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StaceyW1
February 6, 2020
Question

Regarding Inaccurate Inventory reporting:

  • February 6, 2020
  • 1 reply
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I saw the post from DarrenHatina last year regarding the inventory valuation report showing a PST amount as the value of the item when the item is already sold and quantity is zero.  This obviously inflates the inventory valuation incorrectly.  Why does the PST amount remain on the report?  I realize the PST is part of the Cost of the item, but fail to see why it is on this report.  Please advise.  Than

1 reply

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AndréB12
February 6, 2020

Hey StaceyW1,

 

It's great that you're keeping an eye on these reports to make sure everything lines up. Inventory tracking is one of the most powerful features in QuickBooks Online, as it automatically keeps track of the asset and calculates your costs of goods sold. Being pro-active like this is the best way to ensure everything is done accurately, and can save you a lot of time going forward. QuickBooks Online uses the FIFO accounting method, so what you're describing is definitely abnormal. I'll be happy to help you sort this out. 

 

The post you referred to was regarding an ongoing investigation regarding the effect of PST on inventory valuation, which affected a very small number of expense transactions. This abnormal behavior has been addressed, and inventory calculations are done accurately using the FIFO method. If some of your transactions are appearing strangely in your inventory reports, you can resolve in just a few easy steps:

  1. Open the original expense recording the inventory purchase.
  2. Make a minor change to the amount and click Save.
  3. Change the amount back, then click Save again.

This re-triggers the inventory asset calculation, so you'll be left with accurate amounts. Don't hesitate to reach out to an agent if you'd like us to look into this further with you. We're always happy to help. 

 

Phone and Chat: Click Contact Us to learn how to reach phone and chat support.

Schedule a Callback: click (?)Help in the upper right > click Contact Us > explain your situation > click Let's Talk > choose Get a callback (Note: Callback hours are the same as regular phone hours.)

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Let me know if there's anything else I can help you with.

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StaceyW1Author
February 6, 2020

Hi AndreB,

I did as you suggested with one of the bills I had entered last year and it did correct the Inventory Valuation report.  But it looks like this may have to be done for many inventory items.  I am hesitate about changing the historical ones, as my accountant never wants me to change anything in a previous year he has finished with.

I'm sorry to tell you this, but the problem of the PST still showing on the Inventory Valuation report is not fixed in Quickbooks.  I just looked at an item that was purchased in 2020, and also sold in 2020 (There was only one, so I know that it was sold).  On the Inventory Valuation summary, even though it shows zero in the Quantity column, the PST amount was showing in the Asset Value column.  However, when I open up the line to the Detail page, it is not there, the Detail shows zero.  

I have found this particular issue with my Balance Sheet report too -- an amount which I know should not be there is on the main report, but when I open it to the Detail, it is zero. 

I would like to trust the reports are accurate, but when there is a difference between the Summary or Report and the Detail, I get worried.

A
AndréB12
February 6, 2020

Hi again StaceyW1 and thank you for following up. 

 

It's important to make sure everything in your books is consistent, and this is worth looking into a bit further. QuickBooks Online is designed to eliminate the stress associated with doing your books, so I want to make sure there's nothing to worry about. Please get in touch through one of the following channels. 

 

Phone and Chat: Click Contact Us to learn how to reach phone and chat support.

Schedule a Callback: click (?)Help in the upper right > click Contact Us > explain your situation > click Let's Talk > choose Get a callback (Note: Callback hours are the same as regular phone hours.)

Social Media: Facebook and Twitter from Monday to Friday between 9 a.m. and 8 p.m. ET  

 

Don't be afraid to reach out! I'm confident we'll get to the bottom of this.

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