Inventory - G/L Reconciliation Window

Specifies the status of reconciliation between the inventory sub ledger and the general ledger. To list its features in short, the Inventory - G/L Reconciliation tool:

• Exposes reconciliation differences by comparing what is recorded in G/L and what is recorded in the inventory ledger (value entries).

• Displays unreconciled cost amounts in the value entries in the inventory ledger as if they were mapped to corresponding inventory-related accounts in G/L and compares those to the totals actually recorded in the same accounts in G/L.

• Reflects the double entry structure of G/L by visually presenting data as such. For example, a COGS entry has a corresponding inventory entry.

• Lets users drill down and see the entries that make up the cost amounts.

• Includes filters to narrow the analysis by date, item, and location.

• Explains reasons for reconciliation differences in informative messages.

The Name column on the far left in the grid lists the various G/L account types that are associated with inventory.

The Inventory, Inventory (Interim), and WIP Inventory columns show the invoiced, non-invoiced, and WIP totals of each G/L account type. These are calculated from value entries, that is, they are projected onto the G/L account types where they will end when they are eventually posted to G/L.

The Total column shows the sum (in bold font) of the value entry amounts in the three inventory columns.

The G/L Total column shows the amounts (in bold font) for each G/L account type that exists in G/L. These are calculated from G/L entries, that is, they represent inventory costs already posted to G/L.

The Difference column represents the difference between G/L Total and Total.

In the top of the Inventory - G/L Reconciliation window, you can enter filters to limit, for example, the period of time for which you want information.

If you place a check mark in the Show Warning field and if there are any discrepancies between the inventory totals and G/L totals, the program shows messages in the Warning field of the grid that explain the discrepancy. If you choose the Warning field, the program gives you more information on what the warning means.

When you have entered all relevant filters, click Show Matrix. The data is calculated and the matrix window appears.

On the far left column in the grid, you see the various general ledger account types that are associated with inventory. The grid then shows the invoiced, non-invoiced (interim), and WIP inventory totals for each of these account types. The program calculates these totals from the value entries.

The next columns show the totals for the same account types calculated from the general ledger entries.

Click the amount in any of the total fields to see the inventory report entries that were used to calculate the totals. For inventory totals, the inventory report entries are the sums of the value entries for the items. For the G/L totals, the inventory report entries are the sums from the general ledger entries.

See Also

Other Resources

How to: Post Inventory Costs to the General Ledger
G/L Entry