Best practices for inventory batch processing
By Tim Carlson, Training/Conversion Analyst
If your company uses inventory, we strongly recommend performing your batch posting process at least monthly, if not weekly. By performing this process on a regular basis, it will make it easier to reconcile your inventory. We’ve found that when companies perform this step less frequently, it makes reconciliation more cumbersome.
Before performing inventory batch posting, you can review all inventory transactions that will be posted by running the Inventory Transaction Listing report for the desired date range and filter the Status column to Open. Additionally, you can run the Inventory Balancing Report for the period and this will show a summary of all transactions by item and location.
To complete inventory batch posting, select Batch Posting from the Inventory Suite or Packages – Inventory – Batch Posting. After selecting the company, beginning, and end date that you want to process, select the Pre-Batch Edit Report button. This will provide you with a listing of all transactions that have occurred between the selected dates, along with general ledger account, value, and period information. If satisfied with the transaction information displayed in the report, close it and select the Post Entries button to complete the process. You will then get the Journal Entry Posting Report showing the selected transaction with the Journal Entry Number created.
One common issue we see are Purchase Orders that need to be reconciled and closed for a specific period are not until after batch posting has been completed and the period closed. It is important to review these purchase orders and reconcile them so that any inventory adjustments for freight or taxes be posted correctly.
If you are unsure of any of these steps, we recommend refreshing your understanding of these processes by taking one of our Inventory or Purchase Order web training courses.
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