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Senior Explorer *

Why would Inventory Valuation Summary and Balance Sheet Details be different?

I am unable to find my old notes.  Our Balance sheet and Inventory Evaluation Summary amounts do not match.

Inactive items do not have quanitites.  Inventory asset account has not been used in any inventory adjustments.
There are old Journal entries that used the Inventory asset account but the offsetting entries zero out.  We have a small balance in Open Equity account (which I believe we need to adjust to retained earnings).  There are no future dates on any transactions.

What am I missing?
Solved
Best answer 12-10-2018

Accepted Solutions
Highlighted
Established Community Backer ***

bring up a balance sheet double click on inventory asset...

bring up a balance sheet
double click on inventory asset
click customize
change total by to item detail
set the report date range to ALL
refresh the report

scroll down, if there is a section called No item, those transactions are your problem

View solution in original post

21 Comments
Highlighted
Established Community Backer ***

bring up a balance sheet double click on inventory asset...

bring up a balance sheet
double click on inventory asset
click customize
change total by to item detail
set the report date range to ALL
refresh the report

scroll down, if there is a section called No item, those transactions are your problem

View solution in original post

Senior Explorer *

Wow, that was awesome!  No to talk to the CFO about all o...

Wow, that was awesome!  No to talk to the CFO about all of the journal entries - hmmmmm
Established Community Backer ***

inventory asset can not be used in a journal entry, as th...

inventory asset can not be used in a journal entry, as the adjustment account or on the expense tab of a purchase
:-)
I had a feeling when you said it had not been used in a journal entry, you might not be the only one messing with it
good luck
Senior Explorer *

Thanks Rustler

Thanks Rustler
Not applicable

Re: bring up a balance sheet double click on inventory asset...

Hi,

 

I have had this problem before and have fixed it by finding this report. However, today I cannot find the change "total by to item detail" option. Do you know if it was removed on an update?

Thanks

QuickBooks Team

Re: bring up a balance sheet double click on inventory asset...

Hello, @jeannettepizarr.

 

Thank you for coming to the Community for help. I’m here to share a few details about the Total by to Item detail missing in QuickBooks Desktop (QBDT). 

 

When running the report, did you follow the steps given above by @Rustler? If so, when customizing it, you should be able to find the Total by to Item detail option on the Display tab. 

 

Let’s perform some basic troubleshooting to resolve the problem. You can start by repairing QuickBooks to fix any program-related issues or errors. 

 

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 QuickBooks:
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.

 

You may take a look at this helpful article for more details: Repair QuickBooks Desktop.

 

The steps above should help you get the missing option back without a problem. 

 

If there’s something else you need to find, please don’t hesitate to let me know. I’m always available here for all of your QuickBooks questions. I’ll keep an eye out for your reply. 
 

Frequent Contributor *

Re: bring up a balance sheet double click on inventory asset...

This gave me so much hope - but it did not work for me...as in, that is not the amount of my outage. Any other ideas?

Frequent Contributor *

Re: bring up a balance sheet double click on inventory asset...

This gave me so much hope...but it did not work for me...as in, that amount is not my 'outage' amount. :( Any other ideas?

Frequent Contributor *

Re: bring up a balance sheet double click on inventory asset...

Please disregard and delete my prior message. This is, in fact, exactly what I needed. Thank you kindly. Happy New Year.

Anonymous
Not applicable

Re: Why would Inventory Valuation Summary and Balance Sheet Details be different?

Hello there, @loree.thompson.

 

Thank you for your response. I'm glad that you're able to find exactly what you need. 

 

We'll always be here to help if you have other questions about generating reports in QuickBooks. Happy New Year. :)

Not applicable

Re: bring up a balance sheet double click on inventory asset...

I am having the same issue. What does "no item" mean and how does this attach to my adjustments? How do I fix this?

QuickBooks Team

Re: bring up a balance sheet double click on inventory asset...

Hello and welcome to the Community, dblanc 1.

 

I'm here to provide some clarification on your questions regarding the No item section and how to fix this.

 

The No item section may appear when you have transactions in the Inventory Asset account that do not have inventory items. Some examples of these transactions are as follows:

  • Bills and checks credit card charges with the Inventory Asset account on the Expenses Tab.
  • Journal entries using the Inventory Asset account.
  • Inventory adjustments offset to the Inventory Asset account instead of a COGS account.

The best way to fix this is to follow the steps provided by Rustler. Although, if you're using the Accountant's Edition of QuickBooks, you can use the Client Data Review option. It has a tool specifically for resolving this issue.

