Reconciling MISys Liabilities and Inventory to Accounting Package Balance Sheet

Here’s a quick reminder about reconciling your MISys Liabilities and Inventory to your accounting package balance sheet.

When a period end is completed in MISys – here are some helpful reconciliation tips:

·       The PO Receipt Control Account should have a ZERO Balance in the Accounting Package GL

·       The Sales Transfer Control Account should have a ZERO Balance in the Accounting Package GL

To Verify MISys Inventory Value, refer to reports à Items à Item Valuation.

For Stock Value – select Stock/Reserve to Include – and run the report.

For WIP Value – select Stock/Reserve to Exclude & Include WIP – and run the report.

On the very last page – the total inventory value (based on your costing method) should match the value of inventory reported in the accounting package for MISys Inventory (or WIP Inventory)

To Verify MISys PO Liability Value, refer to Reports à Purchasing à Order Invoice Value

Depending on the processes in place at your organization, you can decide to include either of the status options above. Select a Functional Currency Setting and run the report.

On the very last page – the total liability value should match the liability for purchases that have not been invoiced in MISys reported in the accounting package.

If either of these reports does not reconcile properly to the values in your accounting package, give us a call or shoot us an email and we will be glad to help you figure it out!

Cheers,

Dean.