Inventory Accrual Report
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The Inventory Accrual Report is accessed through the Reports Window, Inventory folder. Accrued Inventory is merchandise received into Inventory but has not yet paid to the Vendor. This report displays Inventory Stock Items that meet this condition grouped by the Showroom/Warehouse.
The Inventory Accrual Report displays pertinent information of the Inventory Stock Item including the Stock Number, Sales Category Code, Description, Style / Size, Color / Finish, Vendor Code, Storage Location, and Manufacturer's Catalog Number. Following such information are the current and accrued quantities and costs:
The report can be printed retroactively as of certain month by adjusting the Fiscal Cut-Off selection appropriately. Ranges for Stock Number, Style / Size, Color / Finish, and Vendor, Sales Category, and Warehouse Codes are available to narrow the scope of the report. The Stock Inventory Items can be sorted by Stock Number, Style / Size, Color / Finish, Vendor, Storage Location, and Sales Category within the Showroom/Warehouse as determined by the Sort By selection. The full description of the Stock Inventory Item can also be optionally displayed. To remove a Stock Inventory Item from this report, an Inventory Adjustment can be created to reconcile the On Hand and Paid For Quantities.
Calculating accrued Inventory is a valuable tool in assessing a more accurate value of the company Inventory, particularly for insurance purposes. The accrued Inventory amount represents merchandise stored by the company which should, therefore, be covered by insurance. Further, an auto-reversing Journal Entry can be created to debit an Accrued Inventory Account while crediting a Future Inventory Purchases Liability Account.