Reconciling inventory

Reconcile allows you to ensure accuracy in both inventory levels and financial records, correcting errors and aligning them with actual data. It involves comparing physical inventory counts with recorded data to ensure accuracy.

For example, if you have an item, like light bulbs, with an initial stock of 50 units, you will need to regularly verify and update this quantity based on physical counts. Suppose you conduct monthly checks to match the physical stock against the data in your system. If discrepancies are found—such as the system showing 30 bulbs when you physically count 40—you need to update the system to reflect the accurate count. This process is important to maintain accurate inventory records.

Similarly, reconciliation applies to pricing. If you record the price of a bulb as 5 dollars each but later receive a supplier invoice indicating the price is actually 4 dollars each, you must reconcile this difference to ensure your pricing records are correct.

Reconciliation helps to correct errors, maintain inventory accuracy, and ensure that financial records align with actual physical assets and their costs.

This section covers the following topics:

• Reconcile tab

• Reconcile a stock

• Adjust Stocks—Quantity Reconciliation dialog box

• Adjust Stocks—Price Reconciliation dialog box