V8 - Reconcile item receipts report

The Reconcile item receipts report (Operations menu > Reports > Accounting > Reconcile item receipts) will provide the date and value of an item receipt in SOS Inventory in comparison to the corresponding bill or purchase expense in QuickBooks.  This report can highlight:

• Situations in which SOS Inventory created a bill or purchase expense in QuickBooks and a user changed or deleted the bill or purchase expense in QuickBooks, creating a mismatch between the valuation in SOS Inventory and the asset accounts in QuickBooks.
   

• Situations in which SOS Inventory created a bill or purchase expense in QuickBooks and a user changed the date of the bill or purchase expense in QuickBooks, creating a temporary valuation mismatch between SOS Inventory and QuickBooks, between the date of the item receipt and the date of the bill or purchase expense.

To run the Reconcile item receipts report:

• Under Receipt date, choose the From and To dates.
• Under Filters, choose All for the Payment type.
• Under Actions, select Display report.
   

Understanding the color coding on the Reconcile item receipts report

• Blue highlights. Blue highlights indicate that SOS Inventory did not post a transaction to QuickBooks for the corresponding transaction. If this is the case, go to the Item receipts list, edit the item receipt to ensure the correct payment method is chosen, save, and sync. 
   

• Green highlights. Green highlights indicate that the line item on the transaction cannot be found on the bill or purchase expense posted to QuickBooks.  This can occur if the line item was removed from the bill or purchase expense in QuickBooks, or if the item name has changed.  If the name has changed, this can be ignored.  If not due to a name change, go to the Item receipts list, edit the item receipt to ensure the correct payment method is chosen, save, and sync. 
   

• Red highlights. Red highlights indicate that the value of the line item on the transaction was changed in QuickBooks after SOS Inventory posted the bill or purchase transaction to QuickBooks.  When a red highlight is observed, it is important to determine which is the correct amount for the item – the amount in SOS Inventory or the amount in QuickBooks.  In either circumstance, the numbers should be corrected to match. 
   

  • If SOS Inventory reflects the correct costs for the items, edit and save the item receipt (without making any changes), and then sync so the bill will be updated. 

  • If QuickBooks reflects the correct costs for the items, edit and save the item receipt in SOS Inventory to match the costs reflected in QuickBooks. 
     

    infoTIP: In this circumstance, you may not want the bill in QuickBooks to be updated—especially if you have added line items for other expenses, taxes, etc. If this is the case, after saving the item receipt, click on the green check icon, choose Preview sync, and remove the Modify bill or Modify purchase expense associated with the resave of the item receipt.
     
    infoTIP: As the algorithm to compare transactions looks for the item name within the line on the QuickBooks bill/purchase expense, it can sometimes indicate a false mismatch. This occurs when the item name of one item on the SOS Inventory transaction is listed on more than one line of the purchase transaction in QuickBooks. If you have added these to the queue, synced, and the mismatch still remains, this is most likely the reason.