Reconciling the Physical Inventory
Form Template
Reconciliation is defined as the process of identifying, explaining, and correcting the differences between the physical count and the asset balance in the General Ledger (GL).
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It is easiest to reconcile after month-end close to ensure up-to-date information. The Reconciling the Physical Inventory mobile details the steps involved such as: Determine the amount per physical count; Determine the amount per the General Ledger; Determine the adjustment amount and Consider obsolescence. Completed reconciliations are automatically stored in your account in the GoCanvas Cloud and can even be emailed to others (GoCanvas generates a PDF of all completed apps).
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