Hi Everyone! I have a client that has NOT used item details to enter the purchase of inventory. He has been using starting value and then inventory adjustments. I want to have it calculate the actual value of what is on hand based on the costs entered in the product setup. Is it too late to do this since he has never set it up correctly from the beginning? Any thoughts?
It is never too late to change inventory systems - just be careful and thorough if you do change.
I want to have it calculate the actual value of what is on hand based on the costs entered in the product setup. - Thats not how QB will do it, but you can do it that way if its a manual system.
If you use 'inventory' items - then QB will use FIFO valuation based on the actual purchase price paid per item (regardless of the setup cost)
I agree with you, but maybe I didn't ask correctly. I have 500 QOH, but $0 Value....I would like to have it calculate the value....do I have to start over and do the entries the correct way or is there a way to adjust Value in QBO?
So if you have some quantity but no value then something has not been entered correctly. The ideal way to handle inventory received is to enter it on the 'items' tab of a vendor bill (or check, or credit card purchase) - filling in both the quantity and price to calculate cost. If possible I'd suggest you correct the prior entries.
Note that the item inventory is only half your problem - there must also be an issue with AP or COGS or RE. Correcting the prior entries ensures that both sides of the issue are fixed.
Good day, I am facing the same challenge. We just set up our inventory but we used costs from our old database that were out dated. Now I am adjusting the cost of each item but the new cost does not show on the valuation report. How do I get the report to reflect the real values?
Allow me to help share additional information about asset value and cost.
In QuickBooks Online, it only uses FIFO and there are no other options for valuation methods. The cost would depend on the starting value and the cost of the purchase when purchasing the items.
Please let me know if you have other questions. I'll be here to help however I can. Have a good one.
Now I am adjusting the cost of each item but the new cost does not show on the valuation report. How do I get the report to reflect the real values?
Did you click the link that says "Adjust: Starting value"
I am fairly new to Quickbooks online - I have been using desktop for years. I have 4 items in Quickbooks online that we are no longer going to sell , the inventory quantity is zero however the value is $0.01. In desktop there is a way to adjust the value however I cant find a way in online. Is there any way I can bring the value to zero before I make them in active. I have tried every thing I can think of without luck.
Thank you for joining on this thread, @Ldecaul.
I want to make sure that you're able to adjust and correct the value of the products in QuickBooks Online.
Once done, you can make the products inactive. In the Products and Services page, simply click the small drop-down arrow beside the Edit button, then tap Make inactive.
Additionally, you can always run any sales and inventory reports from the Reports menu. This way, you'll see your best sellers, what’s on hand, and the cost of goods. For more information on how to pull up and customize them, visit this article: Use Reports To See Your Sales and Inventory Status.
Feel free to get back to me if you need anything else. I'm always here to help. Take good care.