Skip to main content
N
Nashville-Coin-Gallery
November 25, 2023
Question

Inventory report

  • November 25, 2023
  • 2 replies
  • 0 views

Hello, 

 

In March of 2023, we converted from QB Desktop (Enterprise) with QB Point of Sale to QB Online.  

 

Long story short ~ currently our Inventory Valuation seems about right, but our Balance Sheet shows our inventory being more than $200,000 higher than our Inventory Valuation.  I'm sure it's somehow related to the fact that our inventory was grossly inflated after conversion because, as I discovered too late, Purchase Orders transferred over in the conversion but "Held" Sales Receipts did not, so QBO knew we had purchased a bunch of inventory but it didn't know we had sold it.  In trying to fix those inventory issues shortly after the conversion, I'm sure I screwed things up even further, since I'm a business owner and not an accountant, and admittedly, I didn't know what I was doing.  

 

All of that to ask this question:  In trying to figure things out, I'm looking for a report that simply shows me what my total purchases of inventory were for a specific time period, but I can't find any reports that show me that.  

 

Am I just blind or stupid?  For some reason I can see reports showing me my total sales for a specific time period, but I don't see any reports showing me my total purchases for a specific time period.  Is there a report that shows that?   

 

If so, please tell me how to run that report.  And if there isn't a report that does that, shouldn't there be??  

 

Thanks in advance ~ very much appreciate any quick help!   And, apologies if this is a stupid question, but I just don't see such a report...   

 

 

 

 

 

 

 

 

 

 

 

We recently (March of 2023) converted from QB Desktop (Enterprise) to QB Online.  

2 replies

Bryan_M
Bryan_M
November 25, 2023

Welcome to the Community space, Nashville.

 

I see how challenging on your end to track your inventory after converting from QuickBooks Desktop (QBDT) Enterprise to QuickBooks Online (QBO). Let me share insights about this and help you run the report showing the total purchases inventory and their specific time period.

 

In tracking inventory, QBDT uses Average Costing, while QBO uses First-In, First-Out (FIFO). Any existing transactions on or after this date are recalculated under FIFO, which might be the reason for the discrepancy between your Balance Sheet and Inventory Valuation. However, on adjusting, I recommend reaching out to an accountant since this will affect your book balance.

 

For more info, you can click this link: About tracking inventory in QuickBooks Online.

 

On the other hand, to show your purchased inventory with their exact date, we can run the Purchases by Product/Service Detail report. Here's how:

 

  1. From the left panel, select Reports.
  2. In the search field, type Purchases by Product/Service Detail and click it.
  3. If you're in the new interface, click Custom dates beside the Group icon and specify the dates you want to show. If you want to see the old interface, click the Switch to classic view. Then, tap the Report period dropdown, select Custom, enter the dates, and Run report. 

 

To get the most out of your financial reports and view the details you want to include, check out this article: Customize reports in QuickBooks Online.

 

The Community is always here willing to lend a hand if you have additional questions about managing your inventories in QBO. Keep safe and have a good one.

N
Nashville-Coin-GalleryAuthor
November 25, 2023

Thank you, but what if, at least for now, I don't care about the detail?  What if I just want to know the TOTAL I spent purchasing inventory during a specific month?  I'll "drill down" to see the specifics later if necessary, but how can I just see the SUMMARY -- the TOTAL I spent purchasing inventory during a specific period, without regard to specifics?  Is that possible?  Like, I just want to see something that says I spent $1 Million buying inventory between ________ and ________ dates.  Then if I want to see more, I'll click on the $1 Million number to see the details.  Is that doable?  

 

Thanks!  

 

 

J
jeanbiverly_
November 25, 2023

Hey there, Nashville.

 

Currently, there's no report in QuickBooks Online (QBO) that shows the total amount spent on inventory purchases during a specific period, including the option to view details by clicking on the full amount.

 

Alternatively, you can customize the Purchases by Product/Service Detail report to display only the Product/Service, Amount Line, and Date columns. Although you might not be able to see the details by clicking the Total Amount, you can still access the individual transaction by clicking the Amount Line. I'd be glad to walk you through the steps.

 

Here's how:

 

  1. Go to the Reports menu.
  2. In the Find report by name field, enter and select Purchases by Product/Service Detail.
  3. Click the Columns button.
  4. Hide the columns, except the Product/Service and Amount Line, by clicking on the eye icon.
  5. You may rename the report to differentiate it from the original layout easily.
  6. Hit Save.

 

After that, you can locate the customized report in the Custom reports tab under the Reports menu.

 

Additionally, you can refer to this supplementary article to get insights on your inventory status: Use reports to see your sales and inventory status.

 

Just in case you want to learn more about how to memorize and customize your reports, you can check out these articles:

 

 

I'm always ready to back you up if you need further assistance managing your inventories. Feel free to hit reply. Stay safe!

Rainflurry
Rainflurry
November 26, 2023

@Nashville-Coin-Gallery 

 

Your question is not stupid at all.  Frankly, I'm surprised that QB employees have not guided you better on this.

 

When you converted from Desktop to Online, what date did you enter when asked to "Select the starting date" for FIFO inventory?  Based on the date you selected, QB will make an entry to adjust from average cost (Desktop) to FIFO (Online).  That entry will change the value of inventory on your balance sheet as well as your inventory valuation.  This is what @Bryan_M was referring to in his post. 

 

The Inventory Valuation reports in QBO show only the cost of products in inventory.  The inventory value shown on your Balance Sheet shows BOTH the cost of products as well as any other entries that were posted to your inventory asset account.  Those entries could be journal entries (JE) or bills/expenses/checks that were posted directly to Inventory Asset under 'Category' on any of those entries.

 

I would start by comparing the year-end inventory value on your balance sheet between your Desktop and Online companies.  Run balance sheets, select all dates and display columns by year.  Compare the inventory values at year-end and see in what year the discrepancy starts.  Are 2022 year-end inventory values the same?  If so, we know it's just in 2023. Or, does it start years ago? 

 

Let us know what you find and we can guide from there.  

    Terms & ConditionsAccessibility statement