Inventory Audit Report has a different value from Balance Sheet

[Former Member]

As what we can see on the Picture Below, I generated transaction from January 1 to 31, 2016 and Generated the Balance Sheet, but the numbers on the Balance Sheet is not the same in the Inventory Audit Report.

[Johan_H · Accepted solution]

Hi,

The Audit Report is an accurate representation of all inventory transactions, but it does not reflect manual Journal entries.

Also, an inventory transaction can theoretically be made using an incorrect account, thus it would not be counted in the line in the Balance Sheet that you would expect.

Please run the report based on accounts, without exclusions, and compare the outcome to the total of inventory accounts on the balance sheet.

After that you will have to investigate what is causing the difference.

Regards,

Johan

[Former Member]

Dear Johan,

Thanks for the answer, i found out the discrepancy. One of those problem seen, my user input some Journal Entries. However there are some Inventory Revaluation are not included in the Inventory Audit Report, Also some of the Landed Costs.

I compared document by Document vs the TransID for me to check, However there some Landed Cost is not the same vs on the Journal Entries. I dont understand why it happens, maybe the distribution of Costs per Item is not succeed. But my suspect is the Item was dispense before the Landed Costs Applied.

Ben Penafiel