Inventory - Profit/Loss Reporting

Tiffany Jennings
Tiffany Jennings Member Posts: 14
edited September 2019 in Reckon Accounts (Desktop)
Hoping someone could help, we have recently set up our inventory and have our products which we build using inventory assemblies, I have noticed that in our profit and loss now the expenses for the inventory items only show once we build them, has anyone worked with assemblies before? Is there a more in-depth tutorial or coaching for working with inventory on Reckon and how using inventory will affect different reports withing the company system? Any help would be most appreciated. 

Comments

  • DebonAir
    DebonAir Member Posts: 392
    edited May 2017
    I have been testing this for you and there is certainly a problem. I cannot get any of my inventory items to show on a P&L at all.
    The only time it will show on the P&L is after I sell the inventory &/or inventory assembly item. Makes no difference in Cash or Accrual reporting.
    Big Problem.
    Unless someone else can assist to advise why this is happening???
  • John G
    John G Reckon Staff Posts: 1,570 Reckon Staff
    edited April 2017
    That's right DebonAir, inventory items are only booked to Profit & Loss when they are sold.  Until then they sit on the Balance Sheet in the Inventory Asset account.  On a sale of inventory items, Reckon Accounts background accounting will credit the Inventory Asset account and Debit the Cost of Goods Sold account.

    Open an invoice that contains an inventory item and click on the Journal button to see all the transactions that Reckon Accounts carries out.


    regards,
    John


  • DebonAir
    DebonAir Member Posts: 392
    edited May 2017
    Oh yes, sorry, have not been dealing with inventory for a few years now and totally forgot about this. Just having a bad day!

  • F&S
    F&S Member Posts: 1
    edited September 2019
    i have a similar issue, we input stock in as one code eg swarf, but then we steel it under another eg light steel, so I do not see the bills show in the profit and loss.

    what do i need to do to fix this? do i need to some how transfer the swarf stock on hand to the light steel which is sitting at a negative on hand and swarf  has stock on hand.

    sorry new to Reckon

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,366 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited November 2018
    Hi F&S

    In order to track stock accurately, you must configure the one Item for both Sales & Purchases.  This is how the program knows to increase this stock Item (when purchased) & deduct from stock (when sold)

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)