Inventory WAY off, to the good

[LOWAIRD1964]

Ok so our inventory is off by like $50k to the good? Does anyone know what I can do or where I can look in Reynolds to make sure everything is being put into correct accounts??

[LOKI1]

0504 and then account 242 detail y
You will need to choose the month and then the display type and then look it over. I left a few steps out but you can figure it out from there.

[LOWAIRD1964]

0504 and then account 242 detail y
You will need to choose the month and then the display type and then look it over. I left a few steps out but you can figure it out from there.

thanks loki1, once I get access I will look and see what I find, thanks again

[Mike Nicholes]

This won't answer the 'right now' WHY, but it will help keep control in the future. If the bookkeeper makes an adjustment to the parts account and sends you into the new year accurately, it will help even more. Go to www.partsconsulting.com, go to the download section and download the reconciliation and the understanding the key to the reconciliation; it's free with no obligation. Do this each month with a perpetual monthly count of the 300 fastest moving parts in the inventory and you should be able to spot the "why" things went wrong with your inventory vs. the G/L. if you need more help: miknik@aol.com

Mike Nicholes

[Partsalot]

On any inventory, what is a good percentage to be over? I here mostly 5-10%, anyone have a percentage that should be reached?

[Parts007]

On any inventory, what is a good percentage to be over? I here mostly 5-10%, anyone have a percentage that should be reached?

Read Mike Nicoles's post. It is your goal to get as close as possible. Whether talking about counts matching inventory, or inventory matching G/L, you want them to match. Any discrepancy, either higher or lower, could mean posting/process errors either in the parts side or accounting side.

[LOWAIRD1964]

Ok so I stumbled upon something while trying to figure out why my tire inventory is off. In screen 0136 in Reynolds on a ticket that has a tire billed on it. This screen shows

[LOWAIRD1964]

Does this look correct? Should there be 243 in here somewhere

[LOWAIRD1964]

But then I found source override

[sipps]

Like Mike said above, make sure you're reconciling every month end. You'll be amazed of how accurate it is. Well, with accurate GL numbers. We use automate for the cost savings. Our tire inventory is out of line every month. You have to be sure to receive and bill tires in the correct source. Otherwise your 242 inventory will be used.