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05/24/2012 at 04:51PM PDT

Important Announcement! A planned system-wide upgrade will take place over the Memorial Day Weekend in the US (From Thurs, May 24, 2012 at 6 pm PDT thru Tues, May 29, 2012 at 5 am PDT). This includes QuickBooks, QuickBooks Payroll, Point of Sale, & Salesforce.com. This is only for US based products. This does not affect QuickBooks Online customers! During this time, you can shop, but can’t place orders online, activate products or update account info. We apologize for the inconvenience & thank you for patience while we improve our infrastructure to better serve you. International versions are unaffected. For more info, see our community discussion.

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Contributor

01/30/12 2:24pm PST

Inventory Report for the year-end accounting

QuickBooks Canada

Does anyone know which inventory report to use for the accountant's year end reporting? I was trying to use the Inventory Valuation Summary but it only uses the average cost of the item not the actual cost of the item in stock. Any thoughts?

1 Reply

Accountant Community AllStar

Allstar, Accountant Community AllStar

01/31/12 10:41am PST

Latest post

Technically you should do a physical inventory count on December 31 and "turn it" back to cost for the accountant's year-end reporting.

Do any small business owners do this process? I doubt it.

Reka

Please mark the post Solved or give me a "thumbs up" if I could help.

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