Particularly looking at the sales column. I set the dates and run a report and get back all the items sold during the specified period as well as others. These extra sales are not in any sales invoices during the set period. Where are they coming from and how do I get a simple report of the items sold during the specified period?
Can you show a screen shot of the report and detail which figures aren’t right, thanks.
Here’s partial screen. The highlighted item is one that wasn’t in the week’s sales invoices but is showing as a sale in the report.
Ok, go to the Inventory Items tab and for that item (239C Runner) under the Qty on Hand column click on the blue figure (even if zero) and then you will see a list of related transactions. Click edit to review any of the transactions. Perhaps the sale was for a different product.
As an aside, you seem to have a lot of tabs activated which you aren’t using (eg Intangible Assets), if they aren’t required then deactivate them under Customise - this will unclutter the used tabs.
Also, you seem to have used a lot of Journals, Journals should only be used for occasional adjustments, not primary entries.
In case you are not aware, inventory movement can occur without sales or purchase orders. It can also come from cash sales or purchases. Such transactions will not show up in a review of sales invoices. They will, however, show when you drill down as @Brucanna suggested.
Thanks for the help. I’ve drilled down as instructed. Still confused,
The Sales Invoice is dated Oct 24 in this. However when I open the invoice in edit mode the date is Oct 22, which in fact is the date the sale was made and paid for, as verified by checking the log in the cash account.
This sales invoice should not be in the report, and I do not understand how the date is being changed. I have nothing to edit that would alter the results of running the report, at least not that is apparent to me.
The Purchase Invoice is correct, I actually do not pay for inventory until it is sold. So the item sold on Oct 22 is paid for the next week on Oct 24.
Ok, when you sold the item on the 22nd you had no stock, so the sale would have shown up against the inventory item as a backorder. Once the stock arrived the backorder was filled. As you can’t have negative stock, the stock movement (not the sale) didn’t occur until after you purchased the stock.
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The purchase invoice should be dated the day the obligation is incurred, not the day paid. Purchase invoices are for buying on credit. If you are paying immediately upon receipt, you can use a Spend money transaction. The only difference is that you won’t have a record connected to that supplier, since you won’t be going through Accounts payable.
Regardless of how you enter the purchase–purchase invoice or cash payment–if you had dated it October 22, you would have avoided the backorder situation @Brucanna diagnosed and everything would have been swell. Whether that is the correct accounting approach depends on facts you haven’t shared, such as where is the stock and who owns it, and whether your obligation to pay for it is established on the same date your customer buys it.
Ok. Clever software. It’s just not the way I want it to work. Admittedly
I’m not the usual situation. I would take it that even if I script a custom
report to just access the sales receipts I enter for the period it’s going
to pick this up anyway as the system is forcing the sale to appear to
happen later than it did.
The stock is on my premises. It is goods sold on account by my supplier. My
obligation to pay arises upon sale of an item. I have the option to return
any unsold items at any time to settle the account.
If I understand you correctly then when I enter the Sales Invoice I use to
track daily receipts I should also create a Purchase Invoice for the items
sold the same day. I would be running up a total to be paid to the supplier
which I could settle with a Spend Money transaction. I presume I would find
this total at any time by running an accounts payable report and producing
a statement for the supplier.
I find this forum the most helpful thing I’ve ever encountered on the
internet and that’s due in large part to your input. Helpful on several
occasions. Really appreciated.
You have the process right. That approach also avoids having goods in your inventory that don’t really belong to you. In reality, as you describe the arrangement, you are merely storing goods for your supplier.
Yes. I’m really supplying shelf space for his goods at my location at no
cost to him.
Not sure if I now need to revise a years worth of transactions or just do
it properly from now on. Please tell me it’s ok to leave history alone. It
won’t make any difference to annual figures.
Thank you Brucanna, for your insight. I couldn’t possibly have got that on
my own. I’m sure it is common book keeping and accounting practice but I’m
not schooled in either. Learning quickly though.
The sale will still show in reports as per the original invoice date, it just the stock movement that has a later date, ie the delivery date assuming that the stock has to be purchased in. But as you have the stock (on consignment) on the shelf then the stock purchase occurs “microseconds” prior to the sale
Or just look up the Suppliers tab
Absolutely, no need to create work, it more a timing thing. Your business, your management.
Yes. I concur with @Brucanna. Remember, this entire topic only came up because of the report you were running for your own information.