Reconcile Inventory with the General Ledger

Reconcile Inventory with the General Ledger to check the accuracy of material transactions that you have entered and posted in ProContractor.

  1. Go to Material > Inventory and post all inventory batches.
  2. Go to Materials > Reports > Inventory to General Ledger Reconciliation and run the report.
    Note: If using divisions, the report combines totals based on the selected inventory account.
  3. If the report shows a difference, you may need to reconcile purchase order receipts or stock receipts:
    1. To reconcile purchase order receipts not yet invoiced, go to Vendors > Reports > Purchase Orders > Purchase Order Summary, run the report, and make any needed changes. Use these settings for the report:
      Field Value
      Report Through Date Use the month-end date that you are reconciling.
      Purchase Order Status Committed
      Report Both
    2. To reconcile unposted stock receipts, go to Materials > Inventory > Stock Receipts Posting Journal, run the report, and make any needed changes.
    3. Run the Inventory to General Ledger Reconciliation Report again.
      Note: If using divisions, the report combines totals based on the selected inventory account.
  4. To account for any difference due to rounding, create a journal entry using the same month and year for the journal entry that you used for the reconciliation.
    Note: Without a correcting journal entry, the amount of the rounding error will remain out of balance and affect future reconciliations.