Reconciling the Physical Inventory
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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