The Stock Status Report is used for Inventory Management and provides information such as quantity on hand, quantities allocated, quantities on order, item price and cost and item usage as well as item stock (whether an item is at or below reorder level or out of stock)
This report is especially helpful if your business reorders material from multiple locations.
If you find that your inventory stock status report does not balance with your GL, there are several factors that can contribute to this issue.
It’s important to keep in mind that Stock Status report uses the current cost (based on the costing method) on file and the GL uses the actual cost at the time of entry.
Also, a best practice is to use the Freeze Inventory Process and run the Frozen Stock Status Report after month end transactions have been completed (the last day of the period).
Specific areas to take a look at to get your Macola Inventory Stock Status Reort to balance with your GL:
More detail: 15.421.942 (Exact Customer Portal log-in required)
- Costing Method Considerations, there are several factors that can cause an imbalance based on various costing methods.
- Inventory Asset Account Setups, inventory asset accounts should only be used for inventory transactions and should be set-up within the appropriate Inventory Asset Account fields. There are several other considerations (see doc 15.421.942)
- Accounting Distributions from Transactions there are some specific details related to transactions that should be noted. Exact has noted them again in this document: 15.421.942
- Set-up and Maintenance of Inventory Items
- Order entry settings can impact valuation. Exact suggests you use Actual Cost when posting in OE setup and suggests you have costs show in order entry to train staff.
Macola has outlined the above points in detail, see doc 15.421.942 in the Customer Portal (log-in required). If you need assistance with reviewing your set-ups, we’re happy to help you as well – contact us!