Current Balance of inventory account

 I am using Simply Accounting by Sage Premium (Version 2010 Release D Update). Recently I tried to run a general ledger report of our inventory account (by selecting Report-->Financials-->General Ledger). But the current balance changes significantly depending on what I select as the start date in the General Ledger (see attached screen shots). If I select Feb 17 or earlier for starting date, and choose the current date as ending date, the general ledger will show the correct balance ( about $463K), but if I choose a day after Feb 17 as starting date, it will show as $803k.  Does anyone have any idea why this is happening? Thank you very much. I believe our real inventory level is at about 463K.

    By the way, the “Chart of Accounts” shows the  inventory balance as about $803k, which is wrong. However, the “Inventory Summary” shows the balance as $490k which is almost right.


    Any help would be appreciated.

 

  • 0

    first is mar 1 to sep 15, valued at 805K

    second is feb 17 to sep 15, valued at 463K

    if you run from feb 17 to mar 1 - do you a 340K transaction, inventory adjustment maybe ?

  • 0

    In Maintenance | Check Data Integrity, is your inventory balanced to the General Ledger?

    Your balance 'as of' the very last transaction in the Inventory G/L account should match

    Each 'Inventory Summary' report for that account, if you choose 'Inventory by Asset', and the Report On date as 'Latest Transaction'.  (and if using Locations, choose all, and turn off 'show location information)

    If You have multiple inventory accounts you'll have to run a separate inventory, and G/L report for each account.

  • 0 in reply to RandyW

    Randy,

    The Integrity Check will not check after history mode is turned off.  The check has to be manually using the Inventory Summary report per asset account against the balance sheet (or G/L report) for the same account on the same date.

  • 0 in reply to Richard S. Ridings

    "general ledger report of our inventory account... the current balance changes significantly depending on what I select as the start date in the General Ledger "

    I thought that the ending balance was completely recalculated every time the report was run, starting from the beginning of the fiscal year, so that no matter what beginning balance you choose for the report, the ending balance would be the same.  

    i.e. if your fiscal year starts Sept 1, 2013, it starts with the carry-over previous year end value, calculates from  from the beginning of Sept 1 up to the end date, then shows the part of the period that you wanted, on the report screen.

    Do you have your data set to 'clear' paid items, and have you ever 'cleared' the data?  

    Once the data is 'cleared', historical reports may not be accurate.    

    Also, if you are still running with inventory in 'Historical entry Mode' (the 'quill' icon is showing beside Inventory) the inventory list may not match the G/L.

  • 0 in reply to RandyW

    Hi Randy,

        I just ran Check Data Integrity, it says Inventory & Services is not balanced. Not only that, Customers and Vendors are not balanced as well.

      We have only one location.

      And we are not running under Historical Mode, it's been  disabled.

      "Do you have your data set to 'clear' paid items, and have you ever 'cleared' the data?  

    Once the data is 'cleared', historical reports may not be accurate.    "

    Could you explain a little bit about that? How do I know if I have set it to "clear"?

       Thank you very much!

    Lawrence