Reconcile inventory balances

Why do you reconcile inventory balances? 

Inventory reconciliation helps your business to reduce stock discrepancies and understand why there are discrepancies.  

How do you reconcile inventory balances? 

1. Search for Inventory Valuation on the top right-hand corner of the page.  
2. Set the parameters for the report, such as the date range and any other filters you want to apply. 
   
   1. Enable the Include Expected Cost toggle button to show entries that only have expected costs. 
   2. Select Preview to view the report before you decide to Print or Send to someone to share the report.  
   3. The inventory valuation report displays. 
      
      Note: The Inventory Valuation report shows the quantity and value of items as of the date the report is generated.  
      
   4. Scroll to the bottom of the report to see the total value that you’d need to reconcile to your inventory G/L accounts. The expected cost and total are included in the report.  
      
      

      Note: You can reconcile inventory to the General Ledger (GL) by generating the Inventory to G/L Reconciliation report. This report compares the inventory value in the Inventory subledger with the inventory value in the General Ledger, ensuring that they match.  

      Note: You’ll need to reconcile all inventory balances to the G/L and run reports. If any adjustments to inventory are required, the Inventory Period that was closed can be reopened, and a specific User Setup record can be updated in the Allow Posting From field. 

3. Search for Inventory – G/L Reconciliation on the top right-hand corner of the page.  
   1. Set the parameters for the reports, such as the date range and any other filters you want to apply.  
   2. Select Show Matrix to generate the report.  
      
   3. Review the report to ensure the inventory values in the inventory subledger match those in the G/L.  
      
      Note: If your business is in manufacturing, you can generate the Production Order – WIP (Work in Process) report for production orders to track the costs and progress of production orders that are still in process. This report helps you monitor the value of inventory and costs associated with unfinished production.
       
      Note: You can reconcile Work in Process (WIP) values from jobs to the G/L by generating the Job WIP to G/L report. Review the report to ensure that the WIP from jobs match the values in the General Ledger.  
      
      Note: If there are any discrepancies, investigate and resolve them as necessary. You can export the report to Excel or PDF for further analysis and record-keeping. 
4. You’ve reconciled inventory balances. 

What’s next? 

Find out how to check if all journal lines have been posted.  

Need more help?  

No problem, that's what we're here for. Reach out to support@wiise.com anytime you can't find what you're looking for.