One or More Received Items or Unadjusted Sale Transactions
One or More Receive Items or Unadjusted Sale transactions in the current fiscal year.
This warning essentially means that there is a Purchase Order (in Order status) still on file that had received items, but was not converted into a Bill. This is why there is an still "estimated cost." The price has not been finalized by the Bill.
There is a report called "Open Item Receipts" you can run to try and find these "Receive Item" transactions. This report is found under Reports > Index to Reports > Purchases from the top of the screen. It is under the "Purchase Register" sub-category.
When running this report it is suggested to set a wide date range (ex. 1/1/2000 until the current day). This is done incase the Order is in a previous year (this could be the case if you are new bookkeeper and this is the first time you are closing the year).
Furthermore, you can also try running the "Open Bills and Orders" report. We can customize this just to see Orders. When customizing the report, go to the right hand side where it says "Purchase Status" and change this from "Both" to "Orders".
When the Received Item order(s) has been found you can determine if you wish to convert this to a Bill and finalize the cost or wait until next year to do so. If you wish to wait until next year, keep in mind the "Cost of Sales Adjustment" that will happen will take place in the current fiscal year then.
- There are circumstances where you may have an order dated in a current fiscal year where you received items, but then recorded a pre-dated sale in the prior year (the year you're trying to close).
This can be tricky as the item that was received this year was sold last year. So the sale from last year is carrying the estimated cost. This can then be difficult when running the reports up above as one would not normally think about this and would only run it for the prior years. Please keep in mind you may have to run these reports for a future date as well.
- This message can also be caused by having negative inventory turned on. Until the inventory for an item is positive there can be no final cost for a sale of that item and the same message will occur.
ExampleI have an invoice (no.8001) for 5 of item X but I currently have -2 of item X in inventory. Until I have 0 or greater of item X invoice 8001 will have a cost that isn't finalized.