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Level 2

inventory summary vs inventory valuation

I sold a business to some people who are now saying I cheated them on the value of the inventory.  I no longer control the Quickbooks point of sale system so I can't go play around with the reports.   It has been a couple of years so I can't remember how I entered the inventory into the system.

 

When printed out my inventory summary report on the date the business sold a couple of years ago my inventory was valued at $94K according to the report.  Fast forward two years to today and the people who bought my business are saying I cheated them on the value of the inventory.  As evidence running the inventory valuation report today for the business sale date and getting a number of $71K. 

 

I still have a copy of my old inventory summary report and I compared their inventory valuation to my inventory summary.  I notice that my inventory summary has 2 departments that are not showing up on the inventory valuation report!  And, I suspect that all of the rental equipment was valued into the inventory summary but I don't see any rental equipment listed in the inventory valuation report.  And I don't know why.

 

There is a complicating factor.  The people who bought the business never paid me for it so I am suing them.  They are scoundrels.  I think they are cooking their books on purpose to make it look like I cheated them. 

 

Here are my questions.

1) I notice that the inventory summary report that I ran 2 years ago does not have a date, as though maybe it is a report that can only be run for today.  Is it possible to run the inventory summary report today for a specific date 2 years ago?  What is the pathway?

2) Why does the inventory summary report show those two departments that are not showing on the inventory valuation?  Is there a way to make those departments and those rental items show in the inventory valuation?

 

Solved
Best answer February 12, 2020

Best Answers
Highlighted
QuickBooks Team

inventory summary vs inventory valuation

Hello there, @Chewbacca.

 

I can see and understand the situation that you've been through. You've got me here to help you pull up the report that you need so you can get past on this hurdle.

 

If the people who bought your business are using QuickBooks Desktop and Point of Sale at the same time, comparing their inventory reports is not ideal. A program that's earlier than the other, the values in these reports will not match.

 

When it comes to pulling up the inventory summary report 2 years ago, you'll just need to customize the date range of the report. Please see he screenshot attached for reference: 

On the other hand, the Inventory Valuation report in Point of Sale gives you more accurate data since this is where you manage and track your inventory. The Inventory Summary report summarizes the quantity, average cost, and extended value of each of the inventory quantities and provides a total inventory valuation. That said, the rental items will appear.

 

To verify why these items are not showing up, you'll need to make sure that the date range of the report that you pulled up is correct.

 

Once confirmed and the issue persist, I suggest contacting on Point of Sale Team. They have the tools that can help check on your transactions and determine the root cause of the problem. You can reach them through the contact details found in this link: Customer Resource Center.

 

I've also added here some articles that you can visit about managing the Inventory Valuation report and fixing common inventory accounting issues in POS and QBDT: 

Let me know if you have further questions. I'll make sure you're all set. Take Care!

View solution in original post

Highlighted
QuickBooks Team

inventory summary vs inventory valuation

Good Afternoon, @Chewbacca.

 

Yes, you can. You can change the date in the top left-hand corner of the inventory summary report. It's the same way as the inventory valuation report. It's that simple.

 

Here's a link that may be helpful in the future: Inventory valuation amounts in Point of Sale and QuickBooks Desktop do not match.

 

I'm only a click away if you have any other questions. Have a great day!

View solution in original post

6 Comments
Highlighted
QuickBooks Team

inventory summary vs inventory valuation

Hello there, @Chewbacca.

 

I can see and understand the situation that you've been through. You've got me here to help you pull up the report that you need so you can get past on this hurdle.

 

If the people who bought your business are using QuickBooks Desktop and Point of Sale at the same time, comparing their inventory reports is not ideal. A program that's earlier than the other, the values in these reports will not match.

 

When it comes to pulling up the inventory summary report 2 years ago, you'll just need to customize the date range of the report. Please see he screenshot attached for reference: 

On the other hand, the Inventory Valuation report in Point of Sale gives you more accurate data since this is where you manage and track your inventory. The Inventory Summary report summarizes the quantity, average cost, and extended value of each of the inventory quantities and provides a total inventory valuation. That said, the rental items will appear.

 

To verify why these items are not showing up, you'll need to make sure that the date range of the report that you pulled up is correct.

 

Once confirmed and the issue persist, I suggest contacting on Point of Sale Team. They have the tools that can help check on your transactions and determine the root cause of the problem. You can reach them through the contact details found in this link: Customer Resource Center.

 

I've also added here some articles that you can visit about managing the Inventory Valuation report and fixing common inventory accounting issues in POS and QBDT: 

Let me know if you have further questions. I'll make sure you're all set. Take Care!

View solution in original post

Highlighted
Level 2

inventory summary vs inventory valuation

Thanks.  That helps.  It sounds like the inventory summary will in fact show rental items that the inventory valuation will not show.  One more question...I know an inventory valuation can be run for a date in the past.  Can an inventory summary also be run for a date in the past?  I am sorry to ask but I don't control the software to test this myself.  

Highlighted
QuickBooks Team

inventory summary vs inventory valuation

Good Afternoon, @Chewbacca.

 

Yes, you can. You can change the date in the top left-hand corner of the inventory summary report. It's the same way as the inventory valuation report. It's that simple.

 

Here's a link that may be helpful in the future: Inventory valuation amounts in Point of Sale and QuickBooks Desktop do not match.

 

I'm only a click away if you have any other questions. Have a great day!

View solution in original post

Highlighted
Level 2

inventory summary vs inventory valuation

I did finally get a backup copy of my old quickbooks POS company file!  I ran the inventory summary report and I cannot change the date.  Reports - items - summary.  And it only runs the summary for today.  Is there any way to change this report to a date in the past?

Highlighted
QuickBooks Team

inventory summary vs inventory valuation

Hello, @Chewbacca

 

I can help with that. You can modify by filter data to make changes with the date. I'll show you how: 

 

  1. Click Report menu, choose Items
  2. Select Summary
  3. Drop-down arrow from I Want to, then select Filter data
  4. Fill out and filter the information you want to reflect on the data in the report. 

 

   

 

 

 

 

 

 

 

 

 

Once done, you can view the summary report for the specific date. 

 

 

I've also added here an article that you can read about QuickBooks Point of Sale: QuickBooks Point of Sale (POS) FAQ.  

 

 

 That should point you to the right path. Keep me posted if there's anything else you need. Have a good one.

 

Highlighted
Level 2

inventory summary vs inventory valuation

I tried the filter, but it does not seem possible to filter in such a way to report the inventory summary on a specific day in the past.  There are only three dates fields that can be adjusted in the filters.   "last recieved" and "last sold" and "creation date."  All three of those dates fields will define inventory of interest, but none of them stop the clock.  The report still covers everything that happened to the date filtered inventory all the way up to today.   This would not be a problem, I would not need the inventory summary, if the inventory valuation report actually reported on all of the inventory, which it doesn't. 

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