Comments on: Reconciling QuickBooks Inventory Balances

By: Charlie

Charlie — Wed, 24 Feb 2010 19:55:14 +0000

Rhonda, my apologies – this kind of blog/comment setup isn’t a good way to answer questions that are off the topic of the blog article. I would need a better understanding of what you have set up and how you are doing things, and a detailed answer is hard to give in the space I have here.

A better place for questions that you might have would be the Intuit Community Forum at http://community.intuit.com/forums – where you can ask questions and get answers (the clearer the question the better the answer, usually).

By: Rhonda

Rhonda — Tue, 23 Feb 2010 18:16:06 +0000

Thank you! Charlie,
One more quick question since we give our customer the original cc rec’t (we keep a copy) I want one cc rec’t to be listed as one line item on our customers invoice ex; Line Item 1 Ace Materials $10.00; Line item 2 Lowes $20.00. Do I have to enter an item for each rec’t? I originally set up an item for each Hardware Store where we purchase materials. Ace, Lowes, Home Depot etc, etc. If I select Ace’s Item for an invoice that I am creating today for $10.00 and enter a received payment and post this payment to the bank then I select the Ace item for a new invoice and I want to charge the customer $20.00 for materials purchased it changes my first item to $20.00.

Whew- that was a long question/explanation.

Thanks Again
Rhonda

By: Charlie

Charlie — Mon, 22 Feb 2010 21:43:49 +0000

A debit card is just like a check from that account. Enter a check transaction against that account, set the check number to something like “DB”, and add the items on the “items” tab in the check window.

By: Rhonda

Rhonda — Mon, 22 Feb 2010 20:44:16 +0000

What is the best way to track material purchases that are paid up front with a Debit Card then charged to our customer on an invoice at our cost.

Thanks
Rhonda

By: Charlie

Charlie — Thu, 28 Jan 2010 22:18:21 +0000

Kate, beyone what I have in this article, I would have to see the file itself. Any ProAdvisor should be able to help if they have the Accountant’s Edition (and it would be helpful if you have the 2010 version of QB). This would be something that I or any other ProAdvisor would charge a fee to do.

By: Kate

Kate — Thu, 28 Jan 2010 02:01:56 +0000

How can I fix the problem of our Inventory Asset amount not matching our actual inventory value? We did a physical count and verified values for year end but our Balance Sheet is leaving off items purchased before January 1, 2009. I have expanded the dates to include the months that should add to the collective total of our Inventory Asset, yet it still only recognizes last year. I have verified the cost of each item in our inventory so that is not an issue. However, when I add the total of the excluded inventory items to what our Balance Sheet Inventory Asset amount shows, the amount is still not correct to the actual value from our inventory audit at year end. I understand this is a complicated problem, can you help?

By: Charlie

Charlie — Thu, 31 Dec 2009 16:32:34 +0000

Janet, what I list here are the most common issues. Note that you sometimes have to really dig in to find all of them. The next step is to try to go back in time to find a moment when the two numbers agree, then move forward a month at a time to see if they unbalance, then examine the transactions to see what is going on.

By: Janet Cornelius

Janet Cornelius — Wed, 30 Dec 2009 19:45:35 +0000

My balance sheet asset value is approx $42k over my asset value on the Inventory valuation. I have check all that youl list but it is still off… are there any other reasons other than what you mentioned?

By: Charlie

Charlie — Fri, 20 Nov 2009 01:23:04 +0000

Nevin, I can’t say much without seen the details of what you have set up. Sorry…

By: Nevin

Nevin — Tue, 03 Nov 2009 05:57:04 +0000

Charlie,

Thank you for such an informative website.

I have built “assemblies” from “parts” and would like to be able group parts under inventory subcategories on the balance sheet report. I attempted to map the “parts” under the Inventory Information section on the edit item screen to a sub-account of the Inventory Assets account, but couldn’t get correct figures.

Any suggestions?