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:
- 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:
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.