Whether you do it at month end or year end, it’s important to reconcile your inventory sub-ledger to your inventory General Ledger Accounts. Unlike the Receivable and Payable Accounts, the Inventory Account is not a control account and erroneous entries can be posted to the General Ledger Account.
In this video, we show you how to export your General Ledger and inventory audit reports. You'll also learn how to quickly reconcile the two in Excel to identify and correct any erroneous journal entries.
File Downloads to Help You with the Process
PowerPoint presentation, for a step-by-step guide through the process: Download the presentation
Excel file to use as a template: