I mentioned exporting two reports to Excel in my last post - if you'd like to email them to me I could probably identify any differences. I'm really not busy enough at the moment, I'd like to help if I can.
To move forward with the JE I need to decrease the amount reflected on the Balance Sheet Summary with effective date of 12/31/08. What COA accounts would be affected? Would I credit COGS and debit Inventory Asset account?
Hate to add to your load, but the Balance Sheet and Inventory Value Summary reports really do need to match. If your Inventory Value Summary accurately records your physical inventory you could simply do a journal to move the difference to COGS, or to a 'Physical Inventory adjustments' or 'Prior year adjustments' expense account.
It's important because the inventory value in the balance sheet is a significant item, it's one of the things people look at when judging a company. A half-way good CPA would want an Inventory Value Summary report and would be likely to do the adjustment himself if the values didn't match.
Things are getting better. I'm working now on getting Balance Sheet and Inventory Value Summary reports to match up. They were off by a significant amount and now only off a little under $10,000.00. I have looked at all adjustments made and corrected inventory adjustments that pointed to just "Inventory Asset". I have looked at bills and invoices and do see some general journal entries that were made in prior years that I'm electing to leave alone. I don't think these two will ever match up.
Thanks for your follow up and inquiry. I'm still in a touchy environment and want to remain "aware" and avoid as much political mumbo jumbo as possible, which is nearly impossible now a days - in any profession! I remain diligent and have a goal of perfection that may not be reached!
I'm just wondering how you're progressing with getting QB complete and accurate. I'd like to repeat my offer for further help, if you'd like to email me at joyce@robjoy.co.uk.
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