V9 - Summary of reconciliation process

 

The reconciliation process is considered to be an intensive step-by-step process and entails more than just using tools provided in the software. It also entails making sure that the data is correct before you start looking at the asset balances.

 

Ensuring transactions involving receipt of goods are error free

The original value of received items is a key component to ensuring good asset value. If item receipts have errors based on the bills or purchase expenses created, it will result in an imbalance of value between SOS Inventory and QuickBooks Online. To ensure that no sync errors exist, you need to use the Bills list and the Purchases list. These can be found under the Sync menu and will allow you to see if any errors need to be corrected. This part of the process is detailed in Bills list (vendor invoices) and Purchases list (cash, check, credit card).

 

Steps in the reconciliation process

Once you have corrected errors in your source data, you need to find either the date that your accounts balance or determine when they went out of balance. You will be using one or more reports to compare and verify your asset value between SOS Inventory and QuickBooks Online.

 

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.

 

  1. 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, see Using the Inventory value report for reconciliation.
  2. 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. See Using Work in progress (WIP) report for reconciliation for more information.
  3. 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. See Reconcile item receipts tool for more information.
  4. Use the Reconcile vendor credits report to ensure the vendor credit values in QuickBooks match the corresponding return to vendor transaction in SOS Inventory. See Reconcile vendor credits tool for more information.
  5. Use the Reconcile journal entries report to ensure that all journal entry values in QuickBooks match to the corresponding SOS Inventory transaction. See Reconcile journal entries tool for more information.
  6. Once reconciliation is complete and the SOS Inventory value report coincides with the asset account(s) total in QuickBooks Online, we recommend that you close the books for that period both in SOS Inventory and in QuickBooks Online.