Post Inventory Reconciliation
Overview
When you post an inventory reconciliation, the program creates adjustment transactions for any discrepancies between your physical inventory count and the figures calculated by Inventory Control.
Before
you start
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Print the Inventory Reconciliation report (optional) before posting to check that the information you entered in the Physical Inventory Quantities form is accurate for each location.
The Inventory Reconciliation report lists the quantities and costs that the program will post the next time you use the Post Inventory Reconciliation form. The only items that will be posted are those that have the status "Ready to post."
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You can also check item statuses by displaying the worksheet in the Physical Inventory Quantities form.
To post inventory reconciliations:
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Open Inventory Control > I/C Physical Inventory > Post Inventory Reconciliation.
Click here for help on Post Inventory Reconciliation fields.
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Enter or use the Finder to select the range of locations for which you want to post reconciliation adjustments.
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Enter the transaction date, fiscal year, and period to which you will post the transaction.
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Enter a reconciliation number and an optional description or reference.
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When you are finished, click Post, then click OK for the message that appears.
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Click Close to close the Post Inventory Reconciliation form.
After
posting inventory reconciliations
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Check the Physical Inventory Quantities form to see ih everything was posted.
When you post reconciliations, the program changes the “Ready to post” status of any items it cannot post to a status that indicates the problem.
To post items to which the program assigned one of the following statuses, make the changes described, then use the Physical Inventory Quantities form to set the item’s status to “Ready to post”:
The item record was deleted between the time you generated the worksheet and the time you posted the worksheet.
Before you can post the item: Add the item record back into Inventory Control.
The item is a non-stock item. Inventory Control does not maintain quantities and costs for non-stock items.
Before you can post the item: Select the Stock Item option on the item record in I/C Items.
You have not assigned the item to the worksheet’s inventory location. (If the Allow Items At All Locations option is turned on, the program does not assign this status.)
Before you can post the item: Either allow the item to be stocked at the worksheet’s location or turn on the Allow Items At All Locations option on the Processing tab of I/C Options.
Reconciling the on-hand and counted quantities entered in the Physical Inventory Quantities form will reduce the item’s on-hand quantity to below zero in the Inventory Control system. (If the Allow Negative Inventory Levels option is turned on, the program does not assign this status.)
Before you can post the item: Either turn on the Allow Negative Inventory Levels option on the Processing tab of I/C Options, or replace the number in the Quantity Counted column in the Physical Inventory Quantities form so that the sum of the quantity counted and the quantity on hand is zero or greater.
The Inactive option is selected in the item record. Inventory Control allows transactions to be posted only for active items.
Before you can post the item. Clear (uncheck) the Inactive option in the item record in I/C Items.
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Run Day End Processing to update the company's costing and statistical data (unnecessary if you cost items during posting).
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Print the Adjustments Posting Journal to check the adjustment transactions posted by the program for the reconciliation.
Note that when you post an inventory reconciliation for which an adjustment number already exists, the Inventory Worksheet will create separate adjustments for every one hundred items, and append "1", "2", "3", etc. to the end of the document number.
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Delete inventory worksheets that you do not need. For example, delete worksheets that contain only items that you do not want to post.