inventory value reconciliation vs BS

Hi Agspec4 , that is the correct report to compare with the balance sheet. 

If you run that report for 2 month end dates, does the difference change?

Is stock value greater than GL, or the other way round?

Is there any time past when the reports agreed?

Thanks for the swift response, Mike

i ran per 30/6/23 the delta is 27,568.29 which the stock value greater than the GL/BS

i ran per 30/5/23 the delta is -3,355.29 which GL/BS is greater than stock value

in fact i ran each month throughout FY22/23 , each month is Out of balance 

What could possibility happened? someone i iknew who uses MYOB for many years told me , hers also always Out of Balance, Therefore she doesnt rely on this inventory value reconciliation report.

and how to rectify this for our EOFY? 

i checked the ff FY21/22 and FY20/21 too :

as of 30/6/22 the out of balance only -$0.33 but as of 30/6/21 the out of balance was $45,721.20

TIA

Hi Agspec4 , in my experience,  if the report does not balance, there's an underlying reason that needs to be fixed. Constant imbalances just indicate that removing imbalances can be hard. 

Do you have one inventory asset account?

Do you use purchase orders and receive items? Do you use locations?

First thing to check is the item setup. Export items to a file, copy and paste the content to Excel, then check the GL accounts used for all your items, esp. the asset account. Any findings there?

Hi Mike,

we use only 1 inventory asset account

yes we do purchases and receive items in our various WH locations

but we receive items but convert the purchase order in MYOB to bill when the goods arrived.

How to check the item setup? from item list summary report and export to excel? my GL for inventory asset account = BS

TIA

Hi Agspec4 , export your items by going to File,  import/export, choose export, then select items and follow the process through.

Hi Agspec4 , have you been able to review the item set-up?

Hi Mike, yes i managed to export out the item list

i dont see anything wrong. all item set up under the correct inventory asset account.

what's the possibility reason for this out of balance and i am lost for days how to fix this..

but we have few  items that ' i inventory item' are not ticked as we dont keep this item in our WH, only get from supplier and resell it immediately for export. ( it was long time set up by my predecessor)

TMO, those items need to be ticked too right? cause recently we came accross that those items are not generated Cost of Sales so it causes my analaysis item report margin is 100% for those items.

Hi Agspec4 , the non-inventory items do not have "I inventory..." ticked, and therefore do not generate entries to an inventoy asset account, and therefore do not affect the out of balance issues.

Can you list out the imbalance figures for the last 6 month-ends (Jan23 to Jun23), across 6 lines like:

Month, Stock total, GL total, Out of Balance

I'm interested to see the trend. In fact I'd be keen to take a look at your file directly if it's in the cloud; if that's of interest please email me for an off-forum discussion.

Hi Agspec4 , have you been able to make any progress with this issue?