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Its’s a common problem.  You run the Inventory Valuation report and, just to be on the safe side, you compare the total with the total of the Inventory accounts in your General Ledger.  What can possibly go wrong?  Yet the two don’t agree!  This blog offers some pointers as to how to identify and correct the differences and offers a backstop fail-safe method for doing this when all else fails.

 

Things to Check First

There could be four obvious reasons why the two are out of balance which we’ll run through first:-

• Are your postings up to date? You need to make sure you have run the Adjust Cost-Item Entries AND the Post Inventory Cost to G/L batch jobs to make sure any adjustments that are lurking in the background have been posted through to the general ledger.  If you have Automatic Cost Posting enabled and Automatic Cost Adjustment set to Always there should be no transactions to post but you never know….
• Have you posted any manual adjustments to inventory accounts? If you have, this will create differences between your GL balances and the IV report.  The Direct Posting flag should NEVER be ticked for any Inventory GL account.
• Are you comparing like with like? Because users will be constantly posting transactions to the inventory accounts it would be sensible to try to compare the balances at a point in the past (say the last day of the previous month).  If you do this, you need to make sure the Ending Date on the IV report is correct and you need to set a Date Filter on the Chart of Accounts that has the same ending date e.g. ..31/12/2017 as the Ending Date set on the IV report.  The figure on the Chart of Accounts you are comparing the IV figure to must be the Balance at Date NOT the Balance.
• Is your Posting Setup correct? In your Inventory Posting Setup page, all the WIP, Inventory and Interim Inventory Accounts must be Balance Sheet Accounts.  Likewise in the General Posting Setup page, none of the accounts there can be the same as any in the Inventory Posting Setup.  Any errors found here will need to be corrected before attempting a reconciliation.

 

If all that fails, then you are left with a laborious but fairly simple reconciliation process. Good Luck!