Historical inventory balance reporting is used to create snapshots of the inventory balance at a particular time. A user can perform an inventory reconciliation at an accounting month end by comparing the trial balance value to the historical inventory detail for the particular month desired. 

To create historical inventory balances for a month end, perform the following steps:
  1. Navigate to the Inventory Balance Tab.
  2. Create a list view of the balances your would like to create historical values for. Select the balances list view.
  3. Click the "Create Inventory History" button and select the date you would like to create balances for.
  4. See the related inventory history record on the inventory balance or run a report on the inventory history records for the day you would like.
Reconcile Inventory Balances to the General Ledger
To reconcile inventory balances to the general ledger. Perform these steps: 
1. Create historical inventory balances for the last day of the accounting period to be reconciled.
2. Compare quantity available times unit cost to the value recorded in the general ledger.
3. Book a journal entry to the inventory GL account for any differences in value.
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7 Comments

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    Rebecca Ralls

    Feature Request: Automatic Creation of Inventory Balance History Records on Period close: https://accountingseed.zendesk.com/hc/en-us/community/posts/115001183887-Automatic-Inventory-History-Records-on-Period-Close

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    Jeanae Remala

    We have noticed that we are unable to make positive inventory adjustments for a product that has a Zero quantity on it.  Sometimes when doing a fiscal count, an inventory item is found that maybe was written off or miscounted in the past, now taking the quantity value from 0 to 1.  I do understand that your shouldn't be able to make negative inventory adjustments to zero balance products, but positive adjustments are needed.

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    Ryan Faulkingham

    Hi Jeanae,

    Try taking a look at this article about inventory adjustments and let me know if you have any other questions. Please direct these questions to our support desk.

    https://accountingseed.zendesk.com/hc/en-us/articles/217469477-Inventory-Adjustments

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    Rebecca Ralls

    Issue: The formula field on inventory balance history records that calculates available quantity as of the date of the IBHistory records is set to 2 decimal places - but inventory is stored at 6 decimal places, and indeed, all the fields on the IBHistory record are also stored at 6 decimal places.  It seems like the standard field on this object should also be set to 6 decimal places, and if some customer needs it set to 2 instead they could add a custom formula field to limit it.

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    Ryan Faulkingham

    Hi Rebecca, thank you for the insight on this. I will submit a ticket to our product improvement team. 

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    Jeanae Remala

    I am trying to create history balances.  We have over 11,000 parts.  The list view of inventory balance items only shows 200 items at a time.   I'll never be able to accomplish this task/keep track of which 200 of 11,000 I've already selected....  How can I create the inventory more efficiently and accurately?

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    Rebecca Ralls

    Hi Jeanae - the best method I have come up with is to create a list view of all the inventory balances I need inventory balance history records for, set it to show 200 records at a time, select all 200 on a page, create the balance history, and go to the next page create the balance history, etc until I'm done. 

    I agree it is not efficient.  Especially if you get distracted midway through and can't remember if you've already made the request for the page you're on. The clover release at least makes sure that duplicate history records for a particular date are not created, so you should be safe to resubmit the page ... regardless. It's a fairly manual process and not much fun - particularly if you have a LOT of products.

    Up at the top of this thread, I posted a link to a feature request asking Accounting Seed to automatically create the history balances as part of the period close process like they do for AR and AP aging histories.

    Please upvote it if you also think it would be useful. https://accountingseed.zendesk.com/hc/en-us/community/posts/115001183887-Automatic-Inventory-History-Records-on-Period-Close

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