Given the facts and client situation stated in Pt. 1 of this series we are looking for the following:
1. Tying out the Inventory (IV) sub-ledger to the General Ledger (GL) in GP; and
2. Looking only at relevant "stock" items that should have value.
In Pt. 1 I stated that the Reconcile to GL report in Financial does not work for this as there are almost 80 IV accounts in the balance sheet and many items that are not stock items.
I'm going to take a quick look at the report list in the IV sub-ledger to see if these can help. The following is a summary by IV Reports menu list.
Item - These are detailed reports and of almost no use to reconciling the GL. Any information required at a detail item level is likely best obtained from a Smartlist instead.
Serial/Lots - Nothing to see here. Move along!
Activity - Now we're talking. Let's drill into some of these below.
Analysis - None of these are related to any kind of balancing tasks. Pass.
History - For the most part Smartlists are a better tool for this. Cost Change looked like a good candidate but either they've never changed an item cost or this report is not working as it comes up blank. (No I haven't asked if they've made a cost change and I doubt they have.)
As an interesting side-note I went to the IV Utilities > Adjust Costs window and called up an item that was received at $0 cost (inadvertently) I received "You cannot post. The fiscal period that contains the posting date has been closed." We know the drill, right? Fiscal Periods - Open (this is a sand-box test instance by the way.) Error gone!
What I was hoping to accomplish in that screen is not what I expected. The item that went into IV with $0 cost and was entirely (and regrettably) sold before the invoice was matched displays with the adjusted invoice cost. On this screen I only see the adjusted, invoiced cost (which is correct.) (Leaves me with my $0 cost sold inventory transactions that didn't really cost $0.)
Another thing: Does anyone use these History reports? I can't make heads or tails of the Item Period History and the Sales Summary looks completely useless - better as a Smartlist.
Ok so let's take a look at some of the Activity reports and what they can do.
Purchase Receipts - Regrettably does not include a Class range restriction. Could perhaps be useful as a reference for discrepancy research but again a Smartlist would be more useful.
Stock Status - This report includes a "Segment" option so we can select the natural IV account from the GL. This report does include a "Total Inventory Value" so it might be useful however:
a. It shows Current Cost - will this be FIFO cost? Somehow I think not.
b. How is this report applying the Segment selection?
Further investigation warranted. In particular if this report can tie to the current GL.
Historical Stock Status - This could be good. Has Item Class as a Range. As side-note we upgraded them from GP 10 recently so the amounts on this report might be suspect according to this. Note you will need a Partner or Customer login to see that. The gist is the amounts in SEE30303 table might require an update and the Reset Tool will do this. Definitely looking at this one in more detail but from what I know this shows the roll-back of the counts from current on-hand quantities.
Historical IV Trial Balance - Real potential here but some problems. First this report is definitely account oriented, but again unclear on what the account refers to. It is possible to sort by account number, and you can specify an account number range or class. It shows account totals but here's where it goes wrong: When you try to match those totals up to GL periods it doesn't work. A clue is in the attempt to use the "Date" range to select. It apparently wants to start from the beginning of time. I could not find a way to restrict the report to a specific GL period to reconcile.
So some more work is warranted on the two Stock Status reports but I don't think the others will assist my reconciliation in any way.
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