Connecting Inventory and Finance Controls in ERP
The short answer
Define each item movement from purchase to issue, sale or disposal and connect it to account, cost centre and permission. Differences often come from units, cut-off dates or unapproved movements.
Three actions to take
- Standardise units and conversions.
- Review negative movements and adjustments.
- Reconcile inventory and ledger monthly.
Start with the real scope
Define each item movement from purchase to issue, sale or disposal and connect it to account, cost centre and permission. Differences often come from units, cut-off dates or unapproved movements.
- Standardise units and conversions.
- Review negative movements and adjustments.
Review the points that change the decision
How to control units, costing, movements and approvals so inventory reports agree with financial entries. Record assumptions clearly and separate confirmed data from items that need checking against the official source or actual operation.
- Review negative movements and adjustments.
- Reconcile inventory and ledger monthly.
Turn the review into a usable output
Finish with an owner, version, date and follow-up indicator. This keeps the file useful after delivery and allows it to change with the activity, product or system.
- Standardise units and conversions.
- Reconcile inventory and ledger monthly.
Need to apply this to your facility?
Share the activity, city and current stage, and we can help define an appropriate work scope.
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