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inventory summary vs inventory valuation

Forum|Forum|6 years ago
February 12, 2020
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I sold a business to some people who are now saying I cheated them on the value of the inventory. I no longer control the Quickbooks point of sale system so I can't go play around with the reports. It has been a couple of years so I can't remember how I entered the inventory into the system.

When printed out my inventory summary report on the date the business sold a couple of years ago my inventory was valued at $94K according to the report. Fast forward two years to today and the people who bought my business are saying I cheated them on the value of the inventory. As evidence running the inventory valuation report today for the business sale date and getting a number of $71K.

I still have a copy of my old inventory summary report and I compared their inventory valuation to my inventory summary. I notice that my inventory summary has 2 departments that are not showing up on the inventory valuation report! And, I suspect that all of the rental equipment was valued into the inventory summary but I don't see any rental equipment listed in the inventory valuation report. And I don't know why.

There is a complicating factor. The people who bought the business never paid me for it so I am suing them. They are scoundrels. I think they are cooking their books on purpose to make it look like I cheated them.

Here are my questions.

1) I notice that the inventory summary report that I ran 2 years ago does not have a date, as though maybe it is a report that can only be run for today. Is it possible to run the inventory summary report today for a specific date 2 years ago? What is the pathway?

2) Why does the inventory summary report show those two departments that are not showing on the inventory valuation? Is there a way to make those departments and those rental items show in the inventory valuation?

QuickBooks Point of Sale

Best answer by BettyJaneB

Hello there, @Chewbacca.

I can see and understand the situation that you've been through. You've got me here to help you pull up the report that you need so you can get past on this hurdle.

If the people who bought your business are using QuickBooks Desktop and Point of Sale at the same time, comparing their inventory reports is not ideal. A program that's earlier than the other, the values in these reports will not match.

When it comes to pulling up the inventory summary report 2 years ago, you'll just need to customize the date range of the report. Please see he screenshot attached for reference:

On the other hand, the Inventory Valuation report in Point of Sale gives you more accurate data since this is where you manage and track your inventory. The Inventory Summary report summarizes the quantity, average cost, and extended value of each of the inventory quantities and provides a total inventory valuation. That said, the rental items will appear.

To verify why these items are not showing up, you'll need to make sure that the date range of the report that you pulled up is correct.

Once confirmed and the issue persist, I suggest contacting on Point of Sale Team. They have the tools that can help check on your transactions and determine the root cause of the problem. You can reach them through the contact details found in this link: Customer Resource Center.

I've also added here some articles that you can visit about managing the Inventory Valuation report and fixing common inventory accounting issues in POS and QBDT:

Let me know if you have further questions. I'll make sure you're all set. Take Care!

BettyJaneBAnswer

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