End of Year Inventory Valuation Calculation

At the end of the year, many stores download a full inventory valuation. This captures your total value (cost) of on-hand inventory for the end of the year, which can be important information for accounting and tax purposes. This article walks through the best way to download that valuation report in RepairQ. 

You must have access to all reports in order to view this report. If you do not have access to reports, contact your company managers or administrators.

*Run this report as close as possible to close of business, December 31, in order to obtain the most accurate valuation.

 

Valuation Summary

  • Click on "Reports".
    Screen_Shot_2018-12-31_at_3.57.36_PM.png
  • Click on "Inventory", then "Valuation Summary".
    Screen_Shot_2018-12-31_at_3.58.33_PM.png

  • Remove the date range by clicking the "x" on the right side of it. Ignore Date Type. Select all of the locations which you would like the valuation for.
    Screen_Shot_2018-12-31_at_4.00.50_PM.png

  • Select ALL inventory statuses you would like included in the valuation. Make sure to remove all terminal statuses, such as Sold, Damaged, Shrinkage, Voided, Parts Only, RMA Credit, RMA Rejected, and any other inventory status that you deem to be not included in your on hand inventory. Make sure to include any custom inventory statuses that your organization tracks for on-hand inventory. The status filters will probably look something like the following, but be sure to consult with your accountant for specifics:
    Screen_Shot_2018-12-31_at_4.35.10_PM.png

    • Ideally, you should pull this report once per non-terminal status so that you have a separate report for each segment of your inventory, and you can account for them accordingly. If you only need a total valuation for all on-hand inventory, then you could group the statuses together.
  • Leave blank or ignore Condition and Supplier. If you need catalog item detail, then you can check the box to "Include Inactive Catalog Items"
    Screen_Shot_2018-12-31_at_4.05.46_PM.png

  • Click "Apply Filters".
  • Next you will see your current Inventory Valuation Summary by Item Type, based on the filters you set above. The "Combined Item Cost" column will tell you what your total cost invested is.
    Screen_Shot_2018-12-31_at_4.06.28_PM.png

  • Once you pull the report, you can download the results to an Excel file by clicking the "To Excel" link in the report header
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