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FarmGarden
Level 1

Inventory reconciliation QB General ledger to POS

Our accountants are asking for a reconciliation between the QB Desktop trial balance account "Inventory Asset" and QB Point of Sale at 12/31/20.   I ran an inventory valuation in POS and it is way off from the Desktop general ledger amount.  Is that the POS report that I should be running to compare or is there another report that should be used to reconcile with QB Desktop?

1 Comment 1
GlinetteC
Moderator

Inventory reconciliation QB General ledger to POS

I can help share some information as to why the amounts for both reports are different, FarmGarden.

 

If you’ve been using Point of Sale or QuickBooks Desktop earlier than the other, the values in these reports will not match. Thus, comparing both reports are not ideal. The Inventory Valuation report in POS gives you more accurate data since this is where you manage and track your inventory.

 

Here are possible reasons why the reports might not match:

 

  • Incorrect Inventory setup. For example, some items were tagged as Inventory when they should have been otherwise since a Non-Inventory doesn't calculate the Average Cost.
  • Incorrect Inventory management process.  For instance, manually editing the On-hand Quantity of an item instead of receiving it.
  • Adjustments entered in QuickBooks Desktop and Point of Sale.
  • You have transactions under Inventory Asset that do not have inventory items.
  • Active inventory items in QuickBooks Desktop.

For additional details, refer to the inventory valuation amounts in Point of Sale and QuickBooks Desktop do not match for guidance.

 

I'm always around to help if you have additional questions about managing inventory in QuickBooks.

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