![]() Luckily, there are lots of great support documents that can be found in Service Connect. Of course, this does make the process of going back and reviewing adjustment reports a little bit more work, but it can still be done.įor dealers who have not completed an inventory in EVO, the process can be somewhat daunting. Then, when the counts are posted back into the system, a lot less time is spent working the exception reports (which, for some dealers, take more time to do than the physical inventory). One nice trick I’ve learned is that when a dealer hasn’t conducted an inventory in more than a few years, it’s often easier to 0 out the available quantity for the entire inventory. Over the last 25 years, I have assisted many dealers in conducting their inventories (no, it doesn’t get more enjoyable), and I’ve seen many variations of the process. If you don’t, then there could be a little pain when this journal entry is created. Again, if you have good systems and good controls in place, then the write-off should be minimal. ![]() Dealers will then need to make an adjusting entry to the GL in order to bring the physical count in line with the GL. Once the count has been completed, and all the exceptions have been dealt with, it’s now time to run a second inventory valuation report. On hand quantity > 100 – Making sure we didn’t incorrectly key in the quantities for any items. ![]() Cost value greater than $500 – Double checking to make sure that data input errors didn’t cause a single item to inflate the inventory.Employees will need to search for these items, and they will need to be written off if they cannot be found Parts not counted – On hand 0, and the date last counted is prior to the start of the inventory.Here are the ones we look at once our counts have been posted. Once a dealership has completed and posted the physical counts, it’s then time to work the exception reports. This has made the posting process considerably easier because the system now automatically accounts for special orders and layaways that the customer has not picked up. While the system used to update the “on hand” field for each parts record, the system now updates the available quantity for each item (and then backs into the on-hand quantity). It’s important to recognize that Lightspeed also updated the posting screen (this was done a few years ago). Each time a part is adjusted or the count is confirmed, the “date last updated” for that record is incremented to the current date and time.If the count has changed, then the new count will be reflected in the parts record.When using the built-in functionality of Lightspeed to update inventory, two key changes occur as each parts record is updated. Audit the special order and layaway shelves, making sure that the items on the shelf match up with what the system says should be there.While it’s not a requirement, it’s also best to ensure that all the following have been processed before starting the count. The second report can help you to restore your original counts (if the process doesn’t go as planned). Prior to starting the inventory, best practices dictate that you should print a copy of your inventory valuation report and generate a file showing all of the parts numbers and their on-hand quantities. Scanning and uploading barcodes from mobile devices using the Lightspeed EVO app (this is a recently added feature – be sure to try it out even if you don’t use it for a full inventory). ![]() ![]()
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