I’m trying to add all my items to manager.io but i end up having a very high value on hand than it should be!
Or maybe I don’t understand exactly the concept of (Value in hand) in Manger.io! so please if anyone would help me to make the value in hand equal to purchase price * quantity on hand.
PS: my actual value of items is roughly 56000 but it shows 1676281 in the screenshots!
The balance on the balance sheet should be the sum of all the Value on Hand amounts in your inventory items list. They clearly show more than 56000. If they are incorrect, you must fix them to fix the balance sheet. The individual Value on Hand amounts are the quantities multiplied by the average costs.
thanks for the quick response
the problem is the average cost is what the item actually cost me, I’m not quite sure if this is what it should be?! if yes then what is the value in hand represents?
The average cost will be based on your complete buying history for a given item since you first created it. See Manager Cloud. That could be where your problem lies. You will need to drill down into individual inventory items to see if the historical transactions are correct.
It would appear from your Balance Sheet/Profit& Loss that you are just starting with Manager so the stock values to date are your starting balances for the items. …
If we study the third item down
Code 100 - Purchase Price = 4, Qty = 125 this alone = 500 - Then 125 by 500 = 62500.
It doesn’t look quite right to have a Purchase price of 4 and an Average cost of 500.
Can I suggest that you have entered the Items total stock value as the Average cost value
Whereas for the first item Code 1 - The purchase is 100 and the average price is 100 - more logical
Therefore “to make the value in hand equal to purchase price * quantity on hand” you need to change the Average Cost to = the Purchase Price in the opening stock panel - For code 100 the Value on hand should total 500 (4 x 125)
