16 Dec 2021 | Windward Software
Back Dated Inventory Report
.This Windward Webinar focusses on the "Backdated Inventory Report" feature of Windward System Five. The report calculates the historical value of inventory by considering the current inventory quantity, sales history, and purchase orders, thereby providing a valuable tool for businesses, especially for end-of-year financial reporting.
- The webinar was held to discuss the Backdated Inventory Report in Windward Software, presented by Peter from Professional Services.
- The Backdated Inventory Report provides the value of inventory at a specific point in the past.
- The report is calculated by looking at the current inventory quantity, adding quantities sold from the sales history, and removing any quantities received from purchase orders.
- The report is useful for end-of-year reporting or if the regular inventory report was missed on a specific date.
- The report does not fully account for manual adjustments, which could affect the accuracy if a lot of manual adjustments are made.
- A separate manual adjustments report exists to track all adjustments made over a specific period.
- Questions were taken at the end of the webinar, and further queries were directed to Windward's support email.
- Windward Software encourages customer feedback through a satisfaction survey and has various resources available for customers needing help on different topics.
- The company has also established an emergency support form for situations where immediate help is required.
- The next scheduled webinar is on December 30th, focusing on the month-end process.
0:13
Hello, good afternoon everyone. Thank you guys for attending the Windward webinar today.
0:21
As you know, our support team has been affected by a typhoon in the Philippines, so we have a special guest from Professional Services stepping in for today's presentation.
0:32
As always, we will take questions at the end. Our topic today is the Backdated Inventory Report.
0:39
Before we get started, You can access past webinars on our website at www.windwardsoftware.com slash webinars and also emergency tickets now we have a new procedure if you're not aware, you can submit emergency tickets at www.windwardsoftware.com slash emergency.
1:02
As I said, today's presentation is the Backdated Inventory Report, so we'll be discussing when to use that report and how to use it.
1:13
Our presenter today is Peter with Professional Services, and he's been with us for four years almost, I think.
1:20
So without delay, Peter, let's get started.
1:26
Thanks, Jen.
1:28
Welcome, everyone. Today we're talking about our Backdated Inventory Value Report.
1:36
So, of course, we're going to be discussing what is the backdated inventory value report, how to use it, and how the values in that report are calculated.
1:49
While we're not going to spend much time here in the slide deck, we're going to jump right into a demo today.
1:57
And here is my system five demo.
2:03
So of course, we're going to be looking under our inventory root menu, and we're going to going into inventory reports.
2:12
And here you can see is the backdated inventory value report.
2:16
Now to understand the backdated inventory value report, really we need to take a step back and talk briefly about the inventory value report.
2:27
Now best practice in Windward System 5, if you're looking to calculate your inventory value, is to run the inventory value report.
2:36
And what this report does is that it reports on the value of your inventory at that point in time.
2:44
Now it's the best practice because it's going to give you the most accurate value, valuation of your inventory at that point in time.
2:50
And of course, you would save that valuation for your records.
2:54
So for instance, if it was a year end and you want to see what your value is at the end of your fiscal period, you would run that report on the day end of that fiscal period, and you would get the inventory value for the end of that period.
3:10
Now, in the event that you didn't run that report, and you wanted to, I guess, look at the historical value of your inventory, that's where the backdated inventory value report comes into play.
3:26
So, I'm going to start with the inventory value report, so our regular one, to show you our current state.
3:35
And there's a number of options.
3:36
I'm not going to get into all the options of this report, but I am going to turn on show detail, and I'm going to select a specific category.
3:44
So in this case, I have an item sort of lined up in my mugs and cups subcategory, and I'm So, as of today, this is the value of my inventory.
4:03
And specifically, I'm going to look at this item here, M268-02, and you can see we have today a financial or an inventory quantity, financial unavailable quantity, of two.
4:19
And if we double-click on this item, of course, it will drill right into this record, and we can see that that is the case.
4:29
I've got departments on, but I think only my head office has any quantities. All right. So that's today's Inventory Value Report. Pretty straightforward.
4:41
Now, let's look at the backdated Inventory Value Report.
4:47
So we're going to run the backdated Inventory Value Report.
4:50
Again, we're going to show details.
4:51
We can see the parts and we're going to select a specific category, the same one of course.
5:00
Find our mugs and cups and now you'll notice that we have an option to backdate this.
5:07
So I'm going to go to the beginning of this year and backdate this report and we can see what we get.
