I look into my chart of accounts to see my inventory accounts and my WIP account and their balances. My WIP account for finished goods represents the amount of production inventory being manufactured right now. In my example above, I see my
Usually, I would go into my production WIP, in report and analysis, I can enter an end date and when I view this report, I can see all my values posted on my item ledger entries, in my production and my value posted to G/L. My report shows a different value, which why the GL and and WIP ILE are out of balance.
So the math in my example shows a GL at $176 and a WIP at $112, a difference of $63, which is what appear in the Reconcile page above.
So the Inventory to G/L Reconcile page calculates the WIP and differences between GL and ILE. I see, there's a difference of 63,000 and no matter what I do, this is difficult to get rid of or qualify. If I finished all production orders and I invoiced all of my outstanding purchase orders, this will be zero. But the reason it occurs, in the first place, is because of this, if I go into my inventory setup I see, that I didn't check, 'Expected Cost Posting to G/L'. This functionality will record transactions that are not fully completed to keep the ILE and GL in-sync (accruals).
So, if I place this checkmark, on the field, it tells me to run the cost posting to G/L and synchronize. I run the report and both my values are now the same.Hope this helps. Note that I will check this field for Manufacturers to accomplish WIP reconciliation and Shipped Not Invoiced/Received Not Invoiced accruals.Thanks and Stay Safe,Steve
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