Happy New Year!
January … Growing up I remember my dad always complaining about January because that was their annual inventory stock count season. “Long hours over the weekend ending with a headache” is how he would classify it. Is this your favorite time of the year too? While I can’t go through and count all those widgets for you, here are some articles that may help from the accounting side of things.
KB 950020 Information about posting transactions for a stock count that has been started in Inventory in Microsoft Dynamics GP
KB 862352 Error message when you enter an amount in the Variance Qty field in the Inventory Stock Count Entry window in Microsoft Dynamics GP: “The quantity entered is greater than the quantity available”
KB 929210 Error message when you perform a stock count on a serialized item in Microsoft Dynamics GP: “The variance or counted quantity for this serial number does not equal the variance or counted quantity for this item”
If you have just gone through a stock count and you are “good” with your inventory, then now is a perfect time to implement HITB as you are confident in your item quantities!
If you are not already printing the Historical Inventory Trial Balance (HITB) report and using it to reconcile to the GL, how come? The HITB report was designed with reconciling to General Ledger in mind. It provides you a point in time value of your inventory items as well as their quantity information. This way you can go ‘back in time’ and see what the value of your inventory was on a certain day.
To print this report from the Reports menu point to Inventory and then choose Activity reports. “Historical IV Trial Balance” should be the last one listed. If you do not see it, then you have been using GP for a while (say pre-R10 SP2 days) and you must go through an IV Reset process in order to “activate” HITB so that you can start capturing this data.
What the IV Reset process does:
The first thing it does is validate your inventory data. We run IV Reconcile and data integrity checks to make sure that the data itself is good.
We also determine what the value of your inventory items are today. For example if you were to sell everything in your warehouse, what would be the financial impact to GL?
Then using that number, we revalue your inventory account in General Ledger and create beginning balances for the HITB report.
For more information on how to do the IV Reset process as well as a FAQ document visit this site:
Once HITB has been activated any new transactions that affect your item’s cost will be captured in the SEE30303 table for reporting. The sooner you do the IV Reset the sooner you can start using the report!
Have a great January!
Pam Peterson | Sr. Technical Lead | Microsoft Dynamics GP
P.S. If you missed Shannon’s Year-End Inventory post you can find it here.