inventory value report differences

Hi there, Katie.

Your Balance Sheet Inventory Value and Inventory Value Evaluation Summary report differences can occur due to various reasons, and I'm here to guide you on how to balance this.

Inactive inventory items with a non-zero value can cause discrepancies because they are included in the Balance Sheet report but excluded from the Inventory Valuation reports. One of the options to fix this is by reactivating the item from the Lists, then the Item List, and then showing inactive items. This way, you can reactivate each item by clicking on the X button in the first column next to the inactive items that show a number in the On Hand column.

Another cause is when the transactions involving the Inventory Asset account that don't use inventory items will show up in the Balance Sheet report but will be absent in the Inventory Valuation reports. For example, bills, checks, and Inventory Adjustments might affect the Inventory Asset account. 

You can open the Inventory Valuation Detail report and the Balance Sheet Standard report. Customize it by setting the date range to All and the report basis to Accrual. Compare these two reports. If needed, you can go through the transactions line by line to pinpoint the discrepancy. 

For more detailed steps and solutions, you can refer to this article: Balance Sheet and Inventory/Stock Valuation reports show different amounts for Inventory Asset account.

Moreover, you can also learn how to memorize your customized reports so you can access them easily in the future.

If you need additional help in fixing these discrepancies, feel free to leave a reply. We've got your back anytime. 

@Katie H 

I suspected your company file has negative inventories. Run the Condense Data utility with any scenario for trial purpose. Did you you encounter any error message?

@Katie H 

Your balance sheet reflects any entries posted to your Inventory Asset GL account whereas the Inventory Valuation Summary is a product-based report.  A couple of examples:

1) If a journal entry was made to reduce inventory by $10K, it will show the reduction on your balance sheet but not on the Inventory Valuation Summary report.

2) Any bills posted to Inventory Asset instead of an item will show an increase on your balance sheet but will not be reflected on your Inventory Valuation Summary report.

Presumably, a buyer will requite a physical inventory to be taken just prior to closing.