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Why is my Inventory Value so high / low?
Why is my Inventory Value so high / low?

How to fix issues with your inventory value due to missing item costs and/or data errors

Nick Neale avatar
Written by Nick Neale
Updated over 2 years ago

Article Contents

Introduction

If you’re seeing a larger or smaller inventory value than expected, it's due to either:

  1. Missing item costs

  2. Data errors (incorrect item costs or inventory counts).

Missing Item Costs

If an item doesn’t have a cost assigned, it shows as $0 when viewing your inventory report.

Every time you complete an inventory count, your email summary report details how many items are missing a cost.

The notification about missing items costs in your inventory email.

You can add missing item costs in both the WISK Web Portal and mobile app. To learn more, please see:

Data Errors

When it comes to data errors, there will either be an issue with the cost, quantity, or both.

Cost

If the inventory value of an item is higher or lower than expected, check that you have assigned the cost to the correct measurement.

Most of the time you’ll either enter the cost per unit or the cost per case. If you enter the value in the wrong field, that will misrepresent your inventory value.

No Invoice

If you have never received an invoice for the item, you can adjust the cost by clicking into the cell on the Items page.

In the example below we have an item where the cost per case ($180) was mistakenly entered as the cost per unit. As a result, it’s showing an inflated inventory value of $5,400.

An arrow points to the incorrect cost per case of the item.

To fix this, click into the “Cost per Case” column and enter the correct value.

The "Cost per Case" field is highlighted and the correct value ($180) is entered.

All of the other values (Cost per Unit, Inventory Value) update to reflect the new cost.

The updated values are underlined for emphasis. The new cost per unit is $15. The inventory value is now $450.00

Invoice Error

If you’ve added invoices for the item with the cost error, you’ll need to adjust the cost on the invoice itself.

In this example, the cost per unit of the item ($20) was entered as the cost per case. As a result, our cost per unit is only $1.67 and it’s showing an inventory value of $40. To fix this:

  1. Place your cursor over the item, and click the information icon beside the cost to see the full invoice history

    An arrow points to the information icon beside the cost per unit.

  2. Click the “Edit” button beside the invoice that has the incorrect cost information

    An arrow points to the "Edit" button beside the invoice.

  3. Place your cursor over the item and click the Pencil icon in the “Cost” column

    An arrow points to the Edit button beside the item Cost on the invoice.

  4. Click the “Cost per UM” drop down arrow and select the correct unit of measurement (in this example, units). Click “Save”

    In the window that opens, you can select a different cost per unit of measurement.

  5. The cost and total update to reflect the new amount. Close the invoice by clicking the "X" button.

    The updated cost changes the total value of the item.

  6. With the cost per unit updated, the proper cost per case and total inventory value display

    The updated cost per case and inventory value are underlined for emphasis.

Quantity

If the count for an item is inaccurate, this will give you a higher or lower inventory $ value than expected.

Common causes of miscounts include:

  • Missed counting stock in an area

  • Double counted items

  • Submitted a count as cases instead of units or vice versa

The best time to correct a miscount is when reviewing the totals before submitting the inventory. If taking inventory on the app, when reviewing the final counts for an item, you can tap the item to see a full breakdown of where it was counted and make adjustments if needed.

The second best time is immediately after submitting the inventory because you can still get an accurate count. To edit a submitted inventory count, please see:

Miscount Example

To help identify potential miscounts, hover your cursor over the “Stock” column on the Items page of the WISK Web Portal to see a breakdown by area of the most recent inventory count.

An arrow points to the information icon in the "Stock" column. Hovering over it displays a breakdown by area.

In this specific example, it shows 4 units were counted in the Main Bar and nothing in the Stockroom area. To get more information, go to the Consumption page. This compares the most recent inventory count to the previous one.

An arrow points to "Consumption" on the left-hand menu bar.

The Consumption page shows that 30 units were counted in the previous inventory count, but only 4 units were counted in the most recent.

The starting inventory count of 30 and ending inventory count of 4 are underlined for emphasis.

Click the “By Area” toggle to get a breakdown of each count by area for each inventory.

An arrow points to the "By Area" view selector.

The “By Area” view shows that 24 units were counted in the Stockroom during the previous inventory, but 0 were counted now. While it’s possible the Stockroom could be empty, it’s also possible that this item was missed during the count and should be double checked.

In the view by Area, it shows 24 units were in the stockroom on the starting inventory, and 0 were counted on the end inventory

Note: To see a full breakdown of the inventory count, click the information icon beside the number. This opens the inventory in a separate window where you can click the details button to see every submission of full and partial units and cases.

If there is stock in that area when you check it, edit the inventory to reflect the real count:

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