The Inventory Valuation Summary in QuickBooks Online

The Inventory Valuation Summary is a snapshot, as of a single date, of the inventory you are holding. For each inventory item it shows the quantity on hand, the total asset value carried on the books, and the average cost per unit, with a total value at the bottom. It answers what your stock is worth on a given day and ties that figure to the inventory asset on your Balance Sheet. This report only applies if you track inventory in QuickBooks, which is a higher-tier feature available on the Plus and Advanced plans.

What the Inventory Valuation Summary shows

Each row is an inventory item, showing the quantity on hand as of the report date, the asset value QuickBooks is carrying for that item, and the calculated average cost per unit. The total asset value at the bottom should match the Inventory Asset account on your Balance Sheet for the same date. QuickBooks Online values inventory using the FIFO method, so the asset value reflects that costing. The average cost per unit that the report shows is the asset value divided by the quantity on hand, a calculated figure rather than a separate valuation method.

A snapshot as of a single date

This is an as-of report rather than a period report, so it does not toggle between cash and accrual basis the way the ledger and the statements do. What it reflects is every inventory purchase, sale, and adjustment recorded up to the date you choose. Change the date and you get the picture for a different day. Once a company is deleted you cannot go back and recompute the value as it stood at a past year end, which is the main reason to capture this report for each date that matters while the company is still live.

Why a CPA or auditor asks for it

Inventory is often one of the largest assets on a small business's books, so its value gets close attention. A CPA closing your year uses this report to confirm the inventory asset ties to the Balance Sheet and to look for negative quantities or costs that signal a data problem. A buyer in due diligence wants to know the stock on hand and what it is worth, and often compares the book value here against a physical count. Having the valuation as of each year end, saved outside QuickBooks, is what lets you answer those questions after the subscription is gone.

How to run and export the Inventory Valuation Summary in QuickBooks Online

1. Go to the Reports menu and type "Inventory Valuation Summary" into the report search box, then open it.
2. Set the report date to the as-of date you want. For an archive, capture it as of your final day on the subscription and as of each fiscal year end you care about.
3. Run the report and review the total against the Inventory Asset account on your Balance Sheet for the same date.
4. Use the export control at the top of the report to export it to Excel or PDF. The file downloads to your computer.

Because the report is tied to a date rather than a range, there is no cash-versus-accrual version to export a second time. Our pre-cancellation backup checklist covers the other records to pull at the same time so nothing gets left behind.

Keeping the Inventory Valuation Summary after you cancel

We include this report in your Books Backup archive on request, and you can also export it yourself before you cancel. It matters here more than for most reports, because a snapshot cannot be rebuilt after the fact: a cancelled paid QuickBooks Online company stays read-only for 12 months and is then permanently deleted, a trial only 90 days, and the IRS generally expects business records to be kept for at least three years, and longer in some situations. Once the company is permanently deleted, you can no longer open QuickBooks Online to run the inventory value as of a past date.

Frequently asked questions

Which QuickBooks Online plans have this report?

Inventory tracking, and the valuation reports that come with it, are available on the Plus and Advanced plans. The Simple Start and Essentials plans do not track inventory, so if you have never turned inventory on, this report will not apply to your company.

Can I get the value as of a past date?

Yes. Set the report date to any day and QuickBooks calculates the value as it stood then, but only while the company is still active. That is why an archive captures the snapshot as of each year end you care about, rather than a single current figure.

Should the total match my Balance Sheet?

It should. The total asset value on this report should equal the Inventory Asset account on your Balance Sheet for the same date. When the two do not agree, it usually points to an inventory adjustment or a data issue worth reviewing with your bookkeeper before you archive.