Stock on Hand Reconciliation report

Stock on hand reconciliation is the end-of-month (or, end-of-period) process of comparing your Cin7 Omni inventory to your Xero or QuickBooks Online inventory.

Your basic goal is to ensure that the closing balance of your Omni inventory matches the closing balance of your Xero or QuickBooks Online inventory. You’ve successfully reconciled your stock on hand when your closing balances match.

If your closing balances don’t match, you need to review the period’s inventory-related transactions in Omni and your accounting platform. Somewhere you’ll find a discrepancy—like an adjustment that wasn’t synced, or a purchase order with a different exchange rate than its bill. You must find and fix the discrepancy so your inventories balance.

Reconcile stock on hand

To make stock on hand reconciliation easy, Omni provides the Stock on Hand Reconciliation report.

In this monthly report, you’ll find your Omni inventory’s closing balance as well as a list of transactions that added to (debited) or subtracted from (credited) the value of your inventory that month.

This information is all you need from Omni to perform stock on hand reconciliation. You’ll need to find the complementary information in Xero and QuickBooks Online using their report features.

Inventory-related transactions

The Stock on Hand Reconciliation report includes purchase orders, supplier credit notes, additional landing costs, and adjustments that meet the following criteria:

• Purchase orders:

  • An Invoice Date within the month

  • An Accounting Invoice Status of either Imported

• Supplier credit notes:

  • A Supplier Credit Note Date within the month

  • An Accounting Invoice Status of either Imported

• Additional landing costs:

  • An Invoice Date on the purchase order

  • Synced to your accounting platform

• Adjustments:

  • A Completed date within the month

  • An Adjustment Date in QBO/Xero date

  • An Accounting Invoice Status of Imported

The report also includes the month’s cost of goods sold (COGS), which is the total landed costs of units either dispatched in sales orders or received in credit notes that meet these criteria:

• A Fully Dispatched date (sales orders) or Completed Date (credit notes)

• An Invoice Date (sales orders) or Credit Note Date (credit notes) within the month

• An Accounting Invoice Status of Imported or Do Not Import

Note, too, that only units in the Qty Dispatch column of sales orders are considered dispatched, and only units in the Qty Moved column of credit notes are considered received. If a line item’s Qty Dispatched or Qty Moved is blank or 0, it will not generate any COGS.

FAQs

Why doesn’t Historic Stock Valuations match Stock on Hand Reconciliation?

Don’t expect the values in the Historic Stock Valuations report and the Stock on Hand Reconciliation report to match.

These reports serve different purposes (historical valuations versus monthly reconciliation), gather transactions with different criteria (date that stock moves versus date of invoice), and display different data (line items versus transactions).

• Zendesk publishing.4.log-2014405138.zip30 KB
• Zendesk publishing.4.log-2014405138.zip30 KB