QB Issue Resolution:

Did you receive the following error (or something similar) when trying to close the books?

you can’t close the books with qoh less than zero

This occurs because an inventory item can’t have a quantity on hand that is less than zero on the date you specified to close the books.

The best thing to do in this case is to find the discrepancy and fix it.

Did you record a bill or check incorrectly?
Is there an invoice or sales receipt that recorded incorrectly?
If so, you may want to edit that transaction so your inventory amount is recorded properly.

We don’t recommend that you update the quantity on hand artificially to return the quantity to a zero amount, but it can be done. Then you can close the books without receiving an error. We recommend using these steps only with the advice of your accountant.

To update the quantity on hand:

Choose Gear Icon > Products and Services List.
Click on an item in the list with a negative quantity on hand to highlight it. Click Edit.
In the Track Quantity on Hand section, click the Update button.
In the New quantity on hand field, enter 0 to bring the quantity on hand to zero.
Click Save. .

new quantity on hand is zero

Now you should be able to close the books without an error.

Resolution for Issue 'Error when closing the books' available: Yes (Solved).
Source: Intuit Community forum.

Error when closing the books: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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