How to Reconcile Vehicle Stock

Reconciliation of vehicle stock is crucial for ensuring the accuracy of financial records and tracking stock values effectively. Follow these steps to reconcile vehicle stock:

Step 1: Run a Nominal Reconciliation Report

1. Generate a nominal reconciliation report.

2. This report will highlight any imbalances between the nominal accounts and the ledger.

Step 2: Investigate Imbalances

1. If an imbalance is detected, double-click on the relevant vehicle stock line in the report.

2. This action will display a detailed list of stock records, including those with discrepancies.

Step 3: Analyse Stock Records

1. Run a transaction report for the specific stock number identified.

2. Filter the report by the relevant nominal code.

3. Review the transactions to determine the source of the discrepancy. Typically:

   • Most figures appearing in the nominal codes (e.g., 1.3*.60.80) should align with the cost analysis on the stock record.

   • The exception to this alignment is the closing batch, which may differ.

Step 4: Resolve Discrepancies

1. Investigate and correct any variances to ensure the nominal and ledger figures match.

2. Document any adjustments made during the process for future reference.

Best Practices

1. Perform vehicle stock reconciliations weekly to identify and resolve issues promptly.

2. Regularly review processes to ensure compliance with organisational policies and financial standards.

3. Maintain clear records of adjustments and reconciliations for auditing purposes.