V8 - Reconcile journal entries report
The Reconcile journal entries report (Operations menu > Reports > Accounting > Reconcile journal entries) will provide the current calculated value of a transaction and compare it to the journal entry that was sent to QuickBooks for the transaction. This report can highlight:
- Journal entries that were changed in QuickBooks.
- Journal entries that were posted to QuickBooks, but the value of the transaction has changed in SOS.
- Transactions that did not post a journal entry in QuickBooks.
To run the Reconcile journal entries report, choose a date time frame, choose All for the type of transaction, and Run report. The report can be run for a specific type of transaction if needed in a followup action.
- Transaction numbers. The Reconcile journal entries report matching algorithm relies on matching a particular transaction to a particular journal entry in QuickBooks. As such, for any transactions that do not have a transaction reference number, no match will be possible. These lines will be highlighted in blue.
- Blue highlights. Blue highlights indicate that SOS Inventory did not post a journal entry to QuickBooks for the corresponding transaction, or such journal entry was deleted in QuickBooks after it was posted by SOS Inventory. This may have occurred if the value of the journal entry would have been $0. If the currently calculated value of the transaction is not $0, click the Add to queue link to add that transaction to the sync queue. If the current calculated value of the transaction is $0, this line can be ignored.
- Green highlights. Green highlights indicate that the line item on the transaction cannot be found on the journal entry posted to QuickBooks. This can occur if the value of the line item was $0 at the time the transaction was created or if the item name has been changed since SOS Inventory posted the journal entry to QuickBooks. If the current value of the transaction is not $0, click the Add to queue link to add that transaction to the sync queue. If the current calculated value of the transaction is $0, this line can be ignored.
- Red highlights. Red highlights indicate that the value of the line item on the transaction was changed after SOS Inventory posted the journal entry to QuickBooks. This can occur if a transaction increased or decreased the inventory value of the item dated before the transaction in question. This can also occur anytime a historical transaction containing that item was added, edited, or deleted. When a red highlight is observed, click the Add to queue link to have SOS Inventory update the journal entry in QuickBooks with the newly corrected values.
edit_noteNOTE: As the algorithm to compare transactions looks for the item name within the line on the QuickBooks journal entry, it can sometimes indicate a false mismatch. This occurs when the item name of one item on the SOS Inventory transaction is contained within more than one line of the journal entry in QuickBooks. If you have added these to the queue, synced, and there still seems to be a mismatch, this is most probably the case.
edit_noteNOTE: On returns to vendors, the item that is removed from inventory will affect the asset account and either the accounts payable or a selected account according to the valuation method you have chosen in SOS Inventory. If using vendor credit, this value may or may not be the same as the amount of credit the vendor (supplier) provides. If this is the case, it is recommended that you add a second line to the journal entry or vendor credit (depending which option was chosen) to account for the difference in the valuation-method-derived value of the RTV and the amount of actual credit given by the vendor (supplier).