Hi,
Before I go into the actual query I have, I'll just clarify a few things.
We are an IT reseller. I am currently trying to reconcile the Stock account, it hasn't been reconciled in a very long time. I am currently working on the financial period ending 31st March 2022. We use SOS Inventory to create Sales and Purchase orders, and this is also where we track the stock. We do not actually hold physical stock most of the time. We use SOS Inventory to produce Receipts, which makes bills on Quickbooks, and shipments (which "ship out" the stock).
When we reconcile the Stock account, the screen shows Bills and Journals (basically the shipments). Each bill has a corresponding shipment, and so when you tick off bills and shipments one after the other and everything is ticked off at the end, the difference is supposed to be 0.
The problem is, we have a few items that we purchased and we actually have with us. Due to different circumstances, those items were never sold so we just have them in stock and we are not sure when they will be sold. Therefore, on the reconciliation screen there is only a bill but not a shipment to match the bill to. The financial period in which the product was purchased has ended. I am not sure what to do. The bills need to be ticked off in order to finish the reconciliation but the opposing side is currently not there as the items have not been sold yet. As I said, the financial period has finished already and so the purchase of the item and the sale would have happened in different periods.
How do I finish the reconciliation? How do I account for products we have in stock which have not been sold yet?
