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Hiroki
Level 2

Amount difference between Inventory List and Balance Sheet

Hello,

 

I do see the amount of inventory on Balance Sheet.

Does anyone know where the amount is relating to?

Also, I see the amount of the inventory list and BS are different.

Does anyone know where to look for the difference?

14 Comments 14
ReymondO
QuickBooks Team

Amount difference between Inventory List and Balance Sheet

Hey there, @Hiroki.

 

I'm here to explain the difference between the Inventory List and Balance Sheet report in QuickBooks Desktop (QBDT). 

 

The inventory list is a complete, itemized list of every product your business has in stock. This includes your raw materials, work-in-progress, and finished goods. This will also show the price of the product together with the account it's linked to.

 

On the other hand, a balance sheet is a financial statement that reports a company's assets, liabilities, and shareholders' equity at a specific point in time. The inventory amount showing in this report is the total balance of the actual cost of all of your assets. 

 

You can break down these amounts by multiplying each inventory's quantity on hand by its actual cost. Then, add them all together to show its total balance which is showing in the Balance Sheet. 

 

Just use the screenshot below as your reference:

I've also included these articles that will help you in handling your reports in QuickBooks Desktop (QBDT):

 

 

The Community always has your back, so please let me know if you have any other questions. I'll be more than happy to help. Keep safe.

Hiroki
Level 2

Amount difference between Inventory List and Balance Sheet

Dear Raymond,

 

Thank you very much for the reply!

This question is actually from my boss in HQ in Japan so I will forward your reply to them.

I will post here again when I hear anything from my boss.

 

Thank you!

Hiroki
Level 2

Amount difference between Inventory List and Balance Sheet

Dear Raymond,

 

My boss in HQ in Japan is really appreciated your reply, now she fully understood.

One more thing we would like to know.

We do have mismatched numbers on BS and Inventory Valuation Summary past few years.

Is there any best way to located where the problem (amount difference) is?

Right now, we are planning to go through all the data of items that tied to inventory and invoice, but it seems like a lot of work...

Please advise.

 

Thank you,

 

AlcaeusF
Moderator

Amount difference between Inventory List and Balance Sheet

Hi there, @Hiroki.

 

I appreciate you for getting back to us here in the Community. Allow me to chime in and help you figure out the cause of the mismatched numbers.

 

If you're referring to the Inventory Asset account showing different amounts for the Balance Sheet and Inventory Valuation Summary report, there are two reasons I can think of. You may have transactions on the account that do not have inventory items or inactive inventory items that have a non-zero value.

 

To fix the issue, I recommend the following article which contains multiple solutions you can follow: Balance Sheet and Inventory/Stock Valuation reports show different amounts for Inventory Asset accou....

 

If you're referring to something else, please let us know. I recommend adding more details about the specific figures that aren't matching. Any screenshots would help us provide more accurate information on the problem.

 

For additional reference, you can use the following articles to resolve issues in the Balance Sheet, like total assets not matching total liabilities on the report:

 

 

Drop me a comment below if you have any other questions regarding the result of the reports in QuickBooks. I'll be happy to help you some more.

Hiroki
Level 2

Amount difference between Inventory List and Balance Sheet

Dear Raymond,

 

Thank you very much for all the information!

I will send it to my boss in HQ.

I will contact you again.

 

Thank you,

 

 

Hiroki
Level 2

Amount difference between Inventory List and Balance Sheet

Dear Alcaeus,

 

Thank you for the information, it helped my boss so much!

Now she has another question.

She would like to know if there are any ways that she can adjust ONLY amount on BS without changing the item's quantity.

She sees some items are not appearing on Inventory Valuation Summary (both quantity and amount are "0") but she sees the item's amount on BS so she wants to make the amount on BS "0.00" somehow.

 

Thank you,

 

Kristine Mae
QuickBooks Team

Amount difference between Inventory List and Balance Sheet

Yes, you can adjust the value only, Hiroki. Let me help you.

 

Feel free to follow these steps:

  1. Click Vendors.
  2. Go to Inventory Activities, then select Adjust Quantity/Value on Hand.
  3. Click the Adjustment Type drop-down arrow, then select Total Value.
  4. Select the Adjustment Date and Adjustment Account.
  5. Select the item, then enter the new value.
  6. Click Save & Close

You can also check this article to help you more: Adjust your inventory quantity or value in QuickBooks Desktop.

 

If there's anything else that you need, feel free to let us know. We'll be right here to help you.

 

 

Hiroki
Level 2

Amount difference between Inventory List and Balance Sheet

Dear Kristine,

 

Thank you for the reply!

I didn't see Adjust Quantity/Value on Hand under Vendor but I did see it under Inventory on the top tool bar.

(we are using desktop ver QB)

So, if my boss follow the steps then she can only adjust amount on BS without changing any quantities of items?

 

Thank you,

 

Ryan_M
QuickBooks Team

Amount difference between Inventory List and Balance Sheet

Hi @Hiroki,

 

Thank you for your prompt reply. 

 

It sounds like the issue you're referring to is the amount that you see on your Balance Sheet report is different compared to what you have on the Inventory Valuation report.

 

You can follow the steps in the article provided by my peer @AlcaeusF above. In case you missed it, the article in question is: Balance Sheet and Inventory/Stock Valuation reports show different amounts for Inventory Asset accou.... You'll find several solutions listed, along with respective steps.

 

If you require further troubleshooting with your Balance Sheet report, take a look at this article: Advanced troubleshooting for balance sheets out of balance

 

Post a reply if you have other questions about reports in QuickBooks Desktop, I've got you covered. 

Hiroki
Level 2

Amount difference between Inventory List and Balance Sheet

Dear Ryan,

 

Thank you for the message,  my boss actually followed what Alcaeus explained us.

I will forward her what Kristine explained and your message with URL links.

I will contact you when I hear from my boss next time.

 

Thank you,

 

 

Hiroki
Level 2

Amount difference between Inventory List and Balance Sheet

Dear QB Support,

 

Regarding my initial question, some other questions came up as my boss in Japan and myself are investigating.

As of now, we indicated that FY2018 has some problems.

Please find attached PDF.

Today I saw some bills and invoices in 2018 in QB have NO ITEM CODE.

I know that it is impossible to save & close both bill and invoice without entering item so it must be disappeared after everything was entered correctly. In fact, I make all the invoice to PDF so I do have a record that all the item codes were entered at that time.

Does anyone have any ideas why it happened...? Is this a bug...??

For your information, the items are not showing in QB is NOT inactive items, they are still active items that we use currently.

Please advise.

 

Thank you,

 

 

AileneA
QuickBooks Team

Amount difference between Inventory List and Balance Sheet

Hello, Hiroki. 

 

Let's isolate this case by performing rebuilding and verifying your data in case there's any damage. The Verify Data utility identifies any potential data damage issues, while the Rebuild Data utility repairs data in your company file. 

 

If the program is in multi-user mode, you need to change to single user mode (Go to File -> Switch to Single User Mode). It is very important that you have to create a backup copy of your company file before running Verify and Rebuild Data.    

 

 

Verify Data: 

 

  1. Press the File menu. 
  2. Choose Utilities from the drop-down option.  
  3. Select Verify Data
  4. Tap Ok to continue.  

 

Note: If the verify process is successful, you are done. In case it fails due to some problem, QuickBooks will notify you to run Rebuild data. 

 

Rebuild Data:

 

  1. Click the File tab at the top. 
  2. Select Utilities from the drop-down option. 
  3. Choose Rebuild Data
  4. Click Ok on Rebuild has completed.      

 

Please let me know if you have further questions or concerns. I'll be here to help you every step of the way. You can always reach out to the Community or me anytime you need a helping hand in getting back to business. Take care! 

Hiroki
Level 2

Amount difference between Inventory List and Balance Sheet

Dear Ailene,

 

Thank you for the reply!

So, it looks like our date is damaged...?

If so then the damage is casing the balance difference between BS and  Inventory

on top of some mistake that we made in the past...?

Have you seen any case like this?

I will forward your reply to my boss in HQ in Japan and will contact you again.

Thank you,

 

Jen_D
Moderator

Amount difference between Inventory List and Balance Sheet

Thanks for posting here again, @Hiroki,

 

Allow me to join the discussion and share some insights about this reporting discrepancy.

 

I've seen your screenshot and it looks unusual that item codes are missing from the invoice. Normally, QuickBooks will not allow you to save entries with blank items. With that being said, it's possible that the transaction is corrupted or there is an underlying damage on the company file.

 

The troubleshooting shared by my colleague works to identify data corruptions and damages within the company file. This built-in tool automatically fixes minor program data issues like the one you experience when running reports.

 

For your reference, see the following link to learn more about this tool: Resolving Potential Data Issues

 

However, if you get the same result after doing so, I recommend reaching out to our Support Team. They can initiate a viewing session with you and help diagnose the company file to verify what causes the problem.

 

To get our support, follow the steps below:

 

  1. Open QuickBooks and click the Help menu.
  2. Select QuickBooks Desktop Help.
  3. On the pop-up screen select Contact us.
  4. Click the Search for Something else button then type your concern in the Ask us anything box.
  5. Hit Search then scroll down to get your contact options.

 

Refer to this article to learn more about our contact options and support availability: Contact QuickBooks Desktop support

 

Also, kindly update me with the result in this thread. I want to make sure this is resolved so you're able to get the accurate information on your reports.

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