+1Hello All,
Newbie here and to ASPIRE. We are in implementation phase. Have QBO as accounting database and have never carried Inventory on our Books as an ASSET. Obviously we have product in the yard that is already paid for. As we begin to load up quantity on hand for initial inventory. I am not sure what the Liability (AP Cost) is going to look like at END OF MONTH?
Can anyone shed a light…. ?
Please and Thank You.
+16
No responses on this one….. but did you learn anything as you rolled out inventory?
We’ve rolled it out once and are now reeling it back in. Have you settled on a process that is manageable and sustainable for ya’ll?
+24It is extremely important to hold every team member accountable for completing the end-of-month quantity-on-hand update accurately and on time.
Each month, the Accounting team sends inventory adjustment reports to managers for review. It took more than a year for our team members to understand the purpose behind this process and develop consistent habits. During that time, we encountered many inventory errors. A few important examples include:
Selecting the correct inventory branch during allocation
When allocating inventory from a time entry, team members with access to multiple branches must verify that the correct inventory branch is selected.
Completing all allocations before adjusting quantity on hand
Quantity-on-hand adjustments should be completed only after all allocations for the period have been finalized. If one team member adjusts the on-hand quantity while others are still allocating inventory to previous work tickets, the inventory records will become inaccurate.
Verifying the effective date
Team members must pay close attention to the effective date when updating quantity on hand or transferring inventory from one branch to another. The effective date directly affects inventory balances and reporting accuracy.
There are many additional inventory-related situations that would be valuable to discuss. I would appreciate having a breakout session at Ignite dedicated to inventory processes, common errors, best practices, and ways to strengthen accountability across the team.
+16It is extremely important to hold every team member accountable for completing the end-of-month quantity-on-hand update accurately and on time.
Each month, the Accounting team sends inventory adjustment reports to managers for review. It took more than a year for our team members to understand the purpose behind this process and develop consistent habits. During that time, we encountered many inventory errors. A few important examples include:
Selecting the correct inventory branch during allocation
When allocating inventory from a time entry, team members with access to multiple branches must verify that the correct inventory branch is selected.
Completing all allocations before adjusting quantity on hand
Quantity-on-hand adjustments should be completed only after all allocations for the period have been finalized. If one team member adjusts the on-hand quantity while others are still allocating inventory to previous work tickets, the inventory records will become inaccurate.
Verifying the effective date
Team members must pay close attention to the effective date when updating quantity on hand or transferring inventory from one branch to another. The effective date directly affects inventory balances and reporting accuracy.
There are many additional inventory-related situations that would be valuable to discuss. I would appreciate having a breakout session at Ignite dedicated to inventory processes, common errors, best practices, and ways to strengthen accountability across the team.
Excellent Feedback- I wasn’t aware of a inventory adjustment report. Is this prebuilt in aspire or a pivot table?
+24
The dollar amount and quantity changes report is under EOM report. which shared with Managers for financial impact.
The breakout/ detailed report who made the on hand quantity update on which date can be found at Inventory allocation. Accounting team verify the on hand updates had been done by team members through here.
No account yet? Create an account
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.