Hello - I am hoping to draw on the collective QBO knowledge on inventory values
We use inventory on QBO and have an issue where we have nil items in stock but the stock asset valuation report is showing a value.
We have one item with none in stock but the value is listed at -£71.09, and another with none in stock but the value is listed at +£650. Obviously with nil stock the value should be nil also.
I cant change the opening stock value as this would be incorrect, it is historic, it is not an opening stock value problem and I need to adjust as of 31Dec20.
I cant journal the adjustment so it affects the actual stock item (I can journal to move the value from the stock to COGS so the stock account shows the "correct" value omitting the incorrect ones BUT this does not change the actual stock item value).
I have spent 2 hours to QBO support and all they could suggest was the opening value adjustment or the journal, neither of which actually addresses the issue.
Can anybody advise me on how to adjust the stock asset value in the system? This is doable on all other stock systems I have used but I cannot see how in QBO.
Any help very gratefully received!!
I have attached one line of the stock valuation summary report showing the nil stock and the negative asset value.
I also, have this problem & it is driving me nuts!
The only way i can get my accounts to look correct is to periodically post a journal against stock asset for the sum of all this negatives to the P&L account. It doesn't fix the problem at a line by line item though and I fear that it might creating a mess later down the line!
Would love to know a proper resolution Quickbooks!
QBO - WHEN ARE YOU GOING TO FIX THIS????? YOU SURELY HAVE TO CREATE THIS FUNCTIONALITY NOW ON QBO!!!!!! Our books are inaccurate because you can't give a business owner or accountant basic functionality. your proposed solutions / work-arounds DO NOT WORK! FIX IT NOW or lose us as customers.
We have the same problem and it is a total PAIN!!!! Each month, we export the inventory report into Excel and multiply the qty by the cost and total the column. Then we post a J/E with a debit or credit to Inventory Asset to correct the overall value of the Inventory and post the reverse to Inventory Adjustment. This corrects the monthly financial but a much better fix would be to allow us to adjust the value assigned to the specific product and then when the widget is sold, the correct COGS is deducted and the daily financials would be correct. Unfortunately, we have many products that we make ourselves and do not buy, and thus we need to be able to subtract costs from the ingredients and add costs to the final product. I cannot see a way to do this with QBO.
If you delete your last stock adjustment and then see what the stock value is and then change the cost price of the item to that stock value figure (for example: you have one pen at £3, change the cost item of that pen to £3 and then redo your stock adjustment and it should realign the value figure!