Comments on: Reconciling QuickBooks Inventory Balances

By: Charlie

Charlie — Wed, 08 Feb 2012 22:50:22 +0000

Not sure what you are saying – because Jeannie is mixing different features. “Today” and “Totals Only” aren’t the same parameter. I’m confused as to what is being asked, sorry.

By: Sophi

Sophi — Wed, 08 Feb 2012 09:00:00 +0000

Jeannie,
I have the same problem…and still don’t know why.

By: Charlie

Charlie — Fri, 13 Jan 2012 16:57:12 +0000

Lisa, hard to say without looking at the file. Have you looked at an Inventory Valuation Detail report?

By: Lisa Crooke

Lisa Crooke — Fri, 13 Jan 2012 06:46:34 +0000

Awesome summary! Thank you.
One question I have….. When I run an Inventory Summary Valuation Report in QB, I cannot mathematically recreate the Asset Value. If I multiply the quantity by the average cost, I do not get the value. Why is this?

For example:
On Hand Quantity is 7680
Avg Cost is 0.6800
Asset Value is 5191.68

If I do the math on Qty x Cost the expected value would be 5222.40. Why is this not the value on the QB report?

Thanks,
Lisa

By: Charlie

Charlie — Fri, 26 Mar 2010 17:41:51 +0000

Becky, you don’t mention how you are entereing the quantity of the items. I’ll assume that you are using the “on hand” field in the “new item” screen.

This posts the total value (the on hand times the cost) into two accounts – the inventory asset account you have selected, and “opening balance equity”. So you have two accounts that have been adjusted. Normal procedure is to then do a journal entry to clear out opening balance equity.

I’m not an accountant, but it seems to me that if you clear out opening balance equity against whatever account you used to enter your beginning balance in the balance sheet, everything should be back to normal…

By: Becky

Becky — Fri, 26 Mar 2010 16:48:43 +0000

**One more note** It has to be an inventory part because we want to track our inventory numbers. It cannot be non-inventory part.

By: Becky

Becky — Fri, 26 Mar 2010 16:45:27 +0000

Charlie,
We have just purchased Quickbooks. We have been in businesss for 2 years. We have a inventory listing of $8K. I entered in my beginning balances into the Balance sheet on for the date 01-01-2010. I now wish to enter inventory items. The entering of these items are adding to my Balance sheet. How can I get in beginning inventory items without doubling my Inventory Balance sheet account.

**Note** Quickbooks recommends entering them at 0 cost and then continuing forward with my new purchases. This will throw off the average cost of goods sold. This is not a proper accounting procedure.

By: Charlie

Charlie — Tue, 16 Mar 2010 19:46:54 +0000

Lorraine, unfortunately I don’t work with POS so I don’t have a good answer for you. You should find a POS expert who is local who might be able to help.

By: Lorraine

Lorraine — Tue, 16 Mar 2010 19:13:57 +0000

Charlie,

I had my POS and Balance sheet inventory balanced at the beginning of this year. I started keeping a reconciliation from January 1. I noticed one thing that caused me to be out of balance was invoices being received on POS and when it is posted on QB side it uses the invoice date which could be 1 to 2 weeks earlier than we actually receive the item. To solve this, should I use the received date instead of invoice date? I am currently out of balance by over 5900.00. I was going to try to go through the inactive items, but I do not see that include inactive box on my POS side. I am using 2010 QB and POS 8.0. I am a new employee here since August and new to POS inventory .
Thanks
Lorraine

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).