If you are using QuickBooks Software and you are facing issues of discrepancy while reconciling Balance Sheet and Inventory stock. Contact QuickBooks Customer Care Support for solution with ease. When data file carries a discrepancy in the Inventory Asset account:
- The accrual basis Balance Sheet Standard run for all dates displays an amount.
- The Inventory Valuation Summary and Detail reports for all dates which displays a different amount.
This happens due to when:
- You carry transactions to Inventory Asset account that do not contain any inventory items.
- You carry inactive inventory items that contains all the non-zero value.
QuickBooks Customer Care Support will discuss the steps to resolve the issues of discrepancy. Follow the below mentioned steps:
The Balance Sheet report creates information from the accounts whether they are linked with items or not linked with. This clearly means that transactions accessing inventory items displays on both reports but transactions without inventory items gets displayed only on the Balance Sheet report. Feel free to contact QuickBooks Customer Care Support.
Few illustrations of transactions which 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.
Method 1: To access the Balance Sheet and Inventory Valuation reports to search for all transactions this causes the discrepancy:
- Click on Close to exit from all QuickBooks windows.
- Click on Open the Inventory Valuation Detail report.
- In the Reportsmenu, choose Inventory then select choose Inventory Valuation Detail.
- Click on the the Dates drop-down menu and select All.
- Open the Transaction Detail report from the Balance Sheet.
- In the Reports menu, click on Company and Financial then
- Select choose Balance Sheet Standard.
- Click on Customize Report.
- Apply the report date range to All.
- Apply the report basis to Accrual.
- Click on Ok.
- In the Balance Sheet report, double click on the Inventory Asset amount to open the Transaction by Account detail report.
- In the Total By drop-down menu, select Item Detail.
- Close the Balance Sheet report.
- Open both Transaction Detail and Inventory Valuation reports
- By clicking on Window menu and then select Tile Vertically
- Contrast the two reports
- Both of the reports should be identical.
- The differences will be at the bottom of the Transaction Detail report in a section titled No Item.
- These transactions affect the Transaction Detail report but do not affect the Inventory Valuation Detail report.
- If the main cause of the discrepancy is not present in the No Item section, then contrast the two reports line by line to search for the discrepancy. Contact QuickBooks Customer Care Support for any help.
Method 2: Locate bills or verify which bills affected the Inventory Asset account without using items
- In the Reports menu, click on Custom Reports then choose Summary.
- On the Display tab:
- Click on the Dates drop-down menu and select all.
- In the Display rows by drop-down menu, click on Item Type.
- Click on the advanced button and in the Display Rows section, click on Non-zero.
- In the Filters tab then apply the Account filterto Inventory Asset.
- Click on
- If a No Item row is displayed on the report, double-click on the amount in the row to open the transaction.
- Edit the transaction by associating an item (by updating transactions which are linked with inventory items). QuickBooks Customer Care USA will help you out in resolving the issue.
Method 3: Search and modify all journal entries who affected the Inventory Asset account without using items
- In the Reports menu, click on Accountant & Taxes then choose Transaction Detail by Account.
- Click on Customize Report.
- In the Display tab, choose the Dates drop-down list and select All.
- In the Filters tab then apply the following filters:
- Account = Inventory Asset
- Transaction Type = Journal
- Click on Ok to run the report.
- Delete all transactions on the report then again type them by following below mentioned steps:
- In the Vendors menu, click on Inventory Activities then choose Adjust Quantity/Value on Hand.
- Type the adjustment you want. QuickBooks Customer care USA will help you to resolve this error.
Method 4: Search for accurate inventory adjustments that use the Inventory Asset as the adjustment account
- In the Reports menu, select Accountant & Taxes then choose Transaction Detail by Account.
- Click on Customize Report.
- In the Display tab, click on the Dates drop-down menu and select All.
- In the Filters tab apply the following filters:
- Account = Inventory Asset then under Include split detail?
- Click on For detail accounts matching radio button and from the drop-down menu, select Inventory Adjustment.
- Transaction Type = Inventory Adjustment
- Click on OK to run the report.
- Double click on any transaction then edit it by choosing a different adjustment account.
Solution 5: Search for inventory adjustments with dates which are available for the future
If inventory adjustments are applied to date in the future ,modify the range of date to include all future adjustments, and then re-run the Inventory Valuation report.
How to Inactive the inventory Items which have a non zero value?
The Balance Sheet report shows both active and inactive inventory, but the Inventory Valuation Summary report shows only active inventory items. QuickBooks Customer Care Support will allow their executives to help you out. The value of an inactive item is included in the Balance Sheet because it only affects the Inventory Account but it is not combined with the Inventory reports because it is inactive.
To resolve the discrepancy, you can move onto any of solution:
Method 1: Reactivate the item
- In the Lists menu, click on Item List.
- In the Item List window, choose the Item drop-down menu and choose Show Inactive Items. All Inactive items will show an “X” in the first column of the list.
- To reactivate, click on the X in the first column for each inactive item that shows a number in the On Hand column.
Solution 2: Balance the item quantity
- In the Lists menu, choose Item List.
- In the Item List window, select the Item drop-down and choose Show Inactive Items. Inactive items will display an “X” in the first column of the list.
- Adjust the quantity for each inactive item that shows a number in the On Hand column.
- In the Vendors menu, select Inventory Activities then choose Adjust Quantity/Value on Hand.
- Click on the inactive item for which you want to manage the quantity or value.
- Type 0 in the New Qty field to zero out the inventory, or click on the Value Adjustment checkbox and type 0 in the New Value field.
- By using the drop-down menu arrow in the Adjustment Account field to mark the account to use for the adjustment.
- Click on Save & Close.
Hope, we made clear to you regarding the discrepancy between inventory and balance sheet on your own for advanced functioning. If still faces any error, feel free to contact us @ 1-800-731-1629 at our QuickBooks Customer Care Support to help you to resolve this. You may also drop us a mail at firstname.lastname@example.org.