5:17
So we look at the same part and we'll note well you see it's the same value too.
5:23
All right, I've got my date slightly off here.
5:25
So I'm gonna cheat a little bit because I know we've have some history here.
5:29
So I'm gonna look at my sales history.
5:32
I'm gonna go look at this part.
5:35
And we're gonna get our date sold, there we go.
5:40
And here we are.
5:45
So I can see I've actually sold one of these items today.
5:49
So if I look at the inventory value as of yesterday, I should see that this quantity gets added back in.
5:59
So in other words, we have two currently in the system, but since we sold one earlier today, yesterday we should have three.
6:07
So let's try this again.
6:08
I'm gonna change my dating.
6:09
Sorry about that.
6:12
Let's do this, 12, 15.
6:18
There we go.
6:19
So as of yesterday, you can see our inventory value reflects the three in stock.
6:25
so it accounts for the one that we sold.
6:30
So I kind of maybe spoiler alert, I've spoiled my ending to this about how this backdated report is calculated, but essentially the way it's calculated is that it looks at today's quantity, then it looks at your sales history, what has been sold, it adds the quantity sold back in to, or against the quantity of today, and it removes any quantities from purchase orders that you've received.
7:01
So that's how it's all calculated.
7:03
So now what we're gonna do is we're gonna take the same, so we've seen a sale how that affects and adds the quantity back in, but let's go look at a purchase order now.
7:12
So I'm gonna look at my M26802, and we're gonna go look at our purchases menu.
7:21
We're gonna edit, hit purchase.
7:25
Oh, that's my webinar username. Let's try this. M268, M268-02. There we go.
7:38
Ah, so that's the culprit. So I have a purchase order here back in February.
7:44
My guess is that it's for one, that's why we got the same date or calculation.
7:50
There we go.
7:51
So yes, indeed it is for one.
7:54
So back in February, I received one in.
7:57
So if we look at our backdated report and what we've done, today we have a quantity of two.
8:05
Yesterday, we had a quantity of three because of the one sale that was made earlier this morning.
8:11
Now back in February, we had this receiving on February 22nd.
8:17
So if I look back before February 22nd, this receiving of one will be removed from the quantity of three.
8:28
So in other words, today we have two.
8:31
We sold one this morning, so yesterday we have three.
8:35
And then way back in February 22nd, we did a receiving.
8:38
So before that receiving, we would be back to two.
8:42
So again, if we run this report, we can simply see that by backdating here to let's say the 20th, so before that date, so we would expect to see now two, oops, wrong line Adam, at a moment there, expect to see two on this report.
9:10
So that's how our backorder report works in a nutshell.
9:16
Just to illustrate this, I will go to the 23rd, so the day after the receiving.
9:23
And of course, since we received it on the 22nd, that value should increase to three.
9:28
And there it is.
9:33
So that's how the backdated inventory value report works and how it's calculated.
9:43
And again, I will stress that best practice is to run the regular inventory valuation report on the day that you wanna see the value.
9:55
This backdated report, it's great, but if you do a lot of manual adjustments, you will see that this backdated value report does have some challenges in seeing all of those adjustments.
10:08
So if you're not doing any and you're just sticking to sales and purchasing, then this report's gonna be very accurate.
10:20
All right, we're gonna, I think, open it up for questions at this point.
10:30
And I'm also going to flip over back to our slideshow here.
10:35
And while those questions start to come in, we'll just talk about some other items here.
10:43
So for our customer satisfaction survey, we're always interested in helping our customers improve and grow your business.
10:51
And we can't do that without your feedback.
10:53
So please let us know how you're doing or how we're doing, sorry, by taking this customer satisfaction survey located at windwardsoftware.com slash survey.
11:12
And there's resources available for those who are currently a subscriber or on a maintenance plan.
11:17
If you need help on this or any other topic, you can try a number of these resources.
11:24
So we have, of course, a searchable self-help site, the Windward Software Wiki, Windward Learning Academy.
11:33
And if you'd like some guidance or help from one of our professional services specialists, then of course, you can take a look at our Windward Professional Services catalog.
11:48
And if you'd like one-on-one help on any of these topics, you can purchase, for instance, Inventory Efficiencies Plan to help you manage those things.
11:58
Windward Professional Services is here to help you to learn how to get more from your ERP Windward System 5.
12:13
As Jen alluded to earlier or mentioned earlier in the introduction, there are times when you simply can't get a hold or remain on hold with our support team on the phone.
