Inventory Valuation in Quickbooks


D

Derek

Can anyone tell me how to properly sync changes in inventory quantity with my
Inventory Asset account in Quickbooks? RMS properly debits / credits per
each transaction, but i'm uncertain how my initial overall inventory value
figure is posted. I had hoped this would occur during the physical inventory
process, but this doesn't seem to be the case.

Thanks in advance!
 
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J

Juli

As far as I can tell, the physical inventory process does not integrate with
QB. I would also love to know if there is some solution to this that I'm
unaware of.
 
G

Glenn Adams [MVP - Retail Mgmt]

I don't believe that there's any way to automatically sync Phys. Inventory
results to Quickbooks. As far as I know, the only solution would be to make
manual adjustment entries in QB. However, when you calculate a Physical
Inventory, it DOES display the overall value change being applied, making
the value to be posted readily available.

Sorry there's not a better answer...

It may be possible to create an Add-In to RMS that would extend the
accounting integration, but I'm not aware of any that do so. You might want
to check http://www.digitalretailer.com for an extensive list of available
add-ins from many sources.
 
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D

Derek

Thanks Glenn, I received the same response from MS. This seems to be a bit
of an oversight, as in my application being able to generate good financial
statements from QuickBooks shouldn't depend on making manual G/L entries
every time. While getting the correct numbers from Physical Inventory and/or
item reports is easy enough, I'd love it if any change to inventory quantity
(via physical or otherwise) would automatically be posted to the inventory
asset accounts during batch processing...
 

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