Have you reconciled your inventory offset account? Don't Delay! Release 22 Inventory ERRORS!

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.

The auto-post to review accounts payable workflows was random!

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. 

1. Go to the Reports menu at the top.
2. Select Custom Reports and click Transaction Detail.
3. Go to the Filters tab.
4. From the Filter list, select Account and set it to Inventory Offset.
5. Go to the Display tab and set the Date Range to All.
6. Under columns, put a checkmark on Item.
7. From the Total By drop-down, select Vendor.
8. From the Sort By drop-down, select Date. 
9. Click OK.

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!

Susan

Yes under banking, reconcile and choose the inventory offset account!

Susan,

 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.

Thanks,

Mary

@stheobald YOU'RE A GENIUS!!!!!!!!!!!!!!!

THANK YOU FOR THE RECONCILIATION FOR THE INVENTORY OFFSET ACCOUNT!!!

i HAVE A LOT OF WORK AHEAD OF ME BUT, SO GLAD I CAN DO IT NOW!