Asset Value Calculations incorrect

Welcome to the Community, @2000yearsago.

Let me sort things out for you. Your asset value will depend on the transactions entered in your QuickBooks. Possible reason that the calculation is incorrect is because of some data damage. To fix this you can Verify and Rebuild Data in QuickBooks Desktop. 

I'll show you how:

1. Close all the windows in your QuickBooks.
2. Go to the File menu, then choose Utilities.
3. Select Verify Data.

• If the result will be QuickBooks detected no problems with your data, no further action is needed.
• When a specific error message pops up, you can search it ou QuickBooks Desktop support site for specific instructions.
• When the result is Your data has lost integrity, follow the steps below to rebuild the data to correct the problem.

1. Go to the File menu.
2. Select Utilities, then choose Rebuild Data.

• If it detects additional damage, locate the error within the qbwin.log and look for a resolution at the QuickBooks Desktop Support site.
• If the error can't be found, try to restore a recent backup copy. Make sure not to overwrite your existing company file. 

If you're still having the same result after performing all the troubleshooting, you can contact our support team. They have the necessary tools to further investigate and fix your concern.

Please let me know if you need further assistance. I'd be glad to help you. Keep safe.

Thanks for the reply.

It said "QuickBooks detected no problems with your data"

The math is still wrong. 

Thanks for the reply.

Tired the steps above and it said "QuickBooks detected no problems with your data"

The math is still wrong.

I know how important to account for every number accurately, @2000yearsago. 

This discrepancy usually happens because the program is rounding the decimal points. You may try checking the original price of your Item List from the Lists menu. This way, you'll be able to verify if you got the same price/cost shown in your report.

While the report shows the rounded number, the total amount always bases on the original price/cost of the item.

Let me also add an article about setting up multiple locations for tracking inventory: Multiple Inventory Sites.

Please let me know if you have other concerns. Have a great day.

Hey,

It looks like my average cost has about 5 digits after the decimal. How can I change so it rounds up to the nearest 100th?

Hey there, @2000yearsago. 

Thanks for following up with us. 

At this time, you can't round to the nearest 100th. The average cost is based on the math for the qty and the asset value for the item. I can see how this would be beneficial for you and your business. If you'd like, I can submit product feedback to our developer team so this could be considered in a future update. 

Please let me know if you have further questions or concerns. You can always reach out to us here in the Community anytime you need a helping hand. Take care! 

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Hey, 

So is there any valid Solution to the problem I'm having? 

Hello 2000yearsago,

You can manually adjust the cost of an item through these steps:

1. Click Lists at the top menu and select Item List.
2. Right-click on the item and select Edit item.
3. Change the Cost of the item and click OK.

Here's an article that might be a help as well: Adjust your inventory quantity or value in QuickBooks Desktop.

I'd also suggest reaching out an accounting professional when managing your inventory items. They can give you options that will suit your business setup.

If you encounter the same issue with the amounts, you can contact our Technical Support Team. They can review your company file and provide additional troubleshooting steps.

1. Click Help at the top menu and select QuickBooks Desktop Help.
2. Select Contact us and then enter that you get Reminder prompts. 
3. Select Continue. 
4. Choose either to Message an Agent or Talk to a Specialist. 

We'll be right here if have additional concerns.

This is useful!

Hi there,

I'm glad to know that my colleague's response has helped you with your concern. We're always committed to providing excellent service to everyone. We assure you that you'll have the best experience with QuickBooks.

Feel free to post your queries or concerns here in the Community space. We're always here to help you.

Hello,
I realize this is a very old thread, but it is still very relevant. I have an inventory item where QB calculated the rate to the third digit, but for the FIFO cost, it was rounded to only two. This means when the inventory quantity is zero, the inventory value is a negative .04 cents. I need help to clear this negative, but there is no way to change the rate or FIFO cost. Plus, the beginning inventory is from many years ago, so I'm unable to make an adjustment there as well.

I'll try to paste from the inventory valuation detail report:
Rate FIFO Cost
12 15.425 185.100
-1 15.425 (15.430)
-1 15.425 (15.430)
-3 15.425 (46.280)
-1 15.425 (15.430)
-1 15.425 (15.430)
-1 15.425 (15.430)
-1 15.425 (15.430)
-3 15.425 (46.280)
0               (0.040)

I have this situation on three other items that we no longer carry, and showing negative values on the inventory report for the years to come is not ideal. I hope you can help!

I appreciate the time and effort you've put into participating in the Community thread, NiknicW.

To maintain accurate inventory status in QuickBooks Desktop, it's important to update inventory quantities and values as you track purchases and sales. However, occasional adjustments may be necessary to ensure the accuracy of your inventory records.

As a business owner, it's common to make adjustments to your product quantities as needed. These adjustments help you keep track of any changes in your inventory that are not related to sales or purchases. Once you've set up your adjustment account, you have the flexibility to update a product's quantity, value, or both. Follow the steps below to manage your product inventory effectively.

1. Select Vendors and then Inventory Activities. Then, select Adjust Quantity/Value on Hand.
2. Select Inventory and then select Adjust Quantity/Value on Hand
3. Select the Adjustment Type ▼ dropdown, then select Quantity, Total Value, or Quantity and Total Value. Select the adjustment type option and then select your adjustment account.
4. Enter the Adjustment Date.
5. Select the Adjust Account ▼ dropdown, then select the adjustment account you set up.
6. Add Reference No. You can also assign a customer, job, or class.
7. Select Find & Select Items. Select the items you want to adjust. If you have a lot, search for any product in the Find field.
8. Select Add Selected items.
9. Add a new quantity or new value (or both) for each item. Tip: It helps to check the quantity difference when recording a quantity adjustment. The difference should be negative if you’re recording a decrease in quantity. If you’re recording an increase, it should be positive.
10. Select Save and Close.

For a comprehensive understanding of how to modify the quantity or total value of your products, I suggest taking a look at this article: Adjust your inventory quantity or value in QuickBooks Desktop. This resource furnishes a thorough breakdown of the procedures involved in adjusting a product's quantity as needed.

Additionally, you can visit the outlined article for more insights and information on how to receive inventory with or without a bill in QuickBooks Desktop.

If you have any questions about other processes in QuickBooks Desktop, please don't hesitate to ask me in the comments below. Have a fantastic day!

Thank you for your reply; unfortunately, I am using QBO, and QBO does not offer the ability to adjust the value on hand. Many users have noted this online, and I have submitted feedback in the hopes that Intuit will take our concerns into consideration at some point.

Have a great day!

Thank you for your reply; unfortunately, I am using QBO, and QBO does not offer the ability to adjust the value on hand. Many users have noted this online, and I have submitted feedback in the hopes that Intuit will take our concerns into consideration at some point.

Have a great day!

Thank you for your reply; unfortunately, I am using QBO, and QBO does not offer the ability to adjust the value on hand. Many users have noted this online, and I have submitted feedback in the hopes that Intuit will take our concerns into consideration at some point.

Have a great day!