Reconciling Inventory to General Ledger

Access the Manual Inventory to G/L Reconciliation form.

To reconcile inventory to general ledger, you use the Manual Inventory to G/L Reconciliation program. The reconciliation summary grid helps you review transaction history for a given financial period. If the system displays the reconciliation date for a document in the Reconciliation Summary grid, the document is already reconciled.

When you enter a company and the transaction period, the system displays a list of all documents along with the general ledger amount, the item ledger amount, and the variance amount in the Reconciliation Summary grid. When you select a document in the Reconciliation Summary grid, the system displays the corresponding item ledger and general ledger records in the item ledger and the general ledger grids respectively.

You can reconcile documents with variances by selecting a journal entry that contains the adjustment appropriate for the transaction. To reconcile records with a variance, you select the appropriate adjustment entry and click the Reconcile button on the Reconciliation Summary grid. When you click Reconcile, the system updates the general ledger record with reconciliation date, reconciliation ID and reconciliation code, and updates the item ledger record with reconciliation date.

You can also reconcile a record without selecting an adjustment journal entry. Select a record and click the Reconcile button without selecting an adjustment journal entry. If the variance amount for the record is less than or equal to the tolerance amount specified in the processing options, the system reconciles the records by updating the item ledger record and general ledger record with the reconciliation date.

Note:

If the variance amount for a record is more than the tolerance amount specified in the processing options, you must select an adjustment journal entry to reconcile the transaction.

You can unreconcile a record that was previously reconciled. To unreconcile a record, select the record in the Reconciliation Summary grid, and click the Unreconcile button. The system updates the item ledger record by clearing the reconciliation date, and the general ledger record by clearing the reconciliation date, reconciliation ID and reconciliation code.

Company

Enter a number that, with the document number, document type and G/L date, uniquely identifies an original document, such as invoice, voucher, or journal entry. You must enter a value in the Company field to run the Manual Inventory to G/L Reconciliation program.

G/L Date From

Enter a date that identifies the start of the financial period.

Through

Enter a date that identifies the end of the financial period.

Minimum Variance

Enter a number that represents the variance amount which the system uses to filter records. If you enter a value here, the system displays only those records where the variance amount is greater than or equal to the amount you enter in this field.

Use the Percentage Combo box to enter the minimum variance in the form of percentage.

Include Reconciled Transactions

Use the Include Reconciled Transactions check box if you want to view transactions which are already reconciled.