Actual vs Theoretical Cost Details Report
The Actual vs Theoretical Cost Details Report allows you to compare the Actual value of an Inventory Item (assessed during an Audit) with its Theoretical value - calculated using the Item's purchases, transfers, spills and sales - during a selected Period or Multi-Period. Refer to the steps below on how to view the Actual vs Theoretical Cost Details Report.
Viewing Actual vs Theoretical Cost Details Report
- Click Reports > Reports List from the navigation.
- Click Actual vs Theoretical Cost Details under the Inventory heading.
- Filter by Period/Multi-Period.
- Click Go to view the results.
Some things to keep in mind
- Each column in the report can be clicked on in order to reorganize the data.
For example you can click on Depleted to see in descending order which Items generated the most revenue in the selected Period or Multi-Period. - Export the data in this report to Excel by clicking the download button in the upper right.
- A negative quantity variance oftentimes means that transfers, depletions and/or sales of given Items are not being accounted for correctly in the system. Make sure all transfers and depletions, including those related to spills and even theft, are being entered.
- A positive quantity variance oftentimes means that not all vendor invoices have been entered correctly into the system for given Items, thus understating Received.
Column Key
ID: Item ID (optional)
Item: Name of Item
Start: Total $ value of Item physically counted at the beginning of selected Period or Multi-Period via Audit (end of previous Period)
Purchased: Total $ value of Item purchased during selected Period or Multi-Period
Transferred: Total $ value of Item transferred in or out during selected Period or Multi-Period
Depleted: Total $ value of Item sales and spills
Actual: Total $ value of Item physically counted during selected Period or Multi-Period via Audit
Consumed: Total cost of consuming Item during selected Period or Multi-Period
Theoretical: Start + Purchased + Transferred - Depleted
Variance Amt: This is the value of your variance and is calculated as a "true variance", so at a basic level, what you should have paid for all those items vs what you actually paid. So even if you have a Variance Qty of 0, if you overpaid for some items (when compared to your current CU Price), you would still have Variance Amt for the amount that you overpaid.
Variance %: (Variance Amount / Theoretical) * 100%
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