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AUDIT REQUEST - Purchasing

  • 22 June 2023
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Working on an audit request for list of Inventory Purchases for a specified period. Originally I was just pulling purchase receipts but that does not include any capitalized freight expense in the inventory through Landed Costs. Meaning, if we buy an item for $10 and it costs $2 to ship to us we recognize the inventory at $12. using Purchase Receipts only returns the $10 of the purchase not the $2 in freight expense. 

Is there a better report that will show me the total inventory cost Purchase + Landed Cost?

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Best answer by Laura02 22 June 2023, 19:33

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Laura02
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Hello,

You might try filtering Inventory Transactions by Account for the transaction types needed by the auditors.  Select the Inventory Asset Account(s). You will need Receipts and Adjustments. The Reason Code will help you sort out different kinds of adjustment (Physical Count vs. Landed Cost). Inventory Transactions by Account does not include Vendor or Purchase Order details.

 

Laura

Laura ~ Klear Systems, Inc. Irvine, CA. ~ Please remember to "Mark Best Answer" to help those who are facing the same problem.~
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Hello,

You might try filtering Inventory Transactions by Account for the transaction types needed by the auditors.  Select the Inventory Asset Account(s). You will need Receipts and Adjustments. The Reason Code will help you sort out different kinds of adjustment (Physical Count vs. Landed Cost). Inventory Transactions by Account does not include Vendor or Purchase Order details.

 

Laura

Thanks Laura, I will give that a try. The Inventory Transactions by Account does not include Reason Code but I know a way to xref the two. 

But I did want to ask a general question as I have seen this on a few GIs and it never has worked. Around the Period, in the header if makes you select a single period, but also has the Date Range to the right. The date range has no impact on the results and only the Period impacts the results. How do I active the date range so I don’t have to run this GI 24 different ways?

 

 

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