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GF1003 Inventory to GL Reconciliation Report (As Of Date)

Updated
Applies toInventory Reports AudienceAll users Last updatedSeptember 29, 2025

The Inventory to GL Reconciliation report in GoldFinch provides a summary of inventory values as of a specified ending date. It is primarily used during the month-end closing process to reconcile the General Ledger (GL) inventory balance with the actual Inventory Valuation. The report helps calculate the necessary manual adjustment entries to ensure the GL and inventory records align.

You can customize this report to show inventory valuation by Lot Number.

Running the Report

Set the Posting Date:
When running the report, ensure that the Posting Date filter is set to the desired calendar date (the "As of Date"). This will include all relevant entries up to and including that date in the calculations.



Column Names and Explanations

  • Shipped Not Invoiced:
    This column displays the dollar value of items where a shipment has been posted, but the corresponding invoice has not yet been posted.

  • Received Not Invoiced:
    This shows the dollar value of items where a receipt has been posted, but the invoice is still pending.

  • Output Not Costed:
    This shows the dollar value of items where the output from a Production Journal has been posted for a Work Order, but the Work Order has not been completed.

  • Expected Cost:
    This column totals the Shipped Not Invoiced, Received Not Invoiced, and Output Not Costed amounts. It represents the expected inventory costs that have not yet been invoiced or costed.

  • Invoiced Cost:
    This shows the dollar value that has been posted to the Inventory System GL Account, representing the invoiced cost.

  • Inventory Value:
    The total of the Invoiced Cost plus the Expected Cost represents the reconciled inventory value.

Month-End To-Dos

Reconciliation Steps

  1. Confirm that the Invoiced Cost matches the Inventory GL Account (System).

  2. If discrepancies exist, review using Inventory Analysis.

Manual Journal Entry

Post an accrual entry using the following:

GL Account Type

Account

Amount

Debit or Credit

Inventory GL Account (Manual)

Expected Cost

Offset Entry

Accrual Accounts

Expected Cost

The sum of the Inventory GL Account (System) and Inventory GL Account (Manual) should match the Inventory Value on the GF1003 – Inventory to GL Reconciliation Report (As of Date).

Article GF1003-Inventory-to-GL-Reconciliation-Report-As-Of-Date  ·  Last updated September 29, 2025 · GoldFinch ERP Help Center

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