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.
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To create historical inventory balances for a month end, perform the following steps:
- Navigate to the Inventory Balance Tab.
- Create a list view of the balances your would like to create historical values for. Select the balances list view.
- Click the "Create Inventory History" button and select the date you would like to create balances for.
- 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:
- Create historical inventory balances for the last day of the accounting period to be reconciled.
- Compare quantity available times unit cost to the value recorded in the general ledger.
- Book a journal entry to the inventory GL account for any differences in value.