inventory value reconciliation vs BS
Hi, does the stock on hand shown on BS must have same figure shown on inventory value reconciliation report? if not, which inventory report that i can generate to match my BS inventory figure ? ...
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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.
