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Lakota1
Level 1
posted
‎September 29, 2022 11:55 AM
last updated ‎September 29, 2022 11:55 AM

Inventory Valuation vs. Item Summary

I need to run a report with an accurate value of my current inventory. 

I am confused as to why the "Inventory Valuation" report and the "Item List" reports have different totals. If I run both reports for today, and both reports give me the cost I entered of all the items in my store, why would the two totals be different? 

 

I need to know which report is correct for accurate financial reporting. 

 

Thank you 

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1 Comment 1
AileneA
QuickBooks Team
QuickBooks Team
‎September 29, 2022 01:49 PM

Inventory Valuation vs. Item Summary

Hello, Lakota1

 

Let me explain the difference between the Inventory Valuation and Item List reports. 

 

The Inventory Valuation is reporting the value of your inventory, currently or for any day in the past. While the Item List is a more detailed view of your current on-hand inventory.  

 

Here are some articles that you can visit about managing the Inventory Valuation report and fixing common inventory accounting issues in POS and QBDT:  

 

 

I've also added this article so you'd know how to personalize and memorize your reports: Customize and save a report in QuickBooks Point of Sale.

 

Let me know if you have other questions in running reports in QuickBooks Point of Sale. I'm here to help. Stay safe!

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