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Frequent Explorer **

How exactly does the Inventory Asset Register Reconciliation Work? Beg Bal - PMT + DEPOSITS = Ending Balance?

I am not quite understanding what QBO recognizes as "PMT" vs "DEPOSITS".  I couldn't find anything online anywhere for any details on this kind of reconciliation.  My Inventory Valuation Summary matches the GL account Inventory Asset and the Balance sheet as well.  I thought the Inventory Asset Register Reconciliation is basically supposed to add / subtract each transaction for the month which should be equaling the monthly ending balance?

What exact transactions makes up the PMT and DEPOSITS?  It looks like the reconciliation ONLY recognizes expenses, not refunds, credit memos, SR's or Invoices, etc.  Nothing else, just expenses.

5 Comments
Established Community Backer ***

Re: How exactly does the Inventory Asset Register Reconciliation Work? Beg Bal - PMT + DEPOSITS = Ending Balance?

You do not reconcile or even use the inventory asset register, nor do you use inventory asset in any kind of transaction or adjustment if you are using inventory items.

Inventory asset is a summing account, think of each item as a sub account where qty and total value are held.

As long as inventory asset on the balance sheet matches the inventory valuation summary report you are doing things correctly

Frequent Explorer **

Re: How exactly does the Inventory Asset Register Reconciliation Work? Beg Bal - PMT + DEPOSITS = Ending Balance?

 
QuickBooks Team

Re: How exactly does the Inventory Asset Register Reconciliation Work? Beg Bal - PMT + DEPOSITS =...

Greetings, @Vylent_fyre.


I can see you removed your reply on this post. May I know if there’s anything else you need?

 

Everyone here is willing to share their ideas if you have any general questions related to QuickBooks. Simply hit the Reply button below or start a new discussion. 


For tips and related articles, please visit our QuickBooks Community website for reference: QBO Self-help.


I'd love to hear from you. Thanks for dropping by and take care!

Frequent Explorer **

Re: How exactly does the Inventory Asset Register Reconciliation Work? Beg Bal - PMT + DEPOSITS =...

Thank you, KhimG!

 

I talked to someone via the online webchat feature inside QBO about this issue.  Long story short, perhaps I'm seeing the "Reconcile" button option inside this account as a possible future feature, but at this time it is not available as a true reconciliation tool. I like the possibility of having it in the future; for those of us who have lots of inventory and multiple "fingers in the pot", it would help catch the JE entered incorrectly (for various reasons) and also to catch mistakes made in the Inventory Subledger, versus the GL Subledger. 

 

I was requested to send feedback via the Gear>Feedback option but that board apparently has been closed. 

 

Thank you again for your reply!

QuickBooks Team

Re: How exactly does the Inventory Asset Register Reconciliation Work? Beg Bal - PMT + DEPOSITS =...

Thanks for getting back to me, @Vylent_fyre.

 

I appreciate you reaching out to our chat support team and sending feedback regarding the Reconciliation option for the Inventory Asset register. Though our Feedback Board has been closed, I can pass it along here on my end.

 

Here's an article that tackles more about Reconciliation in QBO: Reconcile Hub.

 

In the meantime, I recommend visiting our QuickBooks Online Blog to know more about our latest happenings. From there, you'll get the recent news, features, and updates about QBO and what our Product Team is working on. 

 

Let me know if you need further assistance, I'm always here to help. Wishing you and your business continued success!