QuickBooks Inventory Asset account does not balance with Acctivate Inventory Valuation

The Inventory Valuation report only includes inventory transactions entered in Acctivate. The Inventory Asset account(s) in QuickBooks only includes transactions that have been synchronized.

The valuation report should balance to QuickBooks immediately after a successful synchronization. If it is not in balance, use the following procedures to identify any discrepancies.

  • Run a Full Synchronization and ensure there are NO errors in the Journal sync
    • Acctivate posts all updates to the Inventory Asset account as Journal Entries.
    • Any exceptions in the Journal synchronization will likely cause discrepancies in the QuickBooks asset account.
  • Look for any non-Acctivate transactions in the Inventory Asset account
    1. Open the Chart of Accounts from the Company menu in QuickBooks
    2. Right-click on the Inventory Asset account and Use Register
    3. Scroll up through the list until you find any transaction without Acctivate in the Memo
    4. You should not see any non-Acctivate transactions since the original Go Live date when your inventory was moved to Acctivate.

 Identify when the discrepancy first appeared

  1. In Acctivate, print the Inventory Summary Journal report.
    1. This report is located in the Transactions folder under Inventory Reports
    2. Use 1/1/2000 as the Beginning Date and 12/31/2099 as the Ending Date to include all journal entries
      NOTE: Older versions of Acctivate may not include the beginning inventory value in the Inventory Summary Journal report. The amount of your beginning inventory value should be the difference between this report and the Inventory Valuation report.

Use the instructions from the section above to Use Register for the Inventory Asset account in QuickBooks

Compare the balances at the end of each period in the Inventory Summary Journal report and the Register in QuickBooks

Resolve any discrepancies:

  • Use an adjusting journal entry if the same discrepancy amount has always existed.
  • Delete any duplicate journals (with same number) in QuickBooks with the same Reference Number. The correct entry will be re-created automatically by the next Synchronization with QuickBooks.
  • Delete any journal entries where the amount doesn’t match the Summary Journal report. The entry should be re-created with the correct amount by the next synchronization.

 Other possibilities to consider

Please let us know if any of the following conditions might apply and we can help you research these problems:

  1. Have you removed any products from a warehouse that had inventory on that date?
  2. Have you changed any products from Inventoried to Non-inventoried?
Posted in QuickBooks and Sync - Last modified on September 9, 2015Cassandra Creasy
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