Info and Concepts
At the end of each month you will have to value your Aerotrack inventory assets for the purpose of journaling these values into your accounting software.
Your inventory asset is the sum of:
- Stock on hand from your store
- WIP (Work in Progress).
It is important to note that both inventory and WIP valuations are a “moving target”. They are constantly being updated by new purchases, sales and maintenance job transactions. Aerotrack does not keep a historical record of these totals. You will need to print and retain these reports at a “cut off” point in time. You cannot retrospectively print a balance for these reports.
The “cut off” point at the end of the month is extremely important as new transactions entered after this point should be for the new period only. If you need to back date these transactions you will need to manually add the figures to the report to get a new balance.
The end of month procedure consists of 2 parts:
- Checking that all purchases and sales have the correct counterpart entry in your accounting software.
- Entering the inventory journal entries into your accounting software.
Always consult your accountant for the journal entries for your accounting software and general advice on these procedures.
The Report centre in Aerotrack
Check for sync with accounting software
- From the report centre in Aerotrack print the following reports
- Print the “Sales by Date” report for the month period and status of “Parts Invoice”.
- Print the “Sales by Date” report for the month period and status of “Service Invoice”.
- Print the “Purchases by Date” report for the month period and status of “Bill”.
- Print the corresponding reports from your accounting software for purchase and sales, for the same month period for your inventory purchases account and inventory sales account codes.
- The purchases total for each report should be the same, if not you will have to manually check that each purchase has a corresponding entry in your accounting software and correct as necessary.
- The sales report from your accounting software should equal the total of the two sales reports from aerotrack. If not you will have to manually check that each sales no. has a corresponding entry in your accounting software and correct as necessary.
- At the “cut off point” (as described above). Print the Stock valuation report by category (either detail or summary) which will give you a total valuation for stock on hand
- Print a “Jobs by date” report. Enter the status of “in service” as a find request. This will report all WIP (parts and labour) for the active jobs no matter when they were started.
- If any purchase bills are received and dated prior to the cutoff point you will need to manually add these to the valuation reports.
- Add the valuation and WIP totals.
- Enter this value as journal entries into your accounting software. (Seek advice from your accountant on the journal entries).
Make sure that any maintenance jobs that have been completed (and invoiced) have their status set to “Complete” this will remove any WIP from the reports for these jobs.
Please consult with your accountant any extra reports / procedures you may require.