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Balance Sheet and Inventory Valuation reports show different amounts for Inventory Asset account

You data file has a discrepancy in the Inventory Asset account:

  • The accrual basis Balance Sheet Standard run for All dates shows one amount.
  • The Inventory Valuation Summary and Detail reports for all dates show a different amount.

 

Note: The Client Data Review (available in the Accountant's Edition of QuickBooks) includes a tool to help resolve this issue.

Transactions to Inventory Asset Without Inventory Items

 

 

 

 

 

 

Inactive Inventory Items That Have a Non-zero Value.

An example of this situation is where an item is made inactive, but still has a non-zero value (with or without a Quantity on Hand). This value is included in the Balance Sheet because it affects the Inventory Account but it is not included in the Inventory reports because it is inactive.

  1. From the Lists menu, choose Item List.
  2. At the bottom of the Item List, click the Item button and choose Show Inactive Items.
    Note: Inactive items will display an "X" in the first column of the list.
  3. For each inactive item that shows a number in the On Hand column, do one of the following:
    • Click the X in the first column to reactivate the item.
    • Adjust the value or quantity on hand for the inactive item:
      1. From the Vendors menu, choose Inventory Activities > Adjust Quantity/Value on Hand.
      2. Select the inactive item for which you want to adjust the quantity or value.
      3. Enter 0 in the New Qty field to zero out the inventory, or select the Value Adjustment checkbox and enter 0 in the New Value field.
      4. Use the drop-down arrow in the Adjustment Account field to select the account to use for the adjustment.
      5. Click the Save & Close button.
         
 
 

If these solutions don't resolve the issue, you can read discussions and post messages and questions relating to your issue on the Intuit QuickBooks Community site for free. You can contact an agent for additional guidance. Fees may apply.

KB ID# SLN40080
10/24/2014 2:19:15 PM
PPRDQSSWS404 9102 Pro 2013 ed1a74