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Level 1

Sub Account Balance Sheet Report

Thank you so much i got you


What if i wanted to crosscheck the cost that the system is using in calculating asset value. For instance, after extracting my inventory valuation summary it gives me qty and asset value. And i wanted to figure out the cost from the report generated by Quickbooks (asset value/qty)  and compare it with the one i have inserted in the system. They are giving me different figures. What could be the reason for the differences


Sub Account Balance Sheet Report

Thanks for keeping us updated of what is happening on your data, Eazi.


The asset value comes from purchases. This means that you'll have to acquire first the item before selling it to the customer. You can create a purchase order and link it to a bill. With this process you are adding the quantity on hand of the item which you can sell to your customers.


In addition to that, the differences on the figures are caused by the following:

  • The inventory items are sold without having enough quantity on hand.
  • You didn't create a purchase order and a bill to replenish the sold items.
  • The set up of you inventory items are not done properly.

You might find these links helpful regarding the inventory items:

Aside from that, your accountant might be able to provide you a simpler explanation about this. They know what's best for you and your books.


Keep us posted if you have additional queries that we can assist you with.

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