GF1003 Inventory to GL Reconciliation (As Of Date)

Overview

The Inventory to GL Reconciliation report will show the Inventory Value as of the specified ending date. This report will be used during the month-end closing to calculate the figures to post manual adjustment entries to reconcile the GL Inventory with the Inventory Valuation.

Running the Report

When running this report, make sure to change the Posting Date filter to a calendar date as the As of Date. This will ensure all entries through the As of Date will be included in the calculations.

Column Names Explanation

Shipped Not Invoiced – This will show the dollar amount of the item where a shipment has been posted, but the invoice has not yet been posted. 

When processing the month-end routines, you will want to Credit the Inventory Manual GL account with the Shipped Not Invoiced amount and Debit the Receivables Accrual account.

Received Not Invoiced – This will show the dollar amount of the item where a receipt has been posted, but the invoice has not yet been posted.

When processing the month-end routines, you will want to Debit the Inventory Manual GL account with the Received Not Invoiced amount and Credit the AP Accrual account.

Output Not Costed – This will show the dollar amount of the item where the Production Journal (output) has been posted for a Work Order, but the Work Order has not yet been finished. 

When processing the month-end routines, you will want to Debit the Inventory Manual GL account with the Output Not Costed amount and Credit the WIP account.

If you do not Report Work Order Output by Item Routing Output Not Costed amount is your WIP amount as of a historical date.

If you do Report Work Order Output by Item Routing Output Not Costed amount is NOT your WIP amount as of a historical date. You can create a standard Salesforce report and summarize GL Entries for the WIP GL Account, by Work Order, to report total WIP as of a historical date.

Expected Cost – This will show the total of Shipped Not Invoiced, Received Not Invoiced, and the Output Not Costed amounts.

Invoiced Cost – This will show the dollar amount that has been posted to the Inventory System GL Account. 

Inventory Value – This will show the Invoiced Cost plus the Expected Cost.