Question:
Running a Control Report in Inventory at Year End

Answer:

Control Report

This report is important in that it will show errors with your data files. You may want to run this report whenever you find a discrepancy in your on-hand quantities; whether the quantities vary between reports, Lookups and reports, or between any two places in the system where the number do not math. The Control Report shows the following for a selected Inventory Code or for all Inventory codes:

Report totals are calculated for both values and are shown at the bottom of the report. Specify which vendors to include in the report by selecting a range of vendors. If you have a discrepancy, see Recalculating Inventory Files and Re index Data Files for additional information on correcting the errors.

We recommend to run this report once a month

Stock Value Report

The Stock Value Report reads the cost and quantity for each stock item and gives a total dollar amount of inventory for a particular period. The Condensed report shows the totals for each item, while the Detailed report contains a separate line for each purchase of each item, detailing how many of each item are on hand at each cost.

The Stock Value Report Shows the following for each selected item:

• Stock Number
• Item Description
• Product Type
• Location
• Date
• On Hand Quantity
• Unit Package
• Method
• Weighted/Average cost
• Value

You can also choose to print: Last Cost, and Skip Zero Quantity

To sort the report or filter data using one of the User-Defined Fields, select the field name from the Sort By or Additional Filter drop-down lists, and specify the range of values that you wish to include.

If you chose to run the Detailed report, you will see a separate line for each date the item(s) were purchased, as well as the costs and values for each purchase date.

At the end of the report it will give you the sum of this Inventory Code. Now we can compare it to Control Report. They should match. If they dont' then you will have to review the inventory Stock Value Report or count down your inventory.

Report totals are calculated for both values and are shown at the bottom of the report. Specify which vendors to include in the report by selecting a range of vendors. If you have a discrepancy, see Recalculating Inventory Files and Reindex Data Files for additional information on correcting the errors.

Recalculating Inventory Files

Recalculating corrects inconsistencies between inventory files due to corrupt or missing data. Data corruption can occur due to power outage, system failure, etc.

Warning

Always back up your data files and print the Inventory Control Report before recalculating Inventory files