Stock Reconciliation

Stock Reconciliation sets the quantity and valuation rate of items in a warehouse to what you actually counted, and posts the difference. For a normal count the difference goes to Stock Adjustment - YFF: a shortage debits it and credits Stock In Hand, a surplus does the reverse. With Purpose Opening Stock, the difference account is Temporary Opening - YFF, which is how the demo's Rs 4,50,000 of opening stock was loaded in six reconciliations. Use it after every physical count, for damaged goods revalued downward, and at go live. Submitted reconciliations lock; cancel reverses both stock and GL rows. Entering a selling price as the rate is the classic mistake, inflating assets and profit.

Difference posted = (counted qty x new rate) - (book qty x book rate), per item and warehouse

1. 01Go to Stock > Stock Reconciliation > New and set the Posting Date and Time of the count.
2. 02Pick Purpose: Opening Stock for go live, Stock Reconciliation for a normal count.
3. 03Choose the Warehouse and click Fetch Items From to load current book quantities.
4. 04Type the counted Qty and the Valuation Rate at cost for each item.
5. 05Check the Difference Account: Temporary Opening - YFF for opening, Stock Adjustment - YFF otherwise.
6. 06Submit. For opening stock the entry above posts and the document locks.
7. 07Open Stock Balance to confirm the new quantities and values.

Create under Stock > Stock Reconciliation after a physical count or for opening stock. Submitted reconciliations lock.

The Rs 4,50,000 opening stock was loaded by Stock Reconciliation against Temporary Opening.