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J
JS4510
February 27, 2023
Question

BS Inventory Value for a specific item not matching value in the Item Report

  • February 27, 2023
  • 1 reply
  • 0 views

My BS Inventory Balance doesn't match the Inventory Valuation Summary report.  I followed the other article regarding running an Inventory Valuation Detail report and drilling down on the BS Inventory and totaling by Item Detail and found that a specific item on the BS Inventory report has a negative value but on the Inventory Valuation Detail report it has a positive value.  Inventory Adjustments don't correct the problem.  

1 reply

A
AileneA
February 27, 2023

Hello, JS4510. 

 

I can provide some insight into the differences between the BS Inventory Balance and the Inventory Valuation report. 

 

The Balance Sheet report pulls information from accounts, whether or not they are associated with products. The Inventory Value reports, on the other hand, exclusively use information from items. This means that transactions involving inventory goods show on both reports, but transactions involving non-inventory products appear only on the Balance Sheet report. 

 

The following are some examples of transactions that will display on the Balance Sheet but not on the Inventory Valuation reports: 

 

  • Bills, checks credit card charges with the Inventory Asset account on the Expenses Tab.
  • Journal entries using the Inventory Asset account.
  • Inventory adjustments offset to the Inventory Asset account instead of a COGS account. 

 

To resolve the issue, consider one of the following solutions: 

 

  1. Use the Balance Sheet and Inventory Valuation reports to find all transactions causing the discrepancy.
  2. Locate the bills or checks that affected the Inventory Asset account without using items. You can edit the transaction by associating an item.
  3. Find and correct journal entries that affected the Inventory Asset account without using items.
  4. Find and correct inventory adjustments that use the Inventory Asset as the adjustment account. Delete all transactions on the report then re-enter them.
  5. Find inventory adjustments with dates in the future. If inventory adjustments are dated in the future, change the date range to include all future adjustments, and then re-run the Inventory Valuation report. 

 

 Adjustments can be tricky, thus I recommend consulting with an accountant. If you need a handy reference, refer to these following articles:  

 

 

If you have any further questions about managing inventory in QBDT, please leave a comment below. I'm just here to help.

J
JS4510Author
February 27, 2023

Unfortunately it isn't a non-inventory item that is causing the discrepancies.  There are differences in build assembly numbers (value of the assembled good supplied by QB) and then another difference in the value of the goods sold (again, assigned by QB).  I've attached documents showing the issue.

DHeraV
DHeraV
February 27, 2023

Hi there, @JS4510.

It seems like the documents you want to share were not attached to your post. Let me guide you on how to attach files to your post in QuickBooks Community. 

Here's how:
 

  1. On the Reply to message page, click on the Camera icon.

  2. Click Choose Files to upload the attachment.


     
  3. Once ready, select Done.

 

At the bottom part of the text box, you can also click on browse to attach files.



Once you're ready to reply, click on Post.

Any information and files you can provide will be appreciated, it'll be a great help for us to check the issue further.

We're looking forward to getting this sort out. Feel free to provide us with more information by leaving a reply. The Community team always has your back. Have a good one.

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