G/L Balance Sheet not matching up with Inventory Valuation

mkusza · 2008-09-10

I looked through the forum and did not see any other questions regarding this; here's the problem.

On our G/L Balance Sheet our Inventory cost is not matching up with our Inventory Valuation Report Cost. We set the date range the same for both reports and depending on the date range sometimes the G/L is higher blalance than the Inventory Valuation Cost, sometimes it's viceversa.

It seems that our controlled reports are not matching our financial report. Any ideas or areas to look at where this error could occur?

Also not sure if this relates to it or not, but on one of our item cards our item shows and average cost with no quantity and it's a negative cost. The item is a kit which is built using the BOM.

djswim · 2008-09-10

If you're using stock NAV reports, this probably isn't a reporting problem, it's more than likely one of two things (or both):

1. Your posting setup is wrong
2. You're letting people direct post to accounts they shouldn't be, either through journals or by entering G/L lines on document lines (I know this is needed in some cases, but it still makes me shudder)

Either way it's time to do some digging.... you have to look at the entries and figure out which ones don't match up (this sucks and takes a while) and then reverse them all out and put them back in correctly (interns of any variety are useful for this... for the love of whatever you consider holy do NOT pay a NAV consultant or partner resource to do this, it's nothing but busy work and your money is better spent. Depending on your knowledge of the system they can do the first part, but doing the second will only make them bitter and cost you a lot of money. We may be good at not seeming bitter while we make journal entries, but trust me, we know that we could be providing a whole lot more value for you somewhere else.

Next it's time to fix what's wrong... that is also a good responsibility for a qualified NAV resource. If you're not a public company and can afford to have your numbers slowly go to crap for about three months, I'll be available to help you then.... are you someplace sunny?

Savatage · 2008-09-10

there are many posts about refereing to this
http://www.mibuso.com/forum/viewtopic.php?t=14960

for one
other search the forum for "Valuation" scroll thru whatever it finds

mkusza · 2008-09-10

i found two items that are out of whack. The first error is that a kit was built with a released production order using and item source number, however the item number built was not for that source number.

[EDIT]
I also showing a -29 in the net invoice qty. but there are no entries to apply that too....

Ex. Create a released production order, add our kit number into the source number, hit function-refresh, than go to output journal, select production, select the item, add output quantity and select finished, than post that, than we change the status to finished. output number in the output journal is supposed to match the quantity for the source item, however the item was set to 0 and the output was finished with 6... I think we have several issues going on here if there needs to be more clarification please let me know. I am unsure how to go about "correcting" the issues.
[/EDIT]

REL0005096
Disc.
Disc2.
Source No. RR1CB-1010

Quantity 0

Now in the field it has:
Item No. GG1CB-1020 Quantity 6 Finished Quantity 6

The amount is off for the item RR1CB-1010 by the pricing of the RR1CB-1020. How would i fix this issue?

mkusza · 2008-09-11

ok is there anyway to reverse a finished production order?

The released production order was finished completely wrong and in the finished prod. order history i can see where the mistake happened. how would i reverse that entry?

Savatage · 2008-09-11

mkusza wrote:

ok is there anyway to reverse a finished production order?

http://www.mibuso.com/forum/search.php
reverse finished order

Check-> Search for all terms

mkusza · 2008-09-11

i'm sorry i did a search and it comes up with the same items no matter what i type in...

Thank you

Savatage · 2008-09-11

I don't know what that statement above means
anyway,
http://www.mibuso.com/forum/viewtopic.php?t=25773
http://www.mibuso.com/forum/viewtopic.php?t=25374
http://www.mibuso.com/forum/viewtopic.php?t=21568

mkusza · 2008-09-11

Thank you for those links we appreciate it.

G/L Balance Sheet not matching up with Inventory Valuation

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