A brief summary of examples of activities that happen in GM, Parts and Service to prepare for month-end or year-end.
Parts and Service - these types of actions should be part of the day-to-day of managing your department, but as you approach year-end, these must be up-to-date. Your Management team should decide how to handle invoicing - deciding whether to cancel uncollected orders and return items to stock, or billing out invoices to accounting for collection. Ideally, all sales in progress in the current fiscal year will be closed in the fiscal year, and only the debt is accrued by charging on account. This will allow Sales and Cost of Goods Sold to accurately reflect the activity of the year.
- Close all the open invoices (billing out, closing any aged quotes, splitting finished work from future work on service orders, and splitting parts invoices so special orders are isolated and the available product is on closed invoices whenever possible);
- Resolve all short sales;
- Review all invoices with strange profit margins;
- Review all open/submitted POs and adjust any orders that won't be received;
- Review all open/submitted warranty claims and confirm they are current claims;
- Verify that your General Part Inventory Report is an accurate reflection of your stock - cycle counts do this in an ongoing process, a full-count inventory may be required. (See Parts Inventory and the Tools Menu).