Invoice Reconciliation Workspace

Use this workspace to reconcile vendor invoices with the packing slips that accompany received items.

Use the Invoice Control workspace instead if a packing slip does not match a vendor invoice, or if you need to reconcile part of a packing slip with an invoice or part of an invoice with a packing slip.

If you want to specify another reconciliation, for example, if a cost price difference has occurred, you can use the Invoice Control workspace. You can also use the Invoice Control workspace if you only want to reconcile part of a packing slip with an invoice or part of an invoice with a packing slip.

When you post vendor invoices for warehouse items, and when you approve item receipts, Maconomy creates an entry in the sub-tab of this workspace for the vendor that is involved. These entries are called purchase transactions, regardless of whether they come from the Accounts Payable module or the Item Purchase module.

This reconciliation is related to the way that Maconomy handles inventory value in the general ledger. Maconomy checks that the value in the warehouse is always the same as the posted value in the general ledger. Since items are typically received in the warehouse before they are posted to the general ledger, Maconomy also separates the update of the inventory value account and the vendor control account.

When you approve item receipts in the Item Purchase module and in the Purchase Receipt workspace in this module, Maconomy debits the inventory value account and credits the account for unreconciled entries. When you later enter the vendor invoice, Maconomy credits the shipment of items to the vendor control account and debits them to the account for unreconciled entries. This avoids any imbalances that can occur when items are delivered in one posting period and the corresponding vendor invoice is received in another.

Maconomy also accounts for potential differences between inventory value and invoice amounts. For example: You order items and estimate their inventory value to be 2,000 dollars (the base currency). You later receive a vendor invoice for 2,200 dollars. Hence, the inventory value is wrong and must be updated. The difference is posted to the account for cost price and quantity variance and to the account for unreconciled entries.

A persistently large balance for the account for cost price and quantity variance is a sign that you must adjust your cost prices. You do this in the Inventory Change workspace in the Inventory module.

You must always reconcile, regardless of whether the initial inventory value is identical to the invoice amount.

Note that if you select the Aut. Appr. of Purchase Transactions system parameter in the Set-Up module, Maconomy automatically reconciles vendor invoices against the corresponding purchase transactions. If you do not select this system parameter, you must perform the reconciliation manually in this workspace as described.

In the Margin, Appr. of Purchase Transactions system parameter in the Set-Up module you can specify the permissible size of the difference between a purchase transaction and a vendor invoice, so that Maconomy automatically approves the reconciliation. If the difference exceeds the allowed amount, you still perform the reallocation in this workspace. This workspace only allows you to select entries to be reconciled. You cannot change any information.