Rackbeat Inventory Value Recording

This guide describes how to manually record inventory value in Rackbeat and transfer it to Netvisor.

Rackbeat does not have automatic inventory value recording, so this must be done manually with a journal entry in Netvisor on the last day of the fiscal year or the end of the desired period.

CONTENTS

• Inventory value in Rackbeat
• Inventory recording journal

Inventory value in Rackbeat

In Rackbeat, the inventory value can be obtained from the valuation report (Reporting > Valuation).

If there is already a value from the previous fiscal year or the desired older period, the value can be obtained by retrieving the situation at the end of the previous fiscal year/the end of the desired period. It is also the starting value for the new fiscal year or the new desired period.
If it is the first inventory value recording, leave the starting date empty and select the ending date from which you want the inventory value. 

If you want the inventory value on a specific day, retrieve the valuation report without a starting date with the desired ending date.
When you want the change, first retrieve the valuation from the last day of the previous period (e.g., 30.4.) and then from the desired ending date (e.g., 31.5.) and examine the difference.

When you scroll to the end of the valuation report view, it shows the total inventory value at the end of the desired search period. This also shows the quantity of products.

The hide zero rows button on the report means that it only looks at the purchase price at the end of the row and whether it is zero. The selection does not affect the inventory value, but the quantity of products may vary with this selection if there is quantity on the row but the purchase price is zero. 

Show negative values also brings up products that have been sold to a negative, meaning the quantity is negative.

Inventory recording journal

• If the inventory value increases: a debit entry is made to the balance sheet and a credit entry to the income statement.
• If the inventory value decreases: a credit entry is made to the balance sheet and a debit entry to the income statement. The balance sheet account used is the product's inventory account, which is by default 1521 in Netvisor.
• If other accounts have been used in the company such as 1501, 1511, 1531, or 1533, the change is also recorded to these accounts. On the income statement side, the account is between accounts 4400 - 4440.

Keywords: Rackbeat inventory value, inventory, valuation report

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