Open Items Reconciling to Balance Sheet

[Former Member]

Hi

Please could someone confirm the following for me:

- Open Items List - GRPO's less Good Returns should reconcile to Balance Sheet Account GRNI - at any given time

- Open Items List - A/P Reserve Invoices - Not Yet Paid & Not Yet Delivered should reconcile to Balance Sheet Account Stock in Transit at any given time

Thanks

Lisa

[kothandaraman_nagarajan · Accepted solution]

Hi,

If your company manage perpetual inventory system, please refer below guide to know all types posting to accounts.

http://www.pioneerb1.com/wp-content/uploads/2012/06/How-to-Set-Up-and-Manage-a-Perpetual-Inventory-S...

Thanks & Regards,

Nagarajan

[Former Member]

Hi,

Both account are clearing account. It should always reconcile automatically by the system if you

follow process properly. Some time user will create journal entry un expectly because of that it will

show the balance amount to be reconcile . In this case you have to make correction entry and

reconcile the account properly. In future you may block the JE for those clearing accounts.

Regards

Sridharan