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carey3
Level 1

Inventory Challenge

So I've been struggling with this problem for years, it happens every year and I think its time I try to get an answer

 

First off, I'm using QB Premier Manufacturing desktop product

 

every year I print out a beginning and ending inventory list to used for tax purposes. I never make any additional inventory adjustments until at least Jan 2 so that the 1/1 numbers can't be skewed

 

Every year when I print out the beginning inventory for this year the inventory asset value doesn't match the ending inventory value from last year.

 

I don't make retroactive cost adjustments (prior years) and I don't make prior year journal entries to inventory accounts.

 

what is quickbooks doing behind the scenes to cause this? as I noted, its done it every year that I've kept inventory in it (years)

 

thx

Solved
Best answer December 31, 2020

Best Answers
RCV
QuickBooks Team
QuickBooks Team

Inventory Challenge

Thanks for coming back and performing the troubleshooting steps provided by my colleague, carey3.

 

Aside from repairing your company file using the Rebuild Data tool, we can try repairing QuickBooks to fix any program-related issues. Before you begin, make sure to prepare the QB Desktop installation CD. If the software was purchased through the phone or online, download the installer from the website. Follow the steps below to repair the software: 

  1. Restart the computer.
  2. Back up your QuickBooks company file.
  3. Go to Start and then Control Panel.
  4. Select Programs and Features.
  5. In the list of programs, select QuickBooks.
  6. Choose Uninstall/Change, then click Continue and Next.
  7. Click Repair and then Next. Wait for it to complete.
  8. Once done, hit Finish.

See the Repair QuickBooks Desktop article to learn more about this one. If the same thing happens, I'd suggest contacting our Technical Support Team. They'll pull up your account in a secure environment and investigate what's causing this issue. You may send a message via chat, call us at a time convenient to you, or we’ll get in touch with you instead. To ensure we address your concern, our representatives are available from 6:00 AM to 6:00 PM on weekdays and 6:00 AM - 3:00 PM on Saturdays, PST. See our support hours and types for more details about this one. Here's how to reach them: 

  1. Click the Help icon on the top menu. 
  2. Choose QuickBooks Desktop Help
  3. Tap Contact us.
  4. Select Search for something else and enter your concern in the Tell us more about your question: field. 
  5. Tap Search
  6. Choose Start a Message or Get Phone Number to connect with our support. 

Feel free to visit our Set up inventory page for more insights about setting up items you purchase and sell in QuickBooks.

 

Keep me posted if you need anything else with running your business in QuickBooks. Assistance is just one click away. Happy Holidays. 

View solution in original post

3 Comments 3
Rea_M
QuickBooks Team

Inventory Challenge

Hello there, @carey3.

 

When you don't make additional adjustments and/or journal entries from prior years that might affect your inventory asset value, the beginning and ending information of your list should match. Your scenario may be due to a possible data issue with your company file. With this, you can fix this by repairing your company file using the Rebuild Data tool. It's a built-in tool that'll automatically fix minor file issues. Let me guide you how.

  1. Go to the File menu.
  2. Select Utilities, then choose Rebuild Data.
  3. On the QuickBooks Information window, select OK.
  4. Follow the onscreen steps to save a backup.
  5. Let the tool repair your file. 
  6. Select OK once done.
  7. Go to the File menu. 
  8. Select Utilities, then choose Verify Data.
  9. Let the tool check your file for data issues.

 

However, when the issue continues, I'd recommend performing the solutions provided in this article starting with the second one: Fix data damage on your QuickBooks Desktop company file.

 

Additionally, as the year ends, there are certain tasks in QuickBooks to close out the previous year and prepare for the upcoming one. For the complete list of tasks and the step-by-step guide on how to perform each, you can refer to this article: QuickBooks year-end guide. It includes topics about running reports and reconciliation to name a few.

 

Click the Reply button below to update me on how it goes. If you have other inventory report concerns, I'm just around to help. Take care always.

carey3
Level 1

Inventory Challenge

thank you for your reply. I didn't explain myself properly

If I run an inventory report for 12/31/2019 and compare it to one run for 01/01/2020 they do in fact match

 

however the report I saved last year on 12/31/2019 has different asset values than the one I run live now. This seems to happen every year. For tax purposes this causes a problem because I reported an asset value to the IRS for 2019 and now the report produces a different number for it should I have to provide it.

RCV
QuickBooks Team
QuickBooks Team

Inventory Challenge

Thanks for coming back and performing the troubleshooting steps provided by my colleague, carey3.

 

Aside from repairing your company file using the Rebuild Data tool, we can try repairing QuickBooks to fix any program-related issues. Before you begin, make sure to prepare the QB Desktop installation CD. If the software was purchased through the phone or online, download the installer from the website. Follow the steps below to repair the software: 

  1. Restart the computer.
  2. Back up your QuickBooks company file.
  3. Go to Start and then Control Panel.
  4. Select Programs and Features.
  5. In the list of programs, select QuickBooks.
  6. Choose Uninstall/Change, then click Continue and Next.
  7. Click Repair and then Next. Wait for it to complete.
  8. Once done, hit Finish.

See the Repair QuickBooks Desktop article to learn more about this one. If the same thing happens, I'd suggest contacting our Technical Support Team. They'll pull up your account in a secure environment and investigate what's causing this issue. You may send a message via chat, call us at a time convenient to you, or we’ll get in touch with you instead. To ensure we address your concern, our representatives are available from 6:00 AM to 6:00 PM on weekdays and 6:00 AM - 3:00 PM on Saturdays, PST. See our support hours and types for more details about this one. Here's how to reach them: 

  1. Click the Help icon on the top menu. 
  2. Choose QuickBooks Desktop Help
  3. Tap Contact us.
  4. Select Search for something else and enter your concern in the Tell us more about your question: field. 
  5. Tap Search
  6. Choose Start a Message or Get Phone Number to connect with our support. 

Feel free to visit our Set up inventory page for more insights about setting up items you purchase and sell in QuickBooks.

 

Keep me posted if you need anything else with running your business in QuickBooks. Assistance is just one click away. Happy Holidays. 

View solution in original post

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