To correct this problem, re-activate the inventory item, create an inventory adjustment (as discussed below), then inactivate the item again.
#Fishbowl inventory vs quickbooks advanced inventory trial
Additionally, inventory items with Quantity On Hand that have been made inactive will also cause a discrepancy between the Inventory Valuation Summary report and the totals for the inventory asset account on the financial statements or trial balance. If Journal Entries have been posted to the inventory account, the Inventory Valuation Summary will not agree with the Inventory Asset balance on your Balance Sheet. The total asset value on this report should match with the Balance Sheet value for Inventory just ensure these two reports were created with the same time/date settings if other users are entering data in QuickBooks at the same time. An Inventory Valuation Summary Report summarizes the quantity, average cost and extended value of each of the inventory quantities and provides a total inventory valuation. The only method available in QuickBooks for inventory valuation is average costing.