Stock Reconciliation
Overview
Stock reconciliations are used to adjust the quantity or valuation of stock to reflect the actual stock physically available. This feature is essential in perpetual stock management systems, where stock quantities are updated in real-time as transactions are recorded.
Who uses this page?
- Inventory managers
- Accountants
- Bookkeepers
- Finance staff
When to use this page?
- When the actual quantity of stock differs from the system- recorded quantity
- When adjusting stock valuations
Navigation path
To access the Stock Reconciliations page, navigate to: Inventory > Stock Reconciliations
Field descriptions
The following fields are available on the Stock Reconciliations page:
Main Form
| Field Name | Purpose | Expected Values | Defaults |
|---|---|---|---|
| Date | Date the reconciliation will be posted | Date | Current date |
| Time | Time the reconciliation was performed | Time | Current time |
| Comments | Explanation for the reconciliation | Text | Optional |
| Warehouse | Location of the stock being reconciled | Warehouse | Required |
| Expense Account | Account for recording adjustments | Account | Required |
Reconciliation Line Items
The reconciliation line items table has the following fields:
| Field Name | Purpose | Expected Values | Defaults |
|---|---|---|---|
| Item Code | Code of the item being reconciled | Item code | Required |
| System Quantity | Quantity of the item in the system | Quantity | Auto-filled |
| Actual Quantity | Actual quantity of the item | Quantity | Required |
| Valuation Rate | Valuation rate of the item | Decimal | Auto-filled |
| Difference | Difference between actual and system quantities | Quantity | Read-only |
| Difference Amount | Monetary value of the difference | Decimal | Read-only |
| Memo | Explanation for the difference | Text | Required |
Actions & buttons
The following actions are available on the Stock Reconciliations page:
- Save: Saves the reconciliation as a draft
- Submit: Submits the reconciliation for final processing
- Delete: Voids the reconciliation and reverses accounting and stock entries
Examples / usage notes
- When performing a stock reconciliation, ensure that the Warehouse and Expense Account fields are accurately populated.
- Use the Comments field to provide context for the reconciliation.
- Positive differences indicate less stock than recorded in the system, while negative differences indicate more stock.