Learn About QuickBooks Inventory Tie Out in QuickBooks Enterprise

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Call brief
The Fourlane expert discussed the common challenges clients face when managing inventory in QuickBooks Enterprise, providing guidance on properly setting up the item list, identifying coding issues, and reconciling the inventory balance sheet with the inventory evaluation summary. She emphasized the importance of using the correct item types, conducting regular cycle counts, and making necessary adjustments to ensure accurate financial reporting and inventory management.
Key points
1. Alisha discussed the importance of properly setting up inventory items in QuickBooks Enterprise to ensure accurate inventory tracking and reporting.
2. She walked through customizing the Item Listing report to identify any items coded to the wrong accounts.
3. The presenter highlighted the need to ensure inventory items are set up as Inventory Parts or Inventory Assemblies to be properly tracked on the Inventory Valuation Summary report.
4. She demonstrated how to use the "No Item" custom report to reconcile the balance sheet inventory value to the Inventory Valuation Summary.
5. Alisha identified and corrected issues with inventory adjustments and journal entries that were improperly coded to the inventory account.
6. She showed how to update item types and account codes to properly reflect the nature of the inventory items.
7. The goal was to ensure the inventory balance sheet value, and the Inventory Valuation Summary report matched.
8. The presenter emphasized the importance of regular cycle counts and physical inventory to maintain accurate inventory records.
9. She provided tips on exporting reports to Excel for further analysis and reconciliation.
10. Overall, the session focused on best practices for managing and reconciling inventory in QuickBooks Enterprise.

00:00 Tutorial Markers
00:42 Inventory Tie out in QuickBooks
02:40 Item List Report
04:30 Customize Report
07:10 Export Report to Excel
08:18 Sort and Review Inventory accounts
11:40 Non inventory item accounts
13:40 Chart of Accounts
16:10 Balance Sheet Report
16:46 Inventory Valuation Summary
18:25 No Item Report
22:54 No Item Transaction Detail
27:00 Adjust item account
29:25 Tie out review

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