Silverfin gives you the ability to complete 2 types of stock reconciliations: simple and complex
So what is the difference?
The 'simple' option provides a breakdown per stock account. You can choose the level of detail you want to go into - so if you'd like to summarise the details of all the stock in an account in 1 line then go for it! If you'd like to break down the stock types within an individual account into multiple lines, that's ok too! You are able to use 1 stock account code multiple times across multiple lines.
The 'complex' option is not reconciled on an account basis, but rather per stock type. This is for a more detailed reconciliation. It also allows you to input a bit of extra information if required, such as the stock number.
Steps to complete:
1) [Simple only] Drag in the relevant accounts using the # functionality
2. Select the relevant ' Stock type' in the dropdown (not mandatory):
3. Enter the stock description (not mandatory)
4. Enter the value of the stock and any impairment (use a minus symbol/- in this box). You can also add any notes and attachments
5. Select the relevant verification option and upload any supporting documentation (e.g. the stock take sheets)
At the bottom of the page you will also see a tick box 'To show aggregated summary'. This provides a concise summary of the stock on hand relative to the prior period, as well as the difference between the 2 periods:
As always, you are able to copy the data over from a prior period.
Once your stock has been successfully reconciled, your 'green dot' will appear.
If it's not reconciling, perhaps it's due to the stock verification.
As they say, there are 3 kinds of people: those who can count and those who can’t ;)