Inventory Valuation Report total may not equal to the Inventory balance in the Balance Sheet due to the following reasons:
- Inventory Valuation Report is based on transactions affecting the item and its value.
- Inventory amount in the balance sheet is driven by GL account balance. Transactions that are not linked to an item such as Journal Entries, Bills, Checks and Deposits directly using the Inventory account may cause the discrepancy. The said transactions are reflected in the Balance Sheet as it hits the GL but it is not reflected in the Inventory Valuation Report.
To verify the discrepancies, perform the following:
1. Run the Balance Sheet as of a particular date. Navigate to Reports > Financial > Balance Sheet.
2. Click on the Inventory account name from the Balance Sheet to display the General Ledger Detail Report.
3. Click Customize.
4. Click Filters tab and then:
- Under Field column, set Item = empty.
Click on Transactions folder > Account Line. Select all the Asset Accounts used in the item records.
5. Click on Preview or Save.
The said report shows all transactions which do not contain an Item. These may cause the difference on the two reports.
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ReplyDeleteCould you please prepare a demo for reconciliation bwt stock ledger and balance sheet inventory account, so that I can practice easily
I am unable to find the transaction folder > account line. Its urgent please help
ReplyDeleteDoes it say General Ledger at the top right corner? Or does it say Balance Sheet?
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ReplyDeleteHi, we manufacture our inventory. So normally what gets coded to our balance sheet accounts are raw materials, and then a build is created to produce/order the needed finished goods item. When I run the report for the inventory valuation report for the first period of utilizing NetSuite for raw goods, and compare it to the GL I have a variance. The GL contains only Item Receipts and Assembly Builds. The inventory valuation report contains the raw materials. In this case, what could be causing the variance?
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