts are not mapped, choose the dropdown arrow in each account field, and then select the correct accounts. Select Save.
- Ensure that all quantity adjustments transferred correctly.
- From Point of Sale, go to Inventory and choose Quantity Adjustment History.
- Examine the status of each transaction.
- Select a memo and choose Financial at the top of the window. This will display the QuickBooks status of the memo.
- If the status shows anything but Sent To QuickBooks Successfully, there was an issue with the data exchange.
- If the data did not transfer correctly, manually enter the missing transactions in QuickBooks Desktop.
- Ensure the report date includes the date of the adjustment. If it does not, rerun the Balance Sheet report with the correct date.
- Verify that the general journal entry adjustment decreased the Inventory Asset account by the cost of the deleted items.
- In QuickBooks Desktop, go to Lists and select Chart of Accounts.
- Double-click the Inventory Asset account.
- If the general journal entry adjustment did not decrease the Inventory Asset account by the correct amount, return to QuickBooks Desktop Point of Sale and edit the adjustment.