Hello and welcome to the Community, dblanc 1.
I'm here to provide some clarification on your questions regarding the No item section and how to fix this.
The No item section may appear when you have transactions in the Inventory Asset account that do not have inventory items. Some examples of these transactions are as follows:
The best way to fix this is to follow the steps provided by Rustler. Although, if you're using the Accountant's Edition of QuickBooks, you can use the Client Data Review option. It has a tool specifically for resolving this issue.
For more information about this and other recommend solutions, I recommend following this article: Balance Sheet and Inventory/Stock Valuation reports show different amounts for Inventory Asset accou...
That should do it. With these resources, I'm confident you'll be able to resolve the difference between your Balance Sheet and Inventory/Stock Valuation reports like a pro in no time!
Keep in touch with me here if there's anything else you need. I always got your back. Thanks for reaching out, wishing you and your business the best.