QB Issue Resolution:

You came to the right place for help with QuickBooks. Let’s get your Inventory Valuation Summary and Balance Sheet Details report matched.

 

The discrepancy between your reports usually happens if the Inventory Asset account doesn’t have inventory items. To fix this, you can follow the steps below:

 

  1. Click Reports in the left panel.
  2. Search for Inventory Valuation Detail Report in the search box.
  3. Customize the report, and select Inventory then choose Inventory Valuation Detail.
  4. Click the Dates and select All.

Open the Transaction Detail report from the Balance Sheet:

 

  1. Click Reports in the left panel.
  2. Search for  Balance Sheet in the search box.
  3. Select Customize.
    1. Set the report date range to All.
    2. Set the report basis to Accrual.
    3. Select Run report.
  4. In the Balance Sheet report, double-click (quick zoom) the Inventory Asset amount to open the Transaction by Account detail report.
  5. In the Total By drop-down, choose Item Detail.
  6. Close the Balance Sheet report.

Resolution for Issue 'I cannot figure out why the “Inventory Asset-1” on the Balance Sheet report does not match the “Inventory Valuation Summary”. I’ve tried to find where the inventory that was adjusted to 0 may still show amounts (items entered duplicated in error or that were sold before entering the inventory) but have not found any. What am I missing?' available: Yes (Solved).
Source: Intuit Community forum.

I cannot figure out why the “Inventory Asset-1” on the Balance Sheet report does not match the “Inventory Valuation Summary”. I’ve tried to find where the inventory that was adjusted to 0 may still show amounts (items entered duplicated in error or that were sold before entering the inventory) but have not found any. What am I missing?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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