Use the following tips to help get a more accurate inventory valuation.
1.Run an inventory valuation report to help spot items where cost is not reasonable.
Acme Data Miner run report > Inventory Valuation -Detail Top 100 by Value
Fix the costs that are goofy. Do this by receiving purchase orders or editing the Item Average Cost.
2.Run a report that makes it easy to review items where the on-hand count or gross profit is unreasonable.
Acme Data Miner run report > Inventory Valuation -Detail BC.
With this report you can spot items where on hand count is oddly low like less than 0, or oddly high like more than 100 or profit per item less than 1 cent or profit more than $100. When running the report use values by department that work for your business.
3.Review top 100 items by value. This can be done for the entire business, or by department(s).
In Acme Data Miner run report > Inventory Valuation -Detail Top 100 by Value
This report helps you focus on the big valuations, consider it a test of reasonableness.
4.Provide an accurate summary to your bookkeeper or accountant.
In Acme Data Miner run report > Inventory Valuation -Summary.
Use above tips...
1.Both before and after you start counting. 2.Several times per year to "cycle count" most important items. |
