Inventory totals in Quickbooks and QB POS not matching

Carvin625 · ‎September 03, 2021

How can I find out exactly which fields in an Item in QB POS are transferred to Quickbooks during Financial Exchange - example: I received and item, put in all information: cost, price, department, description, etc. What of all the information is exchanged to form the financial reports (Balance sheet, etc) I am finding that my inventory balances in Quickbooks do not always matched inventory valuation in QB Point of Sale. I'm afraid that information is being entered incorrectly or in the wrong fields (we have several employees that enter inventory and possibly some do it incorrectly.) Knowing what is involved in getting inventory totals in Quickbooks would be helpful to understanding the problem.

BlackRock-Business · ‎September 03, 2021

These are two different things.

When you do inventory valuation in QuickBooks POS, it is simply Qty X Cost = Value.
However, each time you receive items in, it writes a journal entry of money to your Inventory Asset account. Every time you sell inventory, it removes money from the Inventory Asset Account over to your COGS account.

Now, here's the kicker! If you do inventory qty adjustments, or write new qty's directly into your items, or do a physical inventory count, this changes your POS inventory valuation because of the changed quantity, but it also writes to a different account in QuickBooks Financial for the change in asset value. By default, that account is called "POS Inventory Adjustments." And there you go, your asset account is easily not equal to your POS Valuation now.

Thanks,

Peter Eastvold

POS Expert | Check out our QuickBooks POS Youtubes

View solution in original post

Rustler · ‎September 03, 2021

As I understand it, inventory is ONLY done in POS. Purchase and sales are done in POS.

Then POS transfers the total of inventory asset to QB, as well as COGS for sales

BlackRock-Business · ‎September 03, 2021

These are two different things.

When you do inventory valuation in QuickBooks POS, it is simply Qty X Cost = Value.
However, each time you receive items in, it writes a journal entry of money to your Inventory Asset account. Every time you sell inventory, it removes money from the Inventory Asset Account over to your COGS account.

Now, here's the kicker! If you do inventory qty adjustments, or write new qty's directly into your items, or do a physical inventory count, this changes your POS inventory valuation because of the changed quantity, but it also writes to a different account in QuickBooks Financial for the change in asset value. By default, that account is called "POS Inventory Adjustments." And there you go, your asset account is easily not equal to your POS Valuation now.

Thanks,

Peter Eastvold

POS Expert | Check out our QuickBooks POS Youtubes

Andy1966 · ‎September 15, 2021

WE Create Receiving voucher in POS

it shows q-ty and cost for every single item in Voucher

then we do Financial exchange with QB

and we got a copy of the Voucher in QB now

but it is totally different document

only the total amount match

but all items cost are absolutely random

why QB changed costs ??????????

Angelyn_T · ‎September 16, 2021

Hi there, Andy. I'm here to take care of your concern about the costs of your items with doing a financial exchange.

When performing a financial exchange, data is transferred from Point of Sale (POS) to QuickBooks Desktop (QBDT) and vice versa. QBDT and POS are two different platforms that may have feature differences. To avoid discrepancies and to save data review time, it's recommended to add or edit your items, customers, and vendors in POS only after you have begun sharing data with QuickBooks Desktop.

To get more tips about QuickBooks POS and financial exchange, you can check out these articles:

I'm also adding this link to find out why the amounts in your Inventory report for both Point of Sale and QuickBooks Desktop are not the same: Inventory valuation amounts in Point of Sale and QuickBooks Desktop do not match.

Please let me know how else I can help you with your items costs. I'm more than happy to provide additional assistance. Keep safe!

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Inventory totals in Quickbooks and QB POS not matching