Part Inventory Posting Enhancements

Part Inventory Posting Enhancements


Part Inventory Posting Enhancements 

Capped Parts Invoices on Unit Deals:
A new system setting “Default Capped Invoice Inventory Offset GL Account” has been added.

An offset to the part inventory GL entry is created only if the new default GL account is set, otherwise, the inventory GL account is relieved once the deal is “Posted”.

When a Deal Gen Merch Invoice is set to “Capped”, an entry is made to the “Default Capped Invoice Inventory Offset GL Account” and the part inventory GL account; PostedOn = Current Date. When the invoice is posted through the posting of the Deal, the “Default Capped Invoice Inventory Offset GL Account” is relieved instead of the part inventory GL account.
 
Submitted Credit Purchase Orders:
A new system setting “Default PO Part Credit Offset GL Account” has been added.

When a PO with a refund line item is submitted, two GL entries will be posted, crediting “Default PO Part GL Account” and debiting “Default PO Part Credit Offset GL Account”. Then when the PO Vendor invoice of the PO is Stocked/Posted, the GL entry will credit the default PO Part Credit Offset GL account instead of the default PO Part GL account.

Also, when updating the part inventory GL, “Default PO Part GL Account”, the average cost of the part is used. Any difference between the average cost and the PO Vendor Invoice cost will be posted to the inventory adjustment GL account.
 
Vendor Invoice Currency Exchange:
A new system setting “Default Exchange Expense GL Account” has been added.

When a part invoice of a foreign vendor (with currency exchange rate other than 1) is Stocked/Posted, three
GL entries will be generated per part line item instead of two:

• Crediting “Accrued Purchase Order Offset GL Account” for the amount of the line item total in foreign currency
• Crediting/debiting “Default Exchange Expense GL Account” for the difference between line item total in foreign currency and local currency
• Debiting “Default PO Part GL Account” for the amount of the line item total in local currency

Warranty/Insurance Claims:
A new system setting “Warranty Inventory Clearing” has been added.

When a service order is closed, a GL entry will now be posted for part invoice items that are flagged as a warranty to credit “Default PO Part GL Account” and debit the “Warranty Inventory Clearing” GL Account.

When the warranty claim is marked as “Approved”, the offset to the Part COGS will now be posted to the “Warranty Inventory Clearing” instead of the “Default PO Part GL Account”.

How To: Create new GL accounts, or select existing GL Accounts, and set the four new system defaults in System Settings ->Accounting ->Miscellaneous Settings ->General tab: 

• Default Capped Invoice Inventory Offset GL Account
• Default PO Part Credit Offset GL Account
• Default Exchange Expense GL Account
• Warranty Inventory Clearing