Direct Returns and Accounting Periods Update (Feb 24th, 2023)

Derek Torres
Derek Torres
  • Updated

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Important Note: PartsLedger is now PartsManager. PartsManager retains all of the parts purchasing and warehouse management automation benefits of its predecessor. To read more about this exciting change, click here.

 

With today's release, PartsManager is launching Direct Returns and an Accounting Period update.

Accounting Period Update

The Accounting Periods section of PartsManager allows you to create Accounting Periods (fiscal years) to manage monthly periods within each year.

With this Accounting Period update, you will see that we have added 2022 and 2023 accounting periods for your PartsManager account. Accounting