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JJD6
Level 1

Inventory Asset Valuation

My Inventory Asset Valuation on the 12/31 Year end Balance Sheet jumps 128K from 12/31 to 1/1 the following day (year) with no activity recorded on the first of the new year.  My company file home currency is in SRD with inventory purchases in USD and Euros.  I checked for an exchange rate differential but the rates for the USD and Euro are the same.  I want to make sure all my account balances for the beginning of the New Year correspond with the 12/31 closing balances of the previous year.  All other line items on the balance Sheet match year to year with the exception of the Inventory Asset Valuation.  Any ideas why this is happening.  Also when you double click on the Inventory Asset Valuation figure on the balance sheet it shows the 12/31 amount and not the January first inflated value so the figure it is pulling from 12/31 is correct but the value posting on the Balance sheet is inflated by 128K.

 

Thanks in advance for any and all feedback.

5 Comments 5
Jennifer_F
QuickBooks Team

Inventory Asset Valuation

Hi @JJD6.

 

Your Audit Log can help check if there were any inventory adjustments for your items. Let's pull it up and get this issue fixed form there.

These are the steps on how to check the Audit Log.

  1. Go to your Gear Icon.
  2. Under the Tools, Menu click Audit Log.

Also, inventory valuation reports can help verify all the transactions of your inventory items. Let me help you pull up this report:

  1. Go to Reports Tab.
  2. Under the Sales and Customers menu, you can see the Inventory Valuation Summary.

Don't hesitate to comment below if you have any questions.

JJD6
Level 1

Inventory Asset Valuation

Morning Jennifer,

 

Thanks for the response.  In our version of Quickbooks, Intuit QuickBooks Enterprise Solutions: Accountant 13.0, we do not have a Gear icon, thus cannot get to the Audit Log. Please advise path to this report.

 

I can get to the Audit Trail, see attached, but when I run this report the data I receive is not understandable.  How do I get a report specific to the Inv. Asset Valuation for the time period in question, 12/31/18 to 1/1/19?

 

Thanks in advance.

 

 

 

 

 

Charies_M
Moderator

Inventory Asset Valuation

Thanks for clarifying your product version, JJD6.

 

There is a report called Inventory Valuation Detail in QuickBooks Desktop Enterprise. This report shows a list of transactions that affected the value of your inventory during a particular period. You can run this and filter the accounts to show all your assets in a specific time period of your choice.

 

Let me show you the instructions on how to pull it up:

 

  1. Go to the Reports menu.
  2. Click Inventory.
  3. Select Inventory Valuation Detail.
  4. Click the Customize Report button.
  5. Go to Filters tab.
  6. Add Account and choose All assets.
  7. Click OK.

This article serves as a compete reference of everything you'll need to learn anout QuickBooks Advanced Reporting: QuickBooks Advanced Reporting (QBAR) FAQ's.

 

I'm also adding this link for more insights on how to customize reports in QuickBooks Desktop.

 

Leave me a reply below if there's anything I can assist you with. Have a nice day and take care!

JJD6
Level 1

Inventory Asset Valuation

Good Afternoon Charies,

 

Thanks for the response and directions to run the Asset Valuation report.  I ran the report as instructed and come up with the same total value for 12/31/18 and 1/1/19, see attached images.  I did insert a bunch of Year End Inventory adjustment journal entries after doing the physical inventory but all entries are dated 12/31 with no entries on 1/1.  Any other ideas where to pinpoint the increase in value?

 

FYI, the Valuation an the 12/31 Balance Sheet is 16,281,685.41 and the 1/1 value is 16,418,539.16.  These values are in SRD, local currency.  All inventory is purchased in USD, exchange rate of 7.5.

JenoP
QuickBooks Team

Inventory Asset Valuation

Thanks for getting back to us with additional screenshots, JJD6.

 

We'll have to take a closer look at your inventory reports to determine what's causing the increase in value.

 

Having said that, I would recommend reaching out to our Technical Support Team for QuickBooks Enterprise. They'll be able to check the amounts and help you further with this.

 

  1. Go to the Help menu, then select QuickBooks Desktop Help.
  2. Select Contact Us.
  3. Inform them that you need help with inventory reports, then select Continue.
  4. Click Start messaging.

Visit us again in the Community if you have other questions. 

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