Part 2: If you find yourself trying to find the problem in a bad Parts Inventory Reconciliation and have exhausted all common methods to find the error, here are other places to look; Aftermarket parts value postings vs Parts value posting in DMS Bulk Oil Adjustments (sell a full liter, but give customer a decimal …
1: After a Parts inventory physical count, the inventory reconciliation should be within +/- 1-3% of each other. Anything much further beyond this needs to be investigated and corrected. This includes having a major surplus in Parts Physical vs Accounting. Any accountant will tell you that parts inventory and accounting inventory match dollar for dollar …
Part 5: Reviewing Accounting inventory, after looking at large value postings. The next step is to review manual entries effecting Parts Physical Inventory, and then look at aftermarket parts postings. There are cases (at least at this point in the process of a bad reconciliation) where you could find shop tools and other non-parts inventoried …
Part 4: A step to take when reviewing a bad physical inventory/reconciliation, is to review accounting when all else is exhausted (see prior posts). Start with the last 30 days, and pull all accounts which effect physical inventory in Accounting. Then sort by largest to smallest, and review if the postings are correct. When an …
Part 3: When things go bad in a physical inventory count, the automatic presumption is that the physical count was bad. More often then not, a “recount” doesn’t find or fix the problem. If the problem is big enough, to rule out the physical inventory count isn’t a problem, it is a good idea to …
Part 2: If you’ve tried making your reconciliation match, and you just can’t get the numbers to line up, keep in mind, there are 2 places you have to investigate to find the problem. It could exist in Parts or Accounting. Yes, much as the problem could exist in Parts, it could also exist in …
Part 1 : You completed a physical parts inventory count, and your numbers are still off. If this is the case, after you followed the advise and steps from our prior posts, you need to hone in on a few areas; – Are there values missing from either side of the Parts Dept or Accounting …
Part 2: After a physical inventory count, it’s imperative that you have listed out all the numbers possible, that effect both Parts Physical and Accounting Inventories. Here is a list of the most common (but not limited to) “Accounting Dept Values” from the Accounting side; Accounting Dept Inventory Value From The Month End Financial Statement …
Part 1: After a physical inventory count, it’s imperative that you have listed out all the numbers possible that effect both Parts Physical and Accounting Inventories. Here is a list of the most common (but not limited to) “Parts Dept Values” from Parts side; Value of Physical Inventory (From Parts Managers Report) Value of Outstanding …
It happens sometimes, where Physical Parts Inventory counts vs. Accounting (known as Inventory Reconciliation) doesn’t line up. The first step is for the parts manager to go back, get all his documents together, review line by line, and re-total his numbers. If the problem exists still where Parts Physical and Accounting still don’t line up, …