V8 - Using Transaction history to investigate inventory and cost basis errors
Most inventory and cost basis discrepancies are due to an item, date, or quantity that was incorrectly entered on a transaction—or has not been entered at all.
The Transaction history action for items is an excellent tool for investigating inventory and cost basis discrepancies. The transaction history reveals the point at which the error occurred so that the appropriate correction can be taken.
To view the history of an item, go to the Items list (Operations menu > Inventory > Items), then select Transaction history under the Actions menu dropdown. The system will display every transaction that affects the inventory or cost basis for a given item, as shown in the screenshot below. Click a reference number link in the Transaction ID column to open the associated transaction.
Transaction history column heading descriptions
Date. The date on which the transaction Event occurred.
Event. The type of transaction.
Transaction ID. The transaction reference number. Click the link to open the transaction.
Txn qty. The quantity for this particular transaction. It will affect the Total qty value positively or negatively, based on the type of transaction.
Total qty. The total quantity you have in stock of this item after the transaction was saved.
Cost basis. The value of this transaction. Cost basis can be influenced by the transactions that precede it, especially for those that remove inventory.
Variance. The difference between the standard cost basis and the cost basis of this transaction. Example: If you buy/sell baseballs and your standard purchase cost is $10, but you buy 2 for $8 each, the variance for the item receipt would be $4, calculated by multiplying 2 baseballs x the $2 difference in price per baseball. This number can change if you change your standard purchase price of an item.
Total cost basis. The total value you have of the item. It is influenced by every transaction that precedes it.
Cost per unit. The average value of the items you have in stock. It is calculated by Total cost basis divided by Total qty.
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