Estimating EOFY Stock Value
It is not possible to run a stock valuation report backward in time. Therefore it is important to run and keep a copy of your stock report at the end of each financial year. However, if you have not done this, you can estimate your stock position as follows:
For this example, imagine it is now September and you wish to estimate your stock values as at the end of June. To do this do the following:
1. Run a Stock Quantities: Standard report (Products-0001) for the current date.
2. Run a Sales Report from the 1st of July to the current date. (Sales-0001).
3. Extract the Cost of Goods Sold ("Sales Cost") from the bottom of this report and subtract it from your total stock value found on your stock report.
4. Add back to this value, your stock purchases over the same time period.
This will be your estimated stock value as at the end of the financial year.
There are several ways you might determine your purchases. If you have assigned all purchases of stock to a general ledger code such as 18100 - purchases, then do this:
1. Run supplier report Expense Listing (Suppliers-0013), for account range 18100 to 18100, for the applicable date range.
2. Alternatively, a report such as Delivered Stock (Suppliers-0017) will also determine all stock put into stock over an applicable time period.
The appropriate report to use in this case depends on whether your purchasing accounts are for saleable inventory only or include other types of purchases.