I have these scenarios -
a) assuming if we receive the item and invoice the PO for 1 item same day, product receipt account will net to zero while purchase, inventory receipt will hold total inventory asset. $500
b) another item received but not invoiced as yet today $250
c) vendor invoice posted today for several items received two days ago say $2000
how can I know the total item value (not just items) received today? - receipt log shows a and b but no cost amount, while ledger posting shows product receipt as $250, Purchase expenditure un-invoiced as $250, purchase, inventory receipt as $500+$2000; Purchase expenditure for product as $2500.
Based on product receipt, we can figure this out no problem (until invoiced), but once invoiced, the cost moves to purchase inventory that may also include vendor invoice for items received earlier.
I am just wondering if there is a bit easy way to figure this one. problem comes when an item is received and invoiced at the same day and at the end of day, if I want to know the total value of items received for that day!