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DanOR
Level 1

How to correct my Inventory Valuation Summary Report not matching my Inventory Valuation Detail Report? Is there a way to determine which one is correct?

 
7 Comments
Catherine_B
QuickBooks Team

How to correct my Inventory Valuation Summary Report not matching my Inventory Valuation Detail Report? Is there a way to determine which one is correct?

Hello there, DanOR.

 

The Inventory Valuation Summary shows the quantity on hand, value, and the average cost for each product. Inventory Valuation Detail report on the other hand gives you the transactions for each inventory item, and how they affect quantity on hand, value, and cost.

 

Let's ensure that you used the same report period for both reports to show the same amounts. Then, look into the quantity on hand and asset value if they're correctly posted. You'll want to open a new tab and pull up one report from there so you'll just have to switch tabs. 

 

For more details on handling your inventory, you can check out these articles:

 

Let me know if you have other questions. Take care!

DanOR
Level 1

How to correct my Inventory Valuation Summary Report not matching my Inventory Valuation Detail Report? Is there a way to determine which one is correct?

Catherine_B

Thank you for your response.  I have attached a few screen shots of the two reports, Inventory Valuation Summary and Detail, for one of the items with the quantity difference.  They were both run for the period All Dates a few seconds apart.  (We update our inventory through receipts and invoices in batch around midnight.)

For context, we have around 50 inventoried items, seven of which have this issue being off between 1 to 7 units.  In all of the seven cases the Asset Value is identical in the two reports though the Qty is different.

MaryAnn_E
QuickBooks Team

How to correct my Inventory Valuation Summary Report not matching my Inventory Valuation Detail Report? Is there a way to determine which one is correct?

Hi there, @DanOR.

 

 

Let's make sure that the setup of the inventory is accurate. You'll want to check each transaction on the reports to verify the quantities.

 

Also, you can attach the screenshot again for visual a guide. If the same things happen, let's perform some troubleshooting steps to get this fixed.

 

There are times that the browser stores accessed data, thus causing websites, like QuickBooks Online (QBO), to act weirdly. Let's try logging in to your QBO account using a private browser and run the reports.

 

Here's how:

 

  • Press Ctrl + Shift + N on your keyboard for Google Chrome and Mozilla Firefox. 
  • Press Command + Shift + N for Safari. 

 

If this works, it means that you need to clear the browser's cache so the system can start fresh. 

 

If you get the same result while using a private browser, I recommend switching to a different one.

 

Stay in touch with us if you have other questions. We're always willing to help. Take care! 

DanOR
Level 1

How to correct my Inventory Valuation Summary Report not matching my Inventory Valuation Detail Report? Is there a way to determine which one is correct?

MaryAnn_E,

I'm not understanding "setup of the inventory is correct", would you be more specific? 

As well as the "check each transaction on the reports to verify the quantities".  Are you suggesting I trace each transaction to ensure the quantity on the Detail report matches the individual receipt or invoice where it originated?  If you have an idea on how to break the problem down to better isolate the issue that might be doable, otherwise that would require days of work.  Or if you have a sense of which of the two reports is more accurate, I could just use the that one.

I've attached the same screen shots of the reports again here.

The Chrome incognito browser yielded the same numbers as the standard browser.

jamespaul
QuickBooks Team

How to correct my Inventory Valuation Summary Report not matching my Inventory Valuation Detail Report? Is there a way to determine which one is correct?

Hello, DanOR.

 

Thanks for following-up with us. I also appreciate your time doing what my colleagues had suggested. 

 

What my colleague meant to say was that you'll want to check the item's settings to see if it's mapped to an account correctly. This might also be the reason why the quantities show different on the detailed and summary reports. 

 

Also, I agree that breaking down the issue can save us some time. I did review the parts of your PDF file and it looks like an inventory quantity adjustment was made and mapped to a different account. In this case, you'll want to check the Inventory Valuation Detail report and look for the adjustment transaction. 

 

You can also search for it using the magnifying class icon: 

 

  1. Click the magnifying glass icon.
  2. At the bottom, click the Advanced Search link.
  3. Under Search, select Inventory Quantity Adjustment.
  4. Set the second drop-down menu to Product and Service.
  5. Under the last drop-down menu, select the product (Beef + Potato in your case).
  6. Hit Search.

 

qbosearch.PNG

qbosearch1.PNG

 

Inventory adjustments can be tricky, so I recommend working with an accountant for corrections. If you need a brief guide, you can check this article: Adjust inventory quantity on hand in QuickBooks Online.

 

Ready to process sales again after fixing the discrepancy? Our articles can help you record those transactions. Feel free to browse our Sales and Customers topic here

 

I can help you if you have other tasks you need to tend to in QuickBooks Online. Just reply here, and I'll give some guides and important information about the features. 

DanOR
Level 1

How to correct my Inventory Valuation Summary Report not matching my Inventory Valuation Detail Report? Is there a way to determine which one is correct?

MaryAnn_E & JamesPaul

I will go through your latest response.

 

Using MaryAnn_E's idea of looking at the receipts I was able to zero in on a problem receipt in an item with only a few sales.  The receipt has a sale of 9 units but the Inventory Valuation Detail Report has a decrease of 5 units.  I have attached screen shots of the inventory detail report, the receipt and inventory summary reports before and after the receipt date.  

 

Based on the screen shots; the Qty on Hand is incorrect on the Detail Report yet the Qty is correct on the Summary Report.  And the Asset Value is the same wrong amount on both reports.  So now my question becomes, how do I correct the inventory quantities and asset values on the reports?

 

 

Rea_M
QuickBooks Team

How to correct my Inventory Valuation Summary Report not matching my Inventory Valuation Detail Report? Is there a way to determine which one is correct?

I commend you for identifying the cause of the imbalanced quantity of your inventory item through your reports and screenshots you've provided above, @DanOR

 

You're able to correct the inventory and asset values on your reports (Inventory Valuation Detail and Summary) by manually adjusting the item's quantity. With this, you'll have an accurate number of stocks without recording a purchase or sale. The process will automatically record appropriate adjustments to your stock Asset and Cost of Goods Sold (under stock Shrinkage) accounts.

 

Inventory adjustments can be a tricky process since it can greatly impact your accounting records. With this, I'd also recommend consulting your accountant for further assistance. Once ready, here's how:

  1. Go to the + New button.
  2. Select Inventory qty adjustment.
  3. Enter the Adjustment Date.
  4. In the Inventory adjustment account drop-down, select the appropriate account.
  5. Select and/or fill in all the necessary details.
  6. When you're done, select Save and close.

 

I've attached a screenshot below that shows the last four steps.

 

After that, compare the two inventory reports (Inventory Valuation Detail and Summary) again and see the update.

 

Additionally, there are a variety of reports where you can get helpful insights on the things you buy and sell and the status of your inventory. You can learn more about this through this article: Use reports to see your sales and inventory status. Then, you can customize them to focus on the details that matter the most to you.

 

Please let me know how it goes. Feel free to leave a comment below if you need anything else or follow-up inquiries about managing inventory items and accounts in QBO. I'm just around to help. Keep safe always, @DanOR

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