If you are having issues with inventory item receipt and bill pay since the Release 22 you may want to take a look at your inventory offset account. I have found that many items are on the bill side (payments and credits) and not showing on the item receipt side (charges and cash advances). Once again we have to (1) delete the item receipt, (2) mark PO as closed and save, (3) mark PO as open and save, (4) re-receive said item into inventory, save and close. Now if you go to your inventory reconciliation for the inventory offset account, you will find the item magically appear on the left side on the charges and cash advances and you can match it/reconcile the item with the bill on the right side on the payments and credits. Now all is well with the world! Stay on top of the reconciliation, daily, weekly or you will have a nightmare of a time trying to reconcile everything. It is extremely time-consuming and aggravating! QUICKBOOKS ENGINEERING NEEDS TO RECTIFY THE ISSUE --AGAIN, I BELIEVE THIS IS AN ASSOCIATION ERROR/ ONE-TO-MANY OR MANY-TO-MANY ISSUE ON THE PROGRAMMING ON THE BACK END. I have called several times and on one occasion a QuickBooks' employee actually asked me "You do not receive all of your purchased items at the same time?" and they have also questioned how we receive items without paying for them first!! If these are the same people doing the programming this could be the problem, lack of real world, business experience! Or, perhaps QuickBooks is pushing everyone to the online version and maybe these issues do not exist in the online version?
Hi there, @stheobald.
Thank you for sharing a solution. This would definitely help other QuickBooks users having the same issue. You might want to learn more about the Accounts Payable workflows. You can choose the workflow that best suits your business needs.
I also understand how it feels to call multiple times and not getting the help you need. Not to worry, the Community has you covered. We're here to ensure your success.
Keep in touch with me here should you have concerns managing your inventories, @stheobald. I'm always available to help.
Can QB actually reconcile the inventory offset account? or can I only look at a report and compare transactions manually?
I need to be able to match up transactions (bills and item receipts) and "clear" them so that I don't have to keep looking at them.
Hi there, @mac85.
QuickBooks Desktop (QBDT) only allows you to reconcile bank accounts. Thus, reconciling the Inventory Offset account isn't an option. You'll need to create a report to help compare your transactions. Let me guide you on how to run the report.
Once done, it'll show all inventory offset transactions you can use as a reconciliation report.
If you need more help pulling up other reports to display data from your company file, see this article: Understand reports. Then, to guide you in reconciling your accounts, feel free to look at this guide: Reconcile an account in QuickBooks Desktop.
If your accounts in QBDT don't match your bank statements at the end of the reconciliation, here's what you'll need to do to resolve the issue: Fix issues when you're reconciling in QuickBooks Desktop.
Don't hesitate to comment down below if you have further concerns. I'll make sure to get back to you right away. Have a pleasant day.
@mac85 and @MirriamM
You absolutely can reconcile the Inventory Offset Account in QuickBooks Desktop! Mirriam is not correct.
Select Banking, Reconcile, and choose the Inventory Offset Account in your drop down menu. Set ending balance to zero and reconcile your entries! Left side = Item Receipts and Right side = Bills.
You are welcome!
Thanks so much for the help. Our company just switched to using the EIR with QB this calendar year so the inventory offset account is new to us. We have run more than 3,000 transactions through it so it will take me a bit to reconcile. I'm using the custom report Miriam suggested. I included a column for "cleared", but I would like the report to NOT include "cleared" items. Do you know how to exclude cleared items from a custom report? I know I could send it to excel and manipulate it, but it would be nice to do it within QB.