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 ? ...
Forum Discussion
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.
