Hi thedannorris
You haven't shared the Item Profile screen (please do) to show the value of the item. And how can you tell that the value on the Balance Sheet is the exact same as the number from the Items Register Detail Report ($5037.88) unless this is the only item you have.
With Inventory there are 2 key values - the account balance of the inventory asset account (1.xxxx) which appears on your financial statements, and the values of all items stored in the Item Register. The 2 should match, however in your case it is unlikely that they do. Generate an Inventory Value Reconciliation (IVR) Report - this shows you the on hand count and value of all items as per the Items Register, and it also shows you the balance of the Inventory asset account, as well as any discrepancy. Any discrepancy should be resolved - just as you would for the Sales Register and Trade Debtors account balance. etc.
Attach a screenshot of the section of the IVR that shows this item's on hand count and value as per the register, as well the the Item Profile screen showing on hand count and value, also discrepancy at end of IVR report for the account used by this item.
Regards
Gavin
I can tell because I add up the real value of all of our green beans which is consistent with what is shown on the report and it equals what is on the balance sheet.
