Hi, I have been trying to reconcile this issue for a few days. I’m trying to file my income taxes and noticed that my inventory BOY wasn’t matching the previous years EOY. I have created multiple reports. When I noticed this difference it was from a report based on the entire years Inventory Value Summary. I later decided to check based on each month of the year in hopes of finding the issue. However, the monthly Inventory Value Summary reports seem to match back to back with each other. They even matched the inventory on hand amounts shown on the balance sheet.
It seems that only the yearly reports do not match the balance sheet AND also do not match the monthly Inventory Value Summary reports amounts either. I have tried looking for topics on my particular issue and couldn’t seem to locate one, so I apologize if this is talked about else. Has anyone experienced this before or have any idea why they don’t match up? I would think that both the monthly and yearly reports pull from the same info yet show different totals within the same time frame.
Thank you!
It is impossible to offer assistance based on what you have posted. You need, at a minimum, to post screen shots of the Edit screens for the relevant reports, the View screens for the same reports, and point out what you think is wrong. There are too many places to go wrong to start guessing.
These screen shots above are of the Balance sheet inventory on hand highlighted, along with the Inventory Value Summary edit & view screens for the month of December as you can see they match up.
These next 2 are the Inventory Value Summary for the entire year of 2021, which do not match the balance sheet.
Perhaps I’m missing something, but seems they should all have the same ending balance as of DEC 31, 2021
Thank you!
For a start, one report has the Exclude Inventory Items with no movement checked and the other one doesn’t
What do you get if you uncheck this option
@Joe91, you have probably identified the issue.
Okay, well now I feel stupid, thank you both it now shows the correct balance. I did notice that after reviewing the screenshots and before you replied but also didn’t think it was important. Some how I completely over looked that check box and will recheck all reports to fix. Can you help me explain for anyone else who might need further clarification on this… If it says exclude Inventory Items with no movement you might think that nothing is happening, which it’s not. However, just because nothing is happening with that inventory item DOES NOT mean there is no VALUE that needed to be included (in this specific report for my purpose.)
Thank you!
If you have inventory at the end of the year, where no movement has taken place during the year, it might be worth asking the question is the value from the start of the year still the correct value?
Are these inventory still of value or should they written down to zero, for example if they are now of no use to anyone?
You are correct, end of the year is usually a good time to re-evaluate when your checking current inventory to ask if any items should be written off or disposed of etc. or even sold cheaper or higher if still useful.
That is why the option exists. Originally, the report included all inventory items, whether there was movement or not. But users with very large inventories (lots of items, not necessarily many of each) were bothered by pages of items with no movement. So the option to exclude was added.
A word to the wise: everything in Manager has a purpose with (I believe) only one exception. That is the list type option for line-item custom fields. Lists don’t work for line-item custom fields. But all types of custom fields share the same definition screen, so the options are the same. Don’t ask me why.
Yes, I have a lot of inventory items between finished products and production items (mostly), I have 10 pages in the inventory tab and sometimes it drives me crazy. I’m sure thats why initially I checked the box without realizing.
NOTE: Reporting improper numbers will result in needing to do an amendment for years already filed. In my case 1 year, thankfully.
I also agree about everything having it’s purpose in manager! I am literally doing everything myself in my business with no prior experience (I’ve learned so much about business, taxes, manufacturing, bookkeeping & using manager).
Thank you for such a great program & help through guides & the forum!