Accounting Reporting- Inventory Reconciliation
We are trying to reconcile the changes in inventory for each month from the Beginning balance of inventory to the ending balance of inventory. We are using all reports from Lightspeed Reporting and the numbers are not reconciling. We are starting with the Asset History report (for example at 1/1/20). A
Beginning Inventory as of 1/1/20 (based on the Asset History report
Plus Inventory Received from vendors (from Inventory Received report during the month of January)
Less Cost of Inventory sold (in multiple reports, such as Sales Lines)
Transfers In/Out from other store location (using reports in the Transfers section)
When we calculate using the above, the ending value does not add up to the ending value in the Asset History report as of 1/31/20.
Can anyone give any insight into where the difference would be coming from? More importantly, are there better accounting reports that are available so I don't have to spend so much time each month figuring things out? I find this a MAJOR flaw in Lightspeed Retail. This type of reporting is very subpar. I would love any advice on how to get the information I need.