Hello Adele!
Thank you for posting here today. I can assist you in correcting your inventory records, so you can create assemblies without double-counting the valuation.
In general, the value of inventory or assets is calculated by multiplying the quantity on hand by the average cost per item. It seems that you've entered a balance in your Inventory Asset account because you were unable to import the quantity details. This can lead to incorrect valuation. Therefore, you'll want to delete the beginning balance transaction in the Inventory Asset account, causing the valuation, and only keep the quantity adjustments in your records.
On the other hand, if the costs of the items have changed in the past, you'll want to delete the inventory adjustments and enter the item's purchase transactions. This way, QB will calculate the valuation based on the average cost rather than the cost in the item list. Then, do additional adjustments to add the remaining quantities of each item.
I recommend backing up your company file before we begin, just in case any issues arise during the process. Then, check your inventory reports as you delete or add transactions so you can closely monitor the values.
To delete the beginning balance of the Inventory Asset account:
- From the Lists menu, select Chart of Accounts.
- Right-click on Inventory Asset and click QuickReport: [asset name] at the bottom.
- Change the date range to All and click Refresh.
- Find the very first transaction, which is usually a Deposit with a memo "Account Opening Balance".
- Double-click the transaction to open it.
- Click the Edit menu and choose Delete deposit, or just press Ctrl+D.
In case you need to delete the quantity adjustments, follow these steps:
- Go to the Lists menu and choose Item List.
- Right-click an inventory item and click QuickReport: [item name].
- Find and double-click the adjustment transactions and press Ctrl+D.
Feel free to go back to this thread if you have more questions about correcting your inventories. Take care and have a good one!