12:25
So we've created a form which alerts us of your needs.
12:28
So, the following situations qualify for emergency support if your entire system is down, you're unable to take payment, can't log into system five, recovering from a power outage.
12:39
So, obviously, these things are preventing you from running your business and we want you to reach out to us.
12:47
So, if your situation is not listed, please use the customer care portal at the support windwardsoftware.com.
12:55
the emergency support can be obtained by filling out the form at windwardsoftware.com emergency and for more on webinars you can always look at our webinar archives as well they're available at windwardsoftware.com webinars and that's the same place that you go to sign up for our webinars.
13:30
So we'll bring it back to our question period and we'll You can post your questions in the chat.
13:43
Okay, excellent.
13:43
Thanks so much, Peter.
13:45
We have a couple of questions already.
13:47
Please be sure to put them in the question box.
13:49
The first question from Katie is, I might have missed the answer, but what is the purpose of this report?
13:57
Yeah, good question, Katie.
14:01
So the purpose of this report is to get the value of your inventory.
14:06
Now, as I mentioned earlier, the best practice is to run the normal inventory value report, and I'll just show that again on the inventory and purchases menu under inventory reports.
14:22
You have these two reports, inventory value and backdated inventory value.
14:27
So the purpose here is simply stated is we're trying to get the value of your inventory.
14:31
So there's probably a number of reasons that you might want to know the value of the inventory on hand.
14:39
Often, of course, at the year end, you want to make sure you want when you're doing your books, you need to know your inventory value. So that's a very common use case.
14:48
And again, best practice would be to run that inventory value report on the date that you are looking to report the value. But sometimes it doesn't happen, it might be missed.
15:01
And you need to know what your inventory value report was back at a previous date.
15:07
That's when the back-dated inventory value report comes in handy and the purpose of it.
15:16
Does that answer your question, Katie?
15:18
And if you have something more specific, please let us know.
15:23
And Joe, I see there's another question there as well from you.
15:26
How do you account for the manual inventory adjustments?
15:30
It's a good question, Joe.
15:31
There is a manual inventory adjustment report.
15:37
So if we go down a little bit further is your manual adjustments report.
15:41
Now this report wasn't designed, I guess, to account for the manual adjustments.
15:46
It was specifically looking at the sales and purchasing aspect of it.
15:53
So I would say if you're doing a lot of manual adjustments, then you're gonna, this report's gonna come in handy so that you can look at the adjustments you've made and that might also be maybe a path to finding your historical value as well.
16:15
Yeah, I hope that answers your question, Joe, but yeah, it is a little bit more challenging for sure if you're doing a lot of manual adjustments.
16:23
Thanks, Peter.
16:24
We'll wait to see if there's any more questions coming in, but we do have one more webinar coming up for the end of the year.
16:31
Thursday, December 30th, we will be talking about the month end process, so that will be a great one to finish off the year.
16:37
I look forward to seeing you guys all there.
16:41
Last call for questions, if you have any more, you can enter them into the question box.
16:54
Peter, I think you did a really great job of explaining, there's no questions today.
16:58
Thanks, Jen.
17:01
It's been a while since I did a webinar, so thanks for bearing with me, everyone.
17:05
and hopefully that was nice and straightforward for you.
17:09
Oh, excellent.
17:10
We got one more question from Maria.
17:12
Is the manual adjustment report a journal entry at the end of the year?
17:19
I think the simple answer is no.
17:24
No, it's gonna be a report that shows you all the adjustments that were made over a period.
17:31
So you can certainly use this report to identify adjusting journal entry that needs to be made.
17:39
Absolutely.
17:41
But really this is, going back to Joe's question there, if that backdated inventory value report, maybe it isn't making sense, or you know that a number of adjustments were made by, during a certain period, then this manual adjustments report would be very valuable in seeing what those adjustments were and then yes making the appropriate journal entry but in itself this report does not create a journal entry. Okay great.
18:20
I don't see any more questions coming in so I guess we will wrap it up for now but if you think of any questions afterwards please feel free to email them to support at winwordsoftware.com.
18:31
If we don't see you before, talk to you before the holidays, wish you guys all a great one.
18:37
Hope you are all able to spend time with friends and family and enjoy some wintery season.
18:42
And we will see you last Thursday of the year, December 30th.
18:47
Thank you.
18:50
Thanks everyone.
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