The Liability Variance produces a report in summary or detailed format about each inventory item.

The Liability Variance report shows differences between inventory Receipt valuations (whether associated with a PO or not) and invoices for those Warehouse Items. It is available only when Value Inventory is turned on. The report runs for selected Warehouses.

The report is available in Summary or Detail format.

• Summary - Shows vendor totals only and only includes vendors that have a variance.
• Detail - Shows vendor totals and only includes detail when there is a variance.

You can print the report for a Vendor range, a Period range, and select to include or not include Unapproved transactions.

The Period range defaults to the current Period of the current EntityCompany. If there is no current EntityCompany, it defaults to the login month and year.

Summary Report

For the Summary report you see the Vendor ID, Vendor Name, previous Variance (Total Receipts - Total Invoices for Periods prior to the starting month), Period Variance (Total Receipts - Total Invoices for the selected Period range), Current Variance (Total Receipts - Total Invoices for the ending period or prior period), and selected Warehouses.

Detail Report

The same information from the Summary report is printed, followed by the detail of the items that make up this value. Detail is sorted by Item ID, Warehouse ID, Year, Period, Inventory ID, Document ID, Invoice ID, and finally Purchase Order ID.

Each Receipt prints on the report, showing the Item, the Warehouse, the Period, the Receipt Transaction ID, the Receipt Document ID, the valuation of the Receipt, the PO ID of the associated Purchase Order (if any), the Invoice ID (either blank if there are no invoices associated with the PO, the Invoice ID if there is a single Invoice associated with the PO, or Multiple Invoices if there are multiple invoices associated with the PO), the Total amount invoiced for the PO, and the Variance.

Each Invoice that is associated with a Purchase Order for items that are not included in the Receipt detail are listed showing the Item, the Warehouse, the Period, the Purchase Order ID, the Invoice ID, the amount invoiced and the Variance.

Reasons for a Variance

Reasons for a variance can be:

• The Receipt and the Invoice are for different periods.
• The Receipt was not recorded against a Purchase Order so no Invoice is associated with it.
• The Receipt was recorded against a Purchase Order but there is no Invoice for the PO or the Invoice is for a different amount.
• The Invoice exists but no inventory Receipt has been recorded for the associated PO.

• The PO User Policy does not affect this report.
  
  
• Permissions must be set in the System module to access the Liability Variance report.

System module—Security—Users—Inventory—Reports—Liability Variance

Select Warehouses (button)

Click the Select Warehouses button and then select the Warehouses for which you want to print the report.

From / Thru Vender ID

To run the report for a specific Vendor IDs range, use the Lookup icon for each field to select a starting and ending entry for the range or select the same entry for both to run the report for one Vendor ID.

From / Thru Prd/Fiscal Year

To run the report for a specific Prd/Fiscal Year range, use the Lookup icon for each field to select a starting and ending entry for the range or select the same entry for both to run the report for one Prd/Fiscal Year.

Report Type

Select the report type you want to print: Summary or Detail.

Include Unapproved (check box)

Checked - The report includes unapproved transactions.

Unchecked - The report does not include unapproved transactions.

Report Format

PDF Format (default): Select this option to print the report in PDF format.

Create Spreadsheet: Select this option to print the report in an Excel spreadsheet.

1. From the Inventory menu, select Reports—Liability Variance.
2. Use the Field List for help selecting options.
3. Click Print.
4. If you selected Create Spreadsheet, you are prompted to open or save the report Excel file. Otherwise, the report opens in PDF format.