23 Nov Quickbooks Update – Inventory Issue Fixed in Version 2003
QuickBooks Update – Inventory Issue Fixed in Version 2003
For those of you who have taken my live seminars, you are aware of a problem with QuickBooks version 2002 and before as it relates to inventory beginning balances changing without warning. I am happy to announce that the issue has been corrected with the 2003 version.
The situation that creates the problem is this: The beginning balances for inventory items were entered using the adjust qty/value feature. The extended cost for the item was calculated based on the cost entered on the item set up screen (since there was not historical information). The box was not checked to view the value adjustment (i.e. the extended cost was available from the total at the bottom, but the individual items do not show the extended cost on the screen). Assuming all these variables are true, when the cost is changed at some future date (usually due to a price increase several years later) the beginning balance for that item is changed as well.
This type of change does not appear on any reports; because it is a global change (i.e. does result from a specific transaction being edited by the QuickBooks user).
I am happy to relay the information that the same situation does not exist with 2003. If you choose to upgrade, that will solve the problem. If not, edit the beginning balance adjust qty/value on hand entries to show the value adjustment (i.e. check the box at the bottom of the screen) to “lock” the balances from changing.
List Limits Expanded
For most QuickBooks users, the list limit for the QuickBooks Pro and Premier products of 14,500 is sufficient. For some, however, that is not the case. We have been seeing increased list size for a variety of reasons. One of the most common is the increased number of customers as the result of web site sales. For version 6 and prior, the list limit was doubled for the Enterprise Solutions Product. New with version 7, the Enterprise Solutions limit has been removed.