 

 

For more information about this and other recommend solutions, I recommend following this article: Balance Sheet and Inventory/Stock Valuation reports show different amounts for Inventory Asset accou...

 

That should do it. With these resources, I'm confident you'll be able to resolve the difference between your Balance Sheet and Inventory/Stock Valuation reports like a pro in no time!

 

Keep in touch with me here if there's anything else you need. I always got your back. Thanks for reaching out, wishing you and your business the best.

Not applicable

Re: bring up a balance sheet double click on inventory asset...

I tried following your instructions you listed on 12-10-2018 on how to resolve a difference between  inventory asset account on balance sheet versus inventory valuation report. Once I click on customize I cannot find the next step "Change total by to item detail." Any additional guidance would be greatly appreciated.

Not applicable

Re: bring up a balance sheet double click on inventory asset...

Were you able to find "total by to item detail" option? I am having trouble finding it as well.

QuickBooks Team

Re: bring up a balance sheet double click on inventory asset...

Thanks for joining the thread, tasrcsky.

 

I'd be happy to help you locate the Total By option so you can complete the customization. The steps below will guide you on how to find it:

  1. From the Reports menu, select Company and Financial, then choose Balance Sheet Standard.
  2. Find the Inventory Asset account, then double-click the amount.
  3. Once you're routed to the Transactions by Account report, click the Customize Report button.
  4. In the Columns section, click the Total by drop-down menu, then select Item detail.

 

That should get you going in the right direction. Keep me posted with the result. I want to make sure you're taken care of. Have a great day!

Not applicable

Re: inventory asset can not be used in a journal entry, as th...

@Rustler Thank you for the insight, so is there a way to move it out of no item status (inventory asset) so it can actually reflect on the balance sheet?

Anonymous
Not applicable

Re: inventory asset can not be used in a journal entry, as th...

Hi there, @CocoM.

 

Thanks for getting back on this thread. Allow me to step in and help share additional information about moving the No Item Status to reflect on the balance sheet.

 

To move out the No Item Status, you'll have to create a transaction that affects the quantity of the product item. Then you'll have to delete the journal entry created since this does not affect any products in the product/service item.

 

If you need more information about items and inventory assets in QuickBooks, you can refer to the articles below.

 

Different item types in QuickBooks

Understand Inventory Assets and COGS tracking

 

This should point you in the right direction. Please let me know if you have additional questions about the process. I'll be here to help.

Established Community Backer ***

Re: inventory asset can not be used in a journal entry, as th...


@CocoM wrote:

@Rustler Thank you for the insight, so is there a way to move it out of no item status (inventory asset) so it can actually reflect on the balance sheet?


Coco

I'm sorry but this thread has been stepped on so much, I have no idea what you are asking in particular.

Not applicable

Re: bring up a balance sheet double click on inventory asset...

I have been having this problem for at least last three years. I'm checking my inventory list for inactive items with quantity, journal entries for no items, even adjustments that posted to a wrong account. and so far nothing works for me.  The difference is fluctuating. I can't find a pattern when and why it's happening.

QuickBooks Team

Re: bring up a balance sheet double click on inventory asset...

Hello there, PR ACCT.

 

Thanks for sharing the steps you've done so far to resolve this issue with missing Item section n QuickBooks Desktop (QBDT). I want to make sure this is taken care of.

 

Since none of the steps provided above works, you can try verifying and rebuilding your QuickBooks software to fix common data issues and unexpected behavior within your company file.

 

Before you proceed with the troubleshooting, please secure a backup of your company. Once done, you can now start to verify and rebuild your QuickBooks. 

To Verify:

  1. Click File at the top menu.
  2. Go to Utilities.
  3. Select Verify.

To Rebuild:

  1. Click File at the top menu.
  2. Go to Utilities.
  3. Select Rebuild.

Here's an article that'll serve as your step by step guide in resolving common data damage on your company file: Verify and Rebuild Data in QuickBooks Desktop.

 

If it does the same thing, you may need to get in touch with our QuickBooks Desktop Support​ for further investigation. Here's how you can reach them:

  1. ​Sign in to your QuickBooks Desktop company.​
  2. Select QuickBooks Help.
  3. Click Contact us.

 

There you have it. Let me know how it goes or if you have follow-up questions about this. I'd be glad to answer them for you.

Community Contributor *

Re: bring up a balance sheet double click on inventory asset...

There is one additional area that can cause this issue beyond the fix that Rustler noted.  If you run your Inventory Valuation summary report and have the include active items box selected (new on version 19) you will want to export the report and look for items with zero on hand that contain an inventory value.  We have found this to be the final culprit. 

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