The Inventory value report (Operations > Reports > Inventory > Inventory value) shows the value of the items that are in stock as of the end of the day on the selected date of the report. For the purposes of reconciliation, the Inventory value report should be run for all items using your reconciliation date.
The Inventory value report will not reflect values of items that have been archived or deleted (inactive). However, you can enable Include deleted items and Include archived items settings under the Options section of the report. This ensures all asset value is accounted for within the reconciliation.
The resulting total value of the Inventory value report can then be compared to the combined total of all inventory asset accounts used by SOS Inventory items in the QuickBooks balance sheet.
If the valuation in SOS Inventory matches the total of the asset accounts as stated above, the reconciliation process is essentially complete.
If the valuation in SOS Inventory does not match the total of the asset accounts as stated above, the Inventory value report should be run for an earlier date (usually the last successful reconciliation date) and compared to the total of the asset accounts in QuickBooks on that same date to establish the time period when the systems diverged. Use the following technique to determine where the imbalance started:
If the reports do not match on the chosen date, then go back even further to a previous successful reconciliation date. Repeat this process until you find a successful reconciliation date.
Once you find a successful reconciliation date, then the imbalance occurs between that date and today. Select a date at the midpoint and run the report again.
If they match, use the same midpoint date technique, moving forward between that date and today.
If they don't match, find the midpoint between the previous date and the date you just checked.
Keep repeating this technique of halving until you have found the exact date of the imbalance.
Once reconciliation is complete and the SOS Inventory value report coincides with the asset account(s) total in QuickBooks Online, we recommend that you close the books for that period both in SOS Inventory and in QuickBooks Online.
If the value of the SOS Inventory value report is close to the value of the asset account(s) in QuickBooks Online, it indicates that rounding issues exist. SOS Inventory can display values up to five decimal places, where QuickBooks Online can only do three. This causes values sent to QuickBooks to be rounded to accommodate the difference.