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Inaccurate Inventory Valuation reporting

Is anyone else having overstated inventory valuations?  It appears that QBO is not expensing the PST when inventory becomes a cost of goods sold and is instead accruing it as the inventory asset.

 

I have reported this to QBO Support but have heard nothing.

 

Thanks,

Darren

3 Comments
Established Community Backer ***

Re: Inaccurate Inventory Valuation reporting


@DarrenHatina wrote:

Is anyone else having overstated inventory valuations?  It appears that QBO is not expensing the PST when inventory becomes a cost of goods sold and is instead accruing it as the inventory asset.

 

I have reported this to QBO Support but have heard nothing.

 

Thanks,

Darren


I found this cause I was curious about how that worked (I am in Texas and have little idea about it)

but it seems that PST is not separated out when you sell inventory items that have PST as part of item cost

 

https://sagecity.na.sage.com/ca/sage_50_accounting_ca/f/sage-50-ca-general-discussion/57215/pst-on-p...

Community Explorer **

Re: Inaccurate Inventory Valuation reporting

We are. When we add a part, we add it as an "inventory asset", but the same day the parts come in, we ship them out. However, at the end of the years QB shows us having all of this "inventory" that is not there. We are having the same problem, and we don't know how to fix it. I was thinking if it was possible to turn all of these inventory items into non-inventory items in order to solve that problem, but we have almost 9K items listed as "inventory" and QB doesn't allow to switch from inventory to non inventory. Its strange

QuickBooks Team

Re: Inaccurate Inventory Valuation reporting

Hello Darren and 8v269012,

 

I'd like to do what I can to help you both. Darren, I see clearly that you're using QuickBooks Online, while 8v269012, I suspect you're using QuickBooks Desktop. In both cases, knowing how you've set up your inventory and how you're recording transactions will help us determine what's going and what options are available.

 

Darren, check out this link of inventory links and resources to learn more about setting up inventory in QuickBooks Online to properly track it. Searching your name in my system, it looks like you've been attached to an ongoing investigation into this issue by our engineering team. You should receive updates as they become available directly from that team. To discuss the matter further, feel free to call our phone support team at 1-855-253-1536 from Monday to Friday between 9 a.m. and 8 p.m. EST or Saturday from 9 a.m. to 6 p.m. EST.

 

Based on what you've described, 8v269012, it sounds like recording the sale of your inventory may be where you're running into trouble. QuickBooks Desktop allows you to manage your inventory without having to switch it to a non-inventory part once it's sold. The Understand Inventory Assets and COGS Tracking article may help you better understand what's going on. To learn more about the different types of inventory items, read the Add, edit, and delete items article.

 

For further support, reach out to 1-877-772-9158. Connect with Desktop Pro and Premier agents 24 hours a day and Enterprise agents from Monday to Friday between 9 a.m. and 8 p.m. EST.

 

Enjoy your day!