Inventory Snapshot Report Issue Fixed: Accurately Track Remnants generated from WIP (USED slabs)
The "Inventory Snapshot Report" is designed to show the value of your inventory at any one point in time. In most cases, you want to know the value of "Available" inventory.
There is a gray area when a slab has been cut or "Used" but has not yet been "Installed." We designate these inventory items with a "Used" status and the accounting term for these items is WIP (work in process or work in progress).
Accounting rules dictate slabs that have been used but not yet installed (WIP) should be included in your inventory value.
However, a client brought to our attention that we were double counting remnants generated from WIP.
In the example below, slab item # 3099 has a "Used" status and a value of $1633. There is a remnant from this slab with an item # of 3099-01 which is "Available" and has a value of $408.
The value of the "Used" slab should be its original value minus the value of the remnant:
$1633 - $408 = $1225.
This will be fixed with the next update.
And I do not claim to be an expert in WIP, anything that should be clarified or specified? How does your shop use WIP?
Figure 1. Corrected Inventory Snapshot report showing a "Used" slab and its remnant
Figure 2: Outdated Inventory Snapshot report showing a "Used" slab and its "Available" remnant
Figure 3. Reports tab with the Outdated Inventory Snapshot report
Here are some variations of the Inventory Snapshot report:
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