USA Inventory issues

[Ana81257]

Hello,
I have a inventory issue that I'm not sure how to solve. My company switched accounting software three times from Sage 50 / QB/Stone Profits. After migrating to QB in the middle of the year, Intuit team converted the Sage data to QB format, but they moved my inventory as a non-inventory item, which caused a problem. I had to manually convert non-inventory items to inventory items, and before I finished, we switched again to the industry-specific software. They transferred everything from QB and asked for inventory files in Excel format. My balance sheet now shows a negative balance in the 1000-inventory clearing account, despite the fact that the 1001-inventory account is correct and matches the inventory valuation report. How do I remove the incorrect negative value from my inventory clearing account, which is reducing my total current asset? Could you please advise me on how to resolve this issue? Thank you

 

[kirby]

Since you have a credit balance in an asset account, look for an offsetting debit amount in one of your other accounts. If all the other accounts are correctly stated then you have to remove that negative (credit) balance by Dr to Inventory Clearing Account and Cr to Income.

 

[Eddy Yin]

If all accounts have been verified and none show the difference, I suggest crediting an inventory difference account until such difference is located. it is difficult to justify an income from system conversion..