Reconciling Inventory With General Ledger - Gain Complete Financial Alignment

Reconciling Inventory with General Ledger Overview

The process of reconciling inventory with the general ledger is essential for maintaining accurate financial records. This overview provides a concise understanding of the steps involved in this process. By querying and analysing transactions in the general ledger, comparing them to inventory data, and generating valuation analysis reports, businesses can ensure the alignment of inventory records with the financial accounts. This overview serves as a starting point for effectively reconciling inventory with the general ledger in SapphireOne.

Reconciling Inventory with General Ledger Process

This is a 5-step process as documented below. 

Remember to query for all transactions in a period or periods for a particular G/L account or accounts. 

1. Go to Accounts Mode > Accounts History > Accounts History Inquiries > Accounts History Audit Lines and then
   • Query the appropriate GL account or range of accounts and periods you are looking for
   • Or go to Management Mode > Management Audits > Management Audits General Ledger Transactions and then query the appropriate G/lL account or range of accounts and periods that you are looking for. 
2. Print or export a copy of the results from either of the procedures outlined above. 
3. Inventory: Next you need to compare the GL results to the Inventory.
   1. Go to Inventory Mode > Inventory General > Inventory General Reports > Inventory Stocktake Report.
   2. From the print dialog pop up select a Report Type of Valuation Analysis.
   3. Select the button and perform a Detailed Query using the following: Base ID \ GL_Asset_Acc. This will bring up all the Inventory items linked to the GL account or accounts as selected in step 1. 
4. Next, select the Print button and enter the appropriate date – we suggest 1/7/2022. 
5. Match data.