Inventory Reconciliation Template
Reconcile physical inventory counts to perpetual inventory records and the general ledger control account.
How to use this template
Obtain physical count results
Collect the results from the physical inventory count including quantities and locations.
Extract perpetual records
Pull the perpetual inventory system records showing quantities on hand for the same locations and items.
Reconcile quantities
Compare physical counts to perpetual records and identify variances by item and location.
Investigate variances
Determine root causes of variances such as shrinkage, counting errors, or timing differences.
Reconcile to GL
Verify that the perpetual inventory balance ties to the GL inventory account at period end.
Why use this template
- Ensures inventory valuation is accurate for financial reporting
- Identifies and prevents inventory shrinkage and losses
- Detects obsolete or slow-moving inventory requiring write-down
- Provides audit support for significant inventory balances
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