How to reconcile Inventory to General Ledger in GP?

[DynamicsGonePartying]

What is the best way to reconcile Inventory to General Ledger in GP?

In other words, what reports should I run in both Inventory and GL modules
to compare if values match?

I was told the Inventory does match General Ledger, but I do not have any
more info beyond that. So I would like to know which reports I am supposed to
run and compare to locate the difference.

Please advise. Thanks very much folks!

[Mohammad R. Daoud]

The best way I normally use is the smart-list rather than the reports, I
exports both smart-lists to excel and use “VLookup” function to match the
transactions, and get all the differences, however you can compare “Reports
>> Inventory >> History>>Distribution History Report” with “Reports >>
Financial >> Trial Balance – filtered to show only inventory accounts” or
with “Reports >> Financial >> Cross-Reference - filtered for inventory source
documents”

Regards,
--
Mohammad R. Daoud
MCP, MCBMSP, MCTS, MCBMSS
Mob: +962 - 79 -999 65 85
Great Package For Business Solutions
dao...@greatpbs.com
http://www.greatpbs.com
http://mohdaoud.blogspot.com/

[Bud]

Be aware that you can't really reconcile inventory to G/L if you're using the
average perpetual costing method (and GP 9)....see page 8 of this whitepaper:

https://mbs.microsoft.com/customersource/documentation/whitepapers/wpmdgp_InventoryCosting_90_10.htm

If you're on Release 10, you can do so, but you need to implement a special
process using the Historical Inventory Trial Balance report. See the file
10.0HITB.pdf for info on how to do that, found at:

https://mbs.microsoft.com/customersource/downloads/servicepacks/mdgp10_hitb.htm?printpage=false

--
Bud Cool
Microsoft Certified Business Management Solutions Specialist, GP 9.0
Financials
Currently supporting: GP 9.0, SP2

[DynamicsGonePartying]

Thanks guys for your responses.

We are on GP version 10 and just want to know if we are accurately comparing
/ reconciling the Inventory module to General Ledger.

Here is what we are doing. We have about 10 Inventory accounts in our Chart
of Accounts. We are focusing on 1 inventory account at a time.

First, we are trying to find the Inventory balance or valuation by running
the Historical Stock Status report in Inventory module. We are comparing
numbers starting with July 2008. So on the Historical Stock Status report, we
put 7/31/2008 in the "As of Date". In the report restriction, we are just
restricting it to the 1 inventory account. We are taking the total of that
report output and comparing it with period 7 (July) of the same account in GL
account inquiry window.

So does it sound like we are properly comparing the Inventory module with
General Ledger?

We know there is supposed to be a discrepency, however, we do not know if we
are running the correct reports in both modules to compare the numbers.

I believe Mohammed suggested using the Distribution History Report in
Inventory, which we tried, but did not get any output for the period, which
is strange.

So my bottom line question is typically when comparing or reconciling
Inventory module with General Ledger, specificallly which reports do we have
to run on both sides (Inventory and GL) and which report restrictions do we
need to set? I believe the main criteria on both sides is to set an Account
Number restriction and Date restriction.

We'd like to stay away from using Smartlists or Vlookups.

Thanks please help

[Bud]

If you're on GP 10, I'd recommend following the procedure outlined in the
10.0HITB.pdf file. It (theoretically, because we're still on release 9.0 so I
don't have actual experience) works much better than trying to compare the
Historical Stock Status report to the G/L.

Regarding balancing, this is from page 3 in the 10.0HITB.pdf file:

Using the Historical Inventory Trial Balance report

You can use the Historical Inventory Trial Balance report to balance your
inventory to your General Ledger. To balance a single inventory account,
print the Historical Inventory Trial Balance report for that account without
using any other restrictions. Then, print the General Ledger Trial Balance
report for the same account. Be sure
that you use the same date when printing both reports. If you are balancing
your current inventory value to General Ledger, print the Historical
Inventory Trial Balance report with no restrictions selected. Then, print
the General Ledger Trial Balance report using the same range of accounts as
the Historical Inventory Trial Balance report. If the Historical Inventory
Trial Balance report and the General Ledger Trial Balance
report don’t balance with each other, one of the following situations might
have occurred.

• You have posted to an inventory account through General Ledger and not
through the subsidiary modules.

• You have posted to General Ledger, but the batch was modified before posting
to General Ledger.

• You have posted to an inventory account from a subsidiary module, such as
Payables Management, but a record wasn’t created in the SEE30303 table.

• You have deleted the General Ledger batch that would have updated the
inventory accounts in General Ledger.

• You ran scripts using Query Analyzer that changed or updated transactions
that were related to inventory or item setup information that wasn’t
re-created
in the SEE30303 table.

• You have made several unsuccessful attempts to close General Ledger and you
haven’t addressed.

• You have customizations or third-party products that create or process
transactions that affect Inventory Control, but those customizations or
products
don’t use Microsoft Dynamics GP inventory scripts for posting quantity
movement. The Historical Inventory Trial Balance data won’t be captured.