Prevent Negative Inventory

A cardinal rule (ESPECIALLY in QuickBooks Point of Sale) is to NEVER sell inventory unless it’s in your system – the result is negative inventory.  Negative inventory causes all sorts of problems with your books and can be time consuming and costly to correct. While negative inventory is much easier to fix in QuickBooks than in Point of Sale, it still is an issue.  Unfortunately, for a variety of valid (and not so valid!) reasons, the inventory is not in the system, but you need to collect payment from the customer and they want a receipt or invoice.  In a retail setting, it could be that it’s a consignment item and you have a couple steps to take before it’s in, but you don’t want to take the time with the customer right there. In QuickBooks, it could be you need to order the item and will have it drop-shipped, but want payment from the customer.  In both cases, a sales order will do the job.  You can later convert the sales order to an invoice in your system and you can even mail/email that to your customer later, if need be.   In QuickBooks, it’s easy to create a separate template to use in these situations and you can select it from the drop-down when you’re in the screen.  Sales Orders are in Premier, Enterprise, and Point of Sale, but not in Pro. So, if you are using QuickBooks Pro, use the estimate and customize a template.  You won’t be able to receive the payment against the estimate, but it’s a document you can print out for your customer and once you convert the estimate to an invoice, you’ll be able to apply the payment.

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