Figure out the amount of inventory is a crucial aspect of business management when you are using an accounting software solution to handle transactions. The details included in the inventory data set consist of the type of stocks available along with the quantity of them. You also get the average cost calculated alongside the extended value too.
While using QuickBooks, getting inventory values in Point of Sale that matches the QuickBooks Desktop detail is not only difficult but not at all possible, most of the time.
How to Get a More Accurate Amount of Inventory Information in QuickBooks POS:
When it is QuickBooks Point of Sale, the best way of figuring out the amount of inventory is by using the inventory Valuation report. You get accurate data as this feature of QB manages the inventory and ensures real-time tracking.
However, how accurate the data retrieved is and how efficiently the Inventory Assets of the Balance Sheet are reflected in the report depend on the following factors:
- If the Point of Sale and QB Desktop company files started simultaneously
- See if any transaction affecting the inventory in any manner were included in the QB desktop. Such data include anything related to purchases, invoices, sales receipts, etc.
What Leads to the Mismatching of the Reports:
The data in QB does not get transferred to Point of Sale automatically. You should import it to make sure the result that you get is as accurate as possible. Post-import, the items in the QB Desktop are made idle, which leads to the adjustment of the quantity of inventory in both QB Desktop as well as Point of Sale.
This adjustment that occurs during the import leads to the mismatch of the report in most of the cases.
- Check your inventory setup: There are times when even a non-inventory item gets tagged as an inventory item, leading to discrepancies while calculating the average cost.
- Assess your inventory management process: Editing the items for On-Hand Quantity might not be the right way. Instead, try receiving it automatically.
- The adjustment made in both the software solutions could be the cause.
- Check which inventory items are active in your QB Desktop
Compare the Reports to Figure out the Amount of Inventory in QuickBooks Point Of Sale:
Step 1: Start with the Inventory Valuation report in POS
- Go to Reports menu
- Choose Items
- Select Inventory Valuation
- Choose the date as Today
- Click on Apply Date
Step 2: It’s time to move to the Balance Sheet Report of QB Desktop
- Go to Reports menu
- Click on Company & Financial
- Choose Balance Sheet Detail
- Choose All for date
- Keep the report Accrual
- Scroll down to navigate to Inventory Asset
- Go to the column named Balance
Compare the items to find discrepancies:
If you find any discrepancy, QuickBooks experts are available to assist you “Figure Out the Amount of Inventory” 24/7 connect with them anytime.