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2000yearsago
Level 2

Asset Value Calculations incorrect

Hello, 

In my inventory evaluation summary report, the calculations for inventory asset value is off by a few $.

760 units X  $37.38 = $28408.00

 

Delete 1.png

Can anyone explain why?

 

Thank you for your time.

8 Comments
Rubielyn_J
QuickBooks Team

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.

2000yearsago
Level 2

Asset Value Calculations incorrect

Thanks for the reply.

It said "QuickBooks detected no problems with your data"

The math is still wrong. 

 

2000yearsago
Level 2

Asset Value Calculations incorrect

Thanks for the reply.

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

 

The math is still wrong.

LieraMarie_A
QuickBooks Team

Asset Value Calculations incorrect

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.

2000yearsago
Level 2

Asset Value Calculations incorrect

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?

Delete 1.png

Tori B
QuickBooks Team

Asset Value Calculations incorrect

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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2000yearsago
Level 2

Asset Value Calculations incorrect

Hey, 

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

JamesDuanT
Moderator

Asset Value Calculations incorrect

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.

 

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