Extension Journal Report

Overview:

The Extension Journal reports Inventory Count valuations by General Ledger number. This report is primarily for accounting staff. This report helps make inventory valuation entries to your accounting system general journal. An example is shown below:

Things to know!

This report will only be accessible and visible to users who are given access to this report function.
The Extension General Journal report will include a valuation for all Items that were recorded for a selected Count date.
The Extension General Ledger will list an inventory valuation by Inventory Category and the corresponding GL Number in your Accounting System. This report is utilized to view GL (General Ledger) Account values for posting to your General Journal.
The Valuation Method (Effective Cost or Weighted Average Cost) for an Extension Report is determined by the selection made in Company Settings (Company > Setup > Company Settings).
Inventory Items, Recipe Items, and Combined Items can be counted in an Inventory Count.
For more information on entering inventory counts, please click this link: Inventory Counts.

Report Parameters

To Run the Extension Journal Report, use the Sidebar to navigate to the "Count" menu option and select the Extension Journal from the submenu. Upon selection, a Report Parameters screen like the one below will display:

Count date: From the drop-down menu select the Count Date to be listed.

Site: Select a Site from the drop-down if a specific Site is desired. Please note that a Site is only requested when you are logged in to your company versus a specific site.

Run Report: Once you have selected your report parameters, click the Run Report button to list the report.

Journal Extension Report:

Selecting to Run the Extension General Journal Report will display a report similar to below.

This report is for accounting purposes. It lists the ending inventory value for the asset accounts. It also lists the credit amounts for ending inventory that should apply to the expense (COGS) accounts. At the bottom of the report, it confirms that the net values are in the credit and debit entry balance.

If we look at the Inventory extension report for this same valuation date, we can see that the ending inventory values for the expense accounts are what provide the credit amounts on the exention general journal report (see the extension report below):

Report Options: For a description of the toolbar provided at the top of the report, please see "Report Options" for help. Report Options link.