V8 - Reconciliation process overview
Although SOS and QuickBooks synchronize data, inconsistencies in the source data (due to data entry errors, business changes, intended differences, etc.), will result in inconsistencies in the synchronized data. A reconciliation process helps to ensure that your data is correct in both applications and that you have accounted for any differences (either intentional or unintentional).
The process is similar to balancing your checkbook – simply making sure that everything matches as expected. This document describes in detail the interaction between SOS Inventory and QuickBooks, the tools in SOS Inventory that can be used to reconcile, and some special situations that can affect the reconciliation process.
Summary of reconciliation process
Reconciling inventory value between SOS Inventory and QuickBooks Online involves some or all of the following steps, depending on which SOS features you are using. Once your values match, you know that you’ve accounted for everything and that you’ve finished reconciling.
- Run an Inventory value report in SOS Inventory and compare it to the total of the asset accounts in QuickBooks Online. If the values are the same, you are finished, and everything is as expected. If the values are different, continue with further steps.
- If using work centers, run the Work in progress report. These totals, combined with the Inventory value report, should be compared to the asset accounts in QuickBooks.
- Use the Reconcile item receipts report to ensure all bills and/or purchase expenses have synced to QuickBooks and that the line amounts on the item receipts in SOS Inventory match the line amounts on the bills and/or purchase expenses in QuickBooks.
- Use the Reconcile journal entries report to ensure that all journal entry values in QuickBooks match to the corresponding SOS Inventory transaction.
- Use the Reconcile vendor credits report to ensure the vendor credit values in QuickBooks match the corresponding return to vendor transaction in SOS Inventory.
- Check the Adjustments list in SOS Inventory to ensure that the correct inventory adjustment account has been used.
- Check your Other cost items to ensure their proper setup.
- Check QuickBooks Online for transactions that may have been added or edited after SOS Inventory posted them.
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