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genesis89
January 31, 2022
Question

INVENTORY/ BALANCE SHEET

  • January 31, 2022
  • 1 reply
  • 1 view

I am new to quick books and we just finished up our first year of business. Our inventory cost are high which i am not sure why. We buy and resale right away so there is no reason why it should be as high as it is right now. I tried to make adjustments to the inventory, but it did not change the inventory asset in my balance sheet. Please help. I have tried everything and stuck and this point. 

1 reply

S
ShiellaGraceA
Level 9
February 1, 2022

Thanks for posting here today, @genesis89.

 

I'll share some information about inventory costs. Some factors may affect your inventory cost, one of which is your reorder point. In your case, you'll want to verify the accounts you're using in the Income Account and COGS Account fields of your inventory items. Review them first and edit if necessary.

 

Here's how:

  1. Go to List at the top menu bar.
  2. Select Item List.
  3. Double-check the Account column.
  4. Edit the item in question, make sure to correct the COGS Account, Income Account, and the Asset Account.
  5. Click OK.

 

Also, run the Inventory Valuation Summary/Detail reports for all dates. This way, you can keep track of your inventory purchases. Just go to Reports and then Inventory to see it.

 

 

 

 

 

 

If you need to adjust the inventory value, it’s best to reach out to your accountant for advice before adjusting. If you don’t have an accountant, we can help find one near you.

 

Additionally, you can re-sort your item list to clear any data damage that may be within your file. I've included the steps below to do this. 

 

  1. Go to List at the top menu.
  2. Choose Item List.
  3. Scroll towards the Item drop-down arrow at the lower-left, then click Re-sort List.
  4. Click OK.

For details about resorting list, check this guide: Resort list in QuickBooks Desktop.

 

I'll be around if you have other questions or concerns with inventory cost, so don't hesitate to reply. Take care and have a nice day ahead.

G
genesis89Author
February 1, 2022

Thank you for the information. I am still having trouble i just noticed looking through transactions by account some items that are in the inventory asset are from the receive inventory with bill cost. 

RenjolynC
RenjolynC
Level 9
February 1, 2022

Thanks for taking the time to reply here, genesis89.

 

Looks like we need to further review the transactions and reports to make sure this gets taken care of. To do that, I recommend reaching out to our Customer Care Team. They can pull up your account and help you fix the report.

 

Please take note that our support hours for QuickBooks Desktop Pro, Premier, Plus, starts from M-F 6 AM to 6 PM PT. For the Enterprise version, we're available any time, any day.

 

Here's how you can contact us:

 

  1. In your QuickBooks Desktop program, go to Help > QuickBooks Desktop Help.
  2. In the Have a Question window, click the Contact Us link at the bottom.
  3. From the Contact Us page, select any topics.
  4. Under Here's how to connect with a QuickBooks expert section, click the Start a Message or Get Phone Number button.

You can also get our direct phone number on this link: Contact QuickBooks Desktop support.

 

I'm also adding these article to learn more about advanced inventory: 

 

You're always welcome to post a reply on this thread if you have any additional questions or need help with other concerns. Take care!

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