Inventory Cost - General Ledger Report

1

@lubos, is it possible to have the General Ledger Transactions Report show the actual Inventory Item instead of the Description of the transaction?

From the General Ledger Transactions report inventory cost
glrep

And from the Inventory Cost link on the P&L report

palinvcost
palinvcost1190×446 88.6 KB

This is what my auditor from the ATO requires.

2

The General Ledger Transactions report you showed lists financial postings to an expense account. These do not include inventory item identification or quantities. In other words, it is a report about movement of value, not inventory. Any auditor should understand this accounting principle.

3

Yet it shows the inventory items in the following

invsalglr
invsalglr776×549 133 KB

gstglr
gstglr864×499 135 KB

4

Posts to Inventory - sales reduce inventory quantity, so the inventory items are known. The associated GST also comes from the same line item on the sales invoice or receipt (for non-credit sales). It is important to remember that sale of an inventory item affects five accounts:

  • Inventory on hand is credited via the inventory item’s subsidiary ledger, which has both financial and quantity elements. The key factor here is that the credit goes through the subsidiary ledger, so the inventory item is known.
  • Inventory - cost is debited to match, but only with the financial component. Because this is not a control account, there is no subsidiary ledger for the inventory item. So the item can remain essentially unknown.
  • Inventory - sales is credited with the sale price. The inventory item is known because the quantity was deducted from Inventory on hand’s subsidiary ledger. While there is again no subsidiary ledger, the information on item identity is known and can be used.
  • Tax payable (or whatever you have named your tax liability account) is also credited with the tax on the sale above. Item identity came from the same line on the sales invoice, possibly even calcaulated based on a default tax code for the inventory item.
  • Accounts receivable is debited with the sum of the previous two credits. No item identification is involved.

Now, that is not to say that item identity could not be scavenged and stored somewhere for use in the Inventory - cost transactions report. But as I already said, you are not reporting on items, but on value movement.

5

Sorry, but I fail to see your logic.
I’ll wait for @lubos explanation as the information we need is available and used to be included in the GL report many moons ago, and is shown in the P&L drill down.

6

I just wonder where the difference is between this topic and the closed one at Missing Item Descriptions in General Ledger

7

Not a lot, and it does prove that what I have requested can be done.
Could not post there, so here I am again.

Edit: And if I click on the link in the ‘home page’ Summary I can also get the information

suminvcost
suminvcost1165×462 141 KB

8

And clicking on either A or B in the GL Summary report gives me the same as in the previous pic from Summary so the information is there, it’s just that the GL Transaction report itself is not accessing it.
glsumm

9

Mmm, post by @Lubos to which you replied in 2020 stated differently Missing Item Descriptions in General Ledger - #3 by lubos

He even helped you with a Custom Report Missing Item Descriptions in General Ledger - #19 by lubos

The topic was silent for a long time and closed. Your question remains the same so why would you expect a different answer this time?