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Inventory Mgmt Reports for Audit Purposes
I have struggled to get good inventory reports to satisfy my auditors requirements.
A key schedule which is semi-standard for the auditors is an inventory roll-forward which would be:
Beginning Inventory
+ Purchases
- Net Sales (Sales - Returns)
Ending inventory
The problem I have is there is not a standard report which can be run which shows purchases as they are received (not billed), and one that shows sales without non-inventory item costs.
I have figured out only one work around which is running General Ledger detail reports for each of the inventory accounts, and then "summarizing the data" in excel.
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