Sometimes you want to be able to see a listing of all of the inventory adjustments made over a period of time. This may be helpful when trying to audit your inventory usage. The steps for getting this kind of information out of QuickBooks aren’t all that obvious, so I’ll give you some tips here.
If you want to look at a single item, the QuickReport is often your best choice. Select the item in the item list, then click the reports button at the bottom of the list. Select QuickReport.
This shows all of the transactions for this item for the date range selected. Make sure that you have the right dates or you might get confused! I often set the date range to all when trying to audit balances, as sometimes you get transactions that are dated in the future, which might not show on the report.
There are some common problems that can be resolved (or at least understood) by using this report:
- Double inventory for new items: This is a common complaint from new users. You add a new item, and when adding it you see an on hand field, and you enter the value on hand. Then you enter a PO or receipt transaction for that same amount. Look at the item list, it shows an on hand balance that is twice what you expect. That is because by entering the on hand balance when you add the item you actually are creating a transaction. Look at the QuickReport screen shot above, see the inventory adjust transaction? That was created when I added the item to the item list. Double click on it in the report to open the transaction, and you can delete it if necessary.
- Can’t build an assembly but I have the parts: As I discuss in my article Why Won’t QuickBooks Let Me Build This Assembly , the build transaction is date sensitive. You may think you have enough components to build an item, but if you run the QuickReport for the date of teh build you may find that you don’t have enough at that time. Set the date of the report to match your build date.
Inventory Adjustment Report
This report is very useful if you want to see multiple items in one report (the QuickReport only shows one item at a time). It is something that many people haven’t come across.
- Press ctrl-F (or select Edit and then Find) to open the Find window.
- Select the Advanced tab.
- Select Transaction Type from the Filter list.
- Select Inventory Adjustment from the Transaction Type list
When you click the Find button the program will list the matching transactions.
Looking at this report you may notice something odd – several of the lines do not list items? Depending on the situation, the report may include duplicate information or some transactions that you might not need. So I again go back to the Modify Report button, click the Filters tab, select Account, and select multiple accounts. This opens a window that lets you select accounts – I have several inventory asset accounts that I use in this test file, so I have selected each of them (most people will have just one).
Inventory Valuation Detail
This is a bit simpler to generate than the prior report.
Select Reports then Inventory and select the Inventory Valuation Detail.
When the report appears, select your date range and click Modify Report. In the Filters tab select Transaction Type and select Inventory Adjustments.
This report includes the same information (you can modify columns), BUT it isn’t as compact. Also, notice that it is sorted differently – the Inventory Part items are listed before the Inventory Assembly items, which I always find annoying.
About the Author (Author Profile)
Charlie Russell is the founder of CCRSoftware. He’s been involved with the small business software industry since the mid 70’s, focusing on inventory and accounting software for small businesses. Charlie is a Certified Advanced QuickBooks ProAdvisor. Look for Charlie’s articles in the Accountex Report blog, as well as his California Wildflower Hikes blog.