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Automatic Reconciliation of Transactions Generated through the Inventory Module to Inventory GL Control Accounts
Since the release of the original Reconciler product for Accounts Receivable and Accounts Payable, one of the most commonly asked questions of Software Index has been "when will this solution allow us to reconcile our inventory accounts"? We are now pleased to announce that this is no longer just a great product suggestion and we are pleased to introduce the Reconciler for Inventory!
The Reconciler for Inventory is an essential tool for any best practice inventory management plan. It significantly improves inventory accuracy calculation by balancing Inventory GL Control Accounts against transactions that have been generated through the Microsoft Dynamics GP Inventory Module. Developed to aid the reconciliation of Inventory transactions, the Reconciler for Inventory will also help to identify these transactions specifically by document type. These types include Stock Adjustments, Transfers To and From Inventory, POP Receivings and Finished Goods. In short, it will enhance standard operating procedures for inventory management, resulting in improved inventory accuracy calculation and more efficient management of accounts receivables and inventories.
Inventory Reconciler provides the kind of facilities missing from many inventory and accounting software systems. Use the Inventory Reconciler to automatically summarize large volumes of Inventory transactions for any GL Posting Date range, including open and historic financial years. Here you are also able to reconcile by a number of different Inventory Control Accounts and even by Site ID. Start by simply entering the "From" and "To" date range to be reviewed and then run the "Calculate" option. Once the Reconciliation Summary has been completed, any reconciliation issues within the identified period will be clearly displayed within the "Difference" field at the foot of the window.
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Key Benefits
- Automated reconciliation of Inventory Transactions to Inventory GL Control Accounts supporting best practice inventory management.
- Sorting and printing options available throughout the reconciliation process
- Enhanced drill-down options to view details of the erroneous source transactions providing improved inventory accuracy calculation
- Use the "Cross Tick" and the "Show Exceptions" options to display the problem transactions only
- Helps save frustration and time when completing your Inventory reconciliations
- Reconcile Inventory Accounts by Site ID
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The Reconciler for Inventory Summary window, will first be broken down in to "Opening Balance" amounts, illustrating the total value of transactions posted up to the "From" date entered. These figures are then added to by a further nine document types, all of which reflect the values for each transaction type included within the specified date range. An account movements value (a sum of all the types) and a new Calculated Balance figure, are also included at the initial summary stage.
The first column (Per Inventory Ledger) will naturally take its information from posted transactions in the Inventory module itself, whereas the second column (Per Inventory Control Accounts) will only include entries made to the GL. The latter will also contain an "Other Journals" value that will include amounts for certain entries made directly into the GL Control Accounts. The reconciliation will then be made between these two columns and the "Difference" calculated accordingly.
Set up of the Reconciler for Inventory could also not be easier. Prior to running the reconciliation process, it is essential that the Inventory Reconciler Control Account window has been completed.
Here it is possible to set up multiple Inventory Control Accounts to reconcile either ALL company sites together; or alternatively reconcile each individual Site ID recorded in Microsoft Dynamics GP separately. If an Inventory Control Account has been set up to cover multiple Site IDs then the reconciliation process will automatically group these Sites together when the reconciliation is selected.
Returning to the Reconciliation process itself, it is now also possible to enter adjusting balance amounts that may help to correct Opening Balance figures. In addition to this you can choose to concentrate on a single period and exclude any opening balances by simply marking the available checkbox in the reconciliation window.
As with the Reconciler for AR & AP product you will naturally be able to drill down onto each of the document types in order to investigate and understand more about the erroneous transactions. A "Day Book" option is also available along with multiple sort and view restrictions to further aid the reconciliation process.
With "Print" buttons available from all of the reconciliation windows, this will also allow the screen values to be reproduced quickly and easily in report format. These prints will be invaluable for including in the period end and audit records.
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As a new addition to the Reconciliation Series, The Reconciler for Inventory could help you to save many hours of time and frustration when trying to reconcile your Inventory Control Accounts.
This tool will also provide you with the necessary detailed audit reports and the ability to investigate problem transactions directly from the main reconciliation Summary window.
Like the original RM and PM Reconciliation tool, the Inventory Reconciler is both efficient and simple to use and should be included as standard whenever you are using the Microsoft Dynamics GP Inventory module.
You can download this information as a PDF Datasheet, the Reconciler for Inventory User Guide, the Install notes and even the product itself by visiting the Download Centre!
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