GoldFinch and Accounting Seed Inventory Reconciliation

At month’s end, you will want to reconcile your inventory value with the value in your General Ledger. Reconciling your inventory values can be a time-consuming process. To help with that, some reports and functions in GoldFinch can streamline the process.

To reconcile the GoldFinch (GF) Inventory Sub Ledger with the GF GL Inventory Balance, follow these steps:

1. Run the GF1003 Inventory to GL Recon As Of Date report as of the month-end date to view the inventory value.

2. Run the GF4010 Inventory GL by Month report to view the month-end amount posted to the GL.

3. The Invoiced Cost on the GF1003 Inventory to GL Recon As Of Date report must match the accumulated GF Inventory Balance on the GF4010 Inventory GL by Month report for that date.

4. If you see differences, run the Inventory Analysis function to look for differences by Document No.

   1. Enter the Start Date and End Date to minimize the scope of analysis.

   2. The routine takes a few minutes to run. Refresh the page until you see the last line, which is named “Total.”

   3. Search for the Document No. in GF to research transactions to look for the root cause.

To reconcile the data between GoldFinch (GF) and Accounting Seed (AS), compare the GF GL Inventory Balance and AS Transaction Balance.

1. Run GF4010 Inventory GL by Month

2. Run AS110 Inventory Transactions by Month

3. The monthly changes must be the same for the Inventory Account

4. If not, check the following potential reasons:

   1. Are there any GL Entries posted in GF but not copied to an AS Journal Entry?

      1. Create a view in the GL Entries list to see the entries with these filters:

         1. Is AR/AP = false

         2. Journal Entry = blank

   2. Are all of the Journal Entries created in the Accounting Seed from GFERP posted?

   3. Are there any manual entries posted to the Inventory GL Account in AS?

5. If you see differences, run the Inventory Analysis function to look for differences by Document No.

   1. Enter the Start Date and End Date to minimize the scope of analysis.

   2. The routine takes a few minutes to run. Refresh the page until you see the last line, which is named “Total.”

   3. Search for the Document No. in GF to research transactions to look for root causes.

6. Finally, post a manual entry in AS so that the Accrued Inventory Account equals the Expected Cost in the GF1003 Inventory to GL Recon As Of Date report.
   The total Inventory values must be the total of the Inventory Account + the total of the Accrued Inventory Account.

7. For reference:

   1. GoldFinch Month-End Closing Best Practices Month-End Routines

   2. Accounting Seed Month End Closing Best Practices https://support.accountingseed.com/hc/en-us/articles/217520877-Best-Practices-for-Month-End