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Carvin625
Level 2

Inventory totals in Quickbooks and QB POS not matching

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.

Solved
Best answer September 03, 2021

Best Answers
BlackRock-Business
Level 3

Inventory totals in Quickbooks and QB POS not matching

These are two different things.

  1. When you do inventory valuation in QuickBooks POS, it is simply Qty X Cost = Value.
  2. 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

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6 Comments 6
Rustler
Level 15

Inventory totals in Quickbooks and QB POS not matching

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
Level 3

Inventory totals in Quickbooks and QB POS not matching

These are two different things.

  1. When you do inventory valuation in QuickBooks POS, it is simply Qty X Cost = Value.
  2. 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
Level 1

Inventory totals in Quickbooks and QB POS not matching

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
QuickBooks Team

Inventory totals in Quickbooks and QB POS not matching

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, you can check out this article: QuickBooks Point of Sale (POS) FAQ.

 

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!

bernardofarmandranch
Level 1

Inventory totals in Quickbooks and QB POS not matching

Angela:

 

Thank you for your tips on the subject of QB POS not matching QB Desktop.  Can you send instructions on how to pull off a report from QB POS with inventory department totals.  I need to see how much I am off from POS to my QB Desktop Balance Sheet report?

 

Thanks

Patti

Rasa-LilaM
QuickBooks Team

Inventory totals in Quickbooks and QB POS not matching

Thank you for joining this thread, bernardofarmandran.

 

 It can be challenging to reconcile the differences and ensure accurate financial reporting. I'll be happy to guide you through the process of pulling off a report from QB POS with inventory department totals so that you can compare it to your QuickBooks Desktop (QBDT) Balance Sheet report. 

 

Let's run the Inventory Valuation in Point of Sale to give you more accurate data on your inventory. Here's how:

 

  1. In your Point of Sale, navigate to the Reports menu to choose Items and Inventory Valuation.
  2. Select Today for the date and click the Apply date option.

 

Next, open the Balance Sheet Report in QuickBooks Desktop (QBDT) to compare the data. Here's how:

 

  1. In QBDT, head to the Reports menu at the top bar to choose Company & Financial and Balance Sheet Detail.
  2. Set the date to All and select Accrual.
  3. Scroll down to Inventory Asset and go to the Balance column.

 

Additionally, you can make use of this resource to help you with sorting your inventory asset account in QuickBooks Desktop: Balance Sheet and Inventory/Stock Valuation reports show different amounts for Inventory Asset accou....

 

If you need further assistance with running the report or have other inventory concerns, feel free to visit the Community again and tap my name. I'll be glad to lend a helping hand. Enjoy the rest of the day, bernardofarmandran.

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