This article shows you how to reconcile the parts inventory in Orion

At the end of each month you should be reconciling your parts inventory to your general ledger in Orion to ensure there are no balance mis-matches.

 

To do this you will need to compare two reports to each other:

Stock Valuation Report

  • Print out the Stock Valuation Report
    • Current period Stock Valuation reports can be found under Parts > Reports > Stock Valuation
       
    • Historical Stock Valuation reports can be found under the Accounts module > Enquiry > Achieved Reports

Statement of Financial Position (Balance Sheet)

Compare the total balance of the Stock Valuation report to the Balance Sheet code for parts inventory
  • This can be done by going into the Accounts module > Reports > General Ledger > ‘Statement of Financial Position (Balance Sheet) > Select the relevant month.

the GL codes displayed here may be different from the ones in your Orion system

 

It is advisable to create an excel spreadsheet to help you reconcile for a range of periods.

This will allow you to establish when the parts inventory and GL have become mismatched. below is an example

Once the month is identified

Reconcile using a detailed report to find out which individual transactions do not match.

To do this you will need the following two reports:

GL Source Code Transactions

  • This can be done by going into the Accounts module > Reports > General Ledger > GL Code Source Transactions > Enter the parts inventory GL code and the period which is an issue (tick detailed and export it to excel).


Stock Transactions

  • Open the Parts module > Reports > Stock Transactions > Select the correct date range (e.g. the month of the mismatch) and export it to excel.

    • You will then need to reconcile the general ledger transaction to the stock transactions. This can be done by either manually marking off each transaction (you can use the reference number and amount when reconciling) or use excel formulas to compare the two different spreadsheets.
    • Once found try and identify why the transaction(s) were posted and correct individually.
      E.g. a manual journal created against the parts stock account might result in a transaction being present in the GL report but not the parts stock transaction report. This journal may need to be reversed.
    • After completing this reconciliation, you can give our helpdesk a call to discuss your findings.

Please note that the helpdesk is unable to give you accounting advice or conduct the reconciliation for you.