Inventory Error

Experienced Cover User ablaze
62 Posts
Experienced Cover User
ablaze
Experienced Cover User

62Posts

7Kudos

1Solutions

Inventory Error

I have attached four screen shots of one inventory item’ FPMASPORTF3300C

 

The shots are:

Item register drop down showing quantity on hand 0

 

Item register activity showing quantity on hand 0

 

Item List   Showing on hand 1

 

Count inventory showing on hand 1

 

 

How can this happen. ?

 

How can we have 0 in the register yet 1 in the list and count inventory.?

 

How would this effect the balance sheet.?

 

Is the item value included in the Asset Stock value?

 

Is this taken from the register or the List????

1 REPLY
Super Partner Murray_McKenzie
540 Posts
Super Partner
New Zealand
Murray_McKenzie
Super Partner

540Posts

238Kudos

99Solutions

Re: Inventory Error

Hi there

To understand the effect of this on your Stock Value and Balance Sheet, I would suggest running an Inventory Value Reconciliation Report.

The question of how this happened is likely a little more complex and might take a bit of delving into your actual file. Your screen shots show one being received twice and then that receipt being reversed twice which would be unusual.

 

Also there is the question of if you physically have one or none on hand.

I would probably change the Item Number to ZZsomething, make sure the item values are nil, make it inactive, and then make a new item for that product.

 

I think I'm not far away from you. If you would like a conversation about it, PM me for (or with) contact details.

 

Murray McKenzie
B.Com
IRD Registered Tax Agent
Boots 'n All Ltd
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