Inventory Asset Value Adjustment

Japan2023 · ‎September 07, 2023

I would like to clean up our inventory asset value of Qty 0.00 (Zero) but they have small asset value.

Could you please teach me the way how can I clean up them?

We have negative and positive both small asset values like below examples.

QTY 　　　　　0.00

Asset Value　 -0.01 (Negative)

QTY 　　　　　0.00

Asset Value 　+0.03 (Positive)

Thank you so much for your help in advance.

Best regards.

Carneil_C · ‎September 07, 2023

Hi, @Japan2023. I'm here to ensure you'll be able to adjust the inventory asset value to zero.

Incorrect costs and initial quantities entered during setup lead to incorrect inventory asset account values. Here's how you can fix it:

Go to Settings ⚙ and select Products and Services.
Highlight the item, then select Edit from the Action column.
Select Starting Value.
Select Got it.
Enter the item's correct date and cost.
Select Save and Close.

Then, you can record a Journal Entry to balance your books. But before that, I'd recommend consulting with your accountant to get guidance on handling your accounts accurately. If you don't have one, please visit this link: Find an accountant.

See this article to understand more about the concept used by businesses in tracking inventory: FIFO and how is it used for inventory cost accounting.

Also, you can utilize this guide to track your inventory items, such as your best sellers, what's on hand, and the cost of goods in the future: Use reports to see your sales and inventory status.

Please don't hesitate to reply on this thread if you've got more queries about handling items in QuickBooks Online. I'll be here to assist you further.

View solution in original post

Carneil_C · ‎September 07, 2023

Hi, @Japan2023. I'm here to ensure you'll be able to adjust the inventory asset value to zero.

Incorrect costs and initial quantities entered during setup lead to incorrect inventory asset account values. Here's how you can fix it:

Go to Settings ⚙ and select Products and Services.
Highlight the item, then select Edit from the Action column.
Select Starting Value.
Select Got it.
Enter the item's correct date and cost.
Select Save and Close.

Then, you can record a Journal Entry to balance your books. But before that, I'd recommend consulting with your accountant to get guidance on handling your accounts accurately. If you don't have one, please visit this link: Find an accountant.

See this article to understand more about the concept used by businesses in tracking inventory: FIFO and how is it used for inventory cost accounting.

Also, you can utilize this guide to track your inventory items, such as your best sellers, what's on hand, and the cost of goods in the future: Use reports to see your sales and inventory status.

Please don't hesitate to reply on this thread if you've got more queries about handling items in QuickBooks Online. I'll be here to assist you further.

Japan2023 · ‎September 07, 2023

Hi, Carneil.

Thank you for your quick help.

It seems better to leave the small difference for my situation.

But it was good to learn the way.

Please have a nice day.

Kind regards,

RoseJillB · ‎September 07, 2023

You’re always welcome, @Japan2023.

Just let us know if you need more assistance with inventory adjustment in QuickBooks Online (QBO). Rest assured that every concern posted in this forum is addressed accordingly.

Please don’t hesitate to come back if you have any QuickBooks-related concerns. Have a good one!

lplott · ‎February 08, 2024

Hello My Inventory Valuation Summary doesn't show on some of my SKU's

I have gone to the product and looked at the starting value and start date. Which is correct and it's still not pulling a value to my reports.

RhoiceW · ‎February 08, 2024

We appreciate what you've done so far, lplott. I'm here to guide you on how to pull up your inventory products in your reports.

When you run the report Inventory Valuation Summary, it will show all the inventory products only. However, it won't show up for non-inventory products. To ensure that there will be an SKU number on your products, please ensure you've added an SKU number for each product.

Here's how:

Go to Sales, then select Products & services.
Look for an inventory product and click Edit.
Enter an SKU number under SKU.
Click save and close.

In this way, you'll be able to see the SKU number on the report.

If the issue persists, you can try accessing your QuickBooks Online (QBO) account through an incognito window to determine if it's a browser-related issue. Here are the shortcut keys:

Google Chrome: press Ctrl + Shift + N
Mozilla Firefox: press Ctrl + Shift + P
Safari: press Command + Shift + N

If the private browsing session works, you can return to your regular browser and clear the cache to improve the program's performance. Otherwise, using other supported browsers can be a good alternative too.

However, if the same thing happens, I recommend reaching out to our Technical Support Team. One of our experts has the necessary tools to check your account securely and perform a screen-sharing session to further investigate this behavior.

I'll leave this article for you to have detailed steps on how to add and customize your products in QuickBooks Online: Add inventory products in QuickBooks Online

In addition, you can check out this article for you to track your inventory in QuickBooks Online: Set up and track your inventory in QuickBooks Online

Don't hesitate to leave a comment if you have further concerns with running your reports. We're always here to assist.

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