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Inventory As Of

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edited Jul 1, 2020 9:22AM in Inventory Management 6 comments

Summary

Reconciling inventory balances with general ledger balances

Content

Hi all,

I would like to share this topic: at month end we have to perform a balance reconciliation between inventory and general ledger.

We use standard cost as evaluation method, thus value is quantity x standard cost.

We have to consider for the reconciliation only transactions within the period, therefore we cannot use inventory on-hand, since this is changing continuously and cannot be frozen at date.

Currently we have built a report to calculate balances at month end from the very beginning, but in time the number of transactions to consider will increase and report duration will increase accordingly. Being a retailer, the number of record per month is several hundred thousands. 

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