QuickBooks POS inventory Valuation reporting

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

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

This may happen if:

You have transactions to Inventory Asset account that do not have inventory items.You have inactive inventory items that have a non-zero value.

Note: If you are using the Accountant's Edition of QuickBooks, you can use the Client Data Review that includes a tool to help resolve this issue.

Transactions to Inventory Asset account that do not have inventory items

The Balance Sheet report draws information from the accounts whether they are associated with items or not. The Inventory Valuation reports, however, draw information from items only. This means that transactions using inventory items show on both reports but transactions without inventory items show only on the Balance Sheet report.

Some examples of transactions that will show on the Balance sheet but not the Inventory Valuation reports are as follows:

Bills, checks credit card charges with the Inventory Asset account on the Expenses Tab.Journal entries using the Inventory Asset account.Inventory adjustments offset to the Inventory Asset account instead of a COGS account.

To resolve the problem, try one of the following solutions.

Solution 1: Use the Balance Sheet and Inventory Valuation reports to find all transactions causing the discrepancy Close all QuickBooks windows. From the Window menu, click Close All.Open the Inventory Valuation Detail report. From the Reports menu, select Inventory then click Inventory Valuation Detail.Click the Dates drop-down and choose All.Open the Transaction Detail report from the Balance Sheet. From the Reports menu, select Company and Financial then click Balance Sheet Standard.Click Customize Report. Set the report date range to All.Set the report basis to Accrual.Click Ok.In the Balance Sheet report, double click (quick zoom) the Inventory Asset amount to open the Transaction by Account detail report.In the Total By drop-down, choose Item Detail.Close the Balance Sheet report.Open both Transaction Detail and Inventory Valuation reports. From the Window menu, click Tile Vertically.Compare the two reports. The two reports should be identical.The differences will be at the bottom of the Transaction Detail report in a section titled No Item.

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