Y/E Parts Reconciliation

[bwydur]

I am trying to reconcile my parts inventory for year end. I have had zero training on how to do this. I know it is not that complicated, but I am showing my GL has $25000.00 less then the parts inventory sheet. What am I missing and where can I look to find the issue. I have added in the parts inventory adjustments for the year, added in batteries, which our parts manager stocks into inventory, but are not billed for them until they sell. Thanks for your help. Also my DMS is AutoSoft.

[Parts007]

I can tell you that you will have to deduct consignment inventory from your total inventory as you have not paid for it yet. We do this with tires.


Also do a search for reconciliation or reconcile on the parts forum. You will get lots of information.

[bwydur]

Yes, I searched the forum looking for out of the box answers, but couldn't see anything. I have accounted my GM price updates, bulk oil adjustments and consignment parts. It is just not adding up. What else should I be looking for?

[VWParts1972]

Morning, I have uploaded a spreadsheet we use here. pretty much adds up all the WIP for the parts department and gives you a total. Pretty simple. If you are 25k out. Really depends on how much inventory you are showing. Usually 1-2% is the norm with out doing a physical. Not sure if the upload took.



A. Closing Balance, Parts Management Report $

B. Used Cores (not shipped) +

C. Work in Process Repair Orders +

D. Parts at Casher (WIP counter tickets) +

E. Parts returned for Credit (pending credits) +

F Core Returns in Transit + 0.00

G Outstanding Purchase Orders + 0.00

H Prepaid Special Orders Not received - 0.00

I Parts Received Invoices not in Accounting - 0.00

J Total $ 0.00

K G/L Balance $

L Variance $


Prepared By -

Reviewed by -


Estimates may be used for some of the items above (i.e. work in process).

There typically is a variance each month, however, this variance should be relatively
constant and any deviation in the variance should be investigated.