Not sure which inventory report you need? Start with Inventory, COGS or Snapshot: Which Report Do I Need?
What This Report Tells You
The Inventory Snapshot Report values your stock on hand as of one date you choose.
It answers one question: what is my stock worth right now, or on any past date?
Each item is valued two ways, side by side:
At your costing method (FIFO or Weighted Average). This total ties to the Cost of Goods Sold Report's ending inventory for the same date.
At last purchase price, which is how most marinas think about what their stock is worth and what they reprice against.
You also get margin per unit against today's retail price, and flags for items that need attention.
How to Run It
Go to Reports and select Inventory Snapshot.
Choose the As of date. It defaults to today.
Choose a Costing Method: Weighted Average (the default) or FIFO. Match the method you use for the Cost of Goods Sold Report.
Click Export. The file appears under Recent Exports when it's ready.
The Two Tabs
Inventory Cost & Margin: only items in stock on your as-of date, alphabetical, with a totals row. Below it, a short summary: items in stock, items selling below cost, items with a stale cost, items with no cost recorded, items oversold, and the value of stock on hand at last purchase price. This is your valuation.
Full Catalog: every inventory item, including ones that are out of stock or oversold. Those sort to the bottom, and an In stock? column marks them. Use this tab for a pricing pass across everything you carry.
Things Worth Knowing Before You Read It
Quantity on hand is as of your chosen date.
The column header states the date. Run it for the last day of the month and you'll see what was on the shelf then.
The two inventory values won't match, and that's expected.
Your costing method values each unit at what it actually cost. Last purchase price values every unit at your most recent delivery price. When costs are rising, the last-purchase value runs higher.
Margin uses today's retail price and your last purchase price.
It shows what you'd make selling one more unit now, not what you made historically. For margin on past sales, use the Cost of Goods Sold Report.
Enter a cost when you receive inventory.
An item that has never had a priced delivery has no cost, value or margin, and is flagged No cost on record.
What the flags mean
Below cost: the current retail price is lower than the last purchase price. You're selling at a loss on your latest stock. Time to reprice.
Stale cost: the last priced delivery was more than a year before your as-of date. The cost may be out of date.
No cost on record: the item has never had a priced delivery.
Oversold: quantity on hand is negative on your as-of date. The stock count needs fixing, usually because a delivery was never entered.
Fuel: the item is priced per gallon. Information only. Fuel can make up most of your stock value.
When to Use It
Close the month or the year.
Run it as of the last day of the period for the inventory figure on your balance sheet.
Reprice.
Filter the Flags column for Below cost, or sort by margin, to find items priced under what you now pay.
Clean up costs before a count.
Items flagged No cost on record, Stale cost or Oversold are the ones that will throw off your valuation. Fix them before a physical count or year-end.
Insurance and lending.
The total value of stock on hand on a specific date is what insurers and lenders usually ask for.
Common Questions
How is this different from the Cost of Goods Sold Report?
Cost of Goods Sold covers a date range: what you sold and what it cost. Inventory Snapshot covers a single date: what you still have and what it's worth. Run with the same costing method and date, the inventory values tie.
Why is an item missing from Inventory Cost & Margin?
It had no stock on your as-of date. Check the Full Catalog tab.
Why are cost, value and margin blank?
No delivery for that item has ever been entered with a price. Enter a price when receiving inventory and the figures will fill in.
Why is an item missing from both tabs?
Only items marked as inventory items appear. Open the item on the Items page and check Track inventory for this item.