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IN Monthly Reconciliation

IN Monthly Reconciliation captures beginning and ending Inventory levels for one month, accumulates activity, and calculates ending values. Valuation Method comes from IN Company Parameters (Average Cost, FIFO, LIFO, or Standard Cost). Update creates an Adjustments batch of correcting entries that you then process — that is how Inventory GL balances get corrected (form wording that adjustments are “generated automatically” means via this Update → batch process path).

Each month is reconciled separately and in consecutive order. Beginning values for the current month come from the prior month’s ending values — do not skip months.

Before you start​

  • All inventory activity for the month is posted (purchases, sales, transfers, production, adjustments). Suggested review report: IN Inventory Totals by Matl and Location.
  • Read How the Reconciliation Process Works (sidebar) if you need the calculation background.
  • Close or clear open Inventory batches for that month. The form checks Inventory open batches for the month; it does not check PO Receipts, AP Expense, JC, EM, MS, or SM — clear those yourself if they affect Inventory.

Steps​

  1. Open IN Monthly Reconciliation.
  2. Enter Month (one month only — not a through-month).
  3. Initialize — loads beginning values from the prior month’s ending values and creates a record for each location and material.
  4. Print — review the Reconciliation Report.
  5. Update — creates an Adjustments batch of correcting entries and opens IN Batch Process.
  6. Process that batch normally. You can edit it in IN Adjustment Entry, but that is not recommended unless you will reprocess the month.

Hard rules​

  • Run only after month activity is posted. Late posts require a re-run.
  • Re-running a reconciled month removes existing monthly activity entries. You must then re-run every later month that was already reconciled.
  • Months must be consecutive; beginnings depend on the prior ending.
  • Open-batch check is Inventory-only for the specified month.

Notes​