Stock Balance and Stock Account Balance Syncing
Question:
The balance of the Stock account in the books is different from the value of the stock in the warehouses. How do I find the entries that differ and correct them?
Answer:
When Perpetual Inventory is on for the Company, every stock transaction posts to the Stock account, so the account balance and the stock value in the Stock Ledger should match. A Journal Entry cannot be used to change this account while the two balances match. iVendNext refuses it with the message "Account: ... can only be updated via Stock Transactions".
To find the entries that differ, open the report Stock and Account Value Comparison:
- Select the Company. You can also select one Account and an As On Date.
- Read the rows. Each row is one voucher. It shows the Stock Value, the Account Value and the Difference Value. The report lists only vouchers where the difference is more than 0.1.
- Tick the rows you want to correct.
- Click Create Reposting Entries, then confirm.
iVendNext creates a Repost Item Valuation entry for each ticked voucher and queues it. When the reposting has run, the Stock Ledger and the Stock account are posted again from those vouchers. The change appears in the Trial Balance and in the Stock Balance report. Run the report again to check that the rows are gone.
The report Incorrect Stock Value Report finds the first date on which the two balances differ. It lists the Stock Ledger entries on that date whose value does not follow from the entry before.