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Posted by Golden California Girls on July 14, 2006, 10:40 am
Please log in for more thread options Chico wrote:
>> Chico wrote:
>>> I am using QB Premier 2006 5 user. On a monthly basis I use Adjust
>>> Quantity/Value On Hand. I have been trying to figure out why the
>>> Inventory Valuation Summary Value doesn't match the Inventory Asset Value
>>> on the Balance Sheet. The Balance Sheet Value is greater. I thought it
>>> might be something I set up incorrectly but I just made the entry in the
>>> sample wholesale file and got the same results.
>>> Here is what happens.
>>> Make note of the value of the inventory in the balance sheet and the
>>> inventory valuation summary, it is the same.
>>> Go into Adjust Quantities.... select Inventory Asset account and reduce
>>> the qty of a product, it shows a negative amount such as -1,000
>>> Save and close.
>>> Run a Inventory Valuation Summary and it will have a decrease of 1,000
>>> Go to reports and run a Standard Balance Sheet and it does not show the
>>> decrease in value.
>>>
>>> I manufacture product and over the last few years from making this
>>> adjustment this number has grown out of balance considerably. I use wasp
>>> bar code for labels and it does not recognize inventory assembly so I
>>> don't use that function. Regardless, shouldn't this value stay in
>>> balance?
>>>
>>> I would appreciate any help with this matter,
>>>
>>> Tim
>> Cash basis or accrual basis? Everything to do with Inventory in SlowBooks
>> is strange on cash basis. Oh, you said you adjusted, what you didn't say
>> is to what account did you post the adjustment?
>>
> Acrual Basis. I posted to Inventory Asset Account.
Well there is the reason it didn't change! You posted it back to
itself! Post it to a COGS account and you'll see that balance sheet
change, and you'll see the P&L change for that shrinkage too.
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