Inventory Listing to Ledger
Agree the inventory valuation listing to the ledger, and test that every line is quantity times cost.
- Ledger + inventory valuation listing
- Key analysis in Inventory
How the result is read
Every other inventory test runs on the listing, so it is tied to the ledger first: in total, against the gross inventory groups with the reserve held apart. Agreement in total is not enough. The ledger is usually booked from the listing, so a line valued at more than its quantity times its unit cost moves the balance with it and the two still agree. Each line is recalculated, and lines that cannot be right — a negative quantity, stock at no cost, one item listed twice in one place — are listed whatever their value.
In the application
Inventory Listing to Ledger is filed under Inventory, index letter E. "Run all analyses" runs it with every other analysis the ledger and the documents loaded can answer. The worksheet states the population it tested on its face — or "Not applicable" with the reason when a column it depends on is empty — and the Excel workbook the engagement exports files it under E, beside an index of the source files with their SHA-256 fingerprints.
Read it with
Run your next audit file test without the Excel crash.
One free engagement to evaluate, valid 60 days. The ledger never leaves the machine.
- 20 minutes
- Runs on a fictional engagement
- No client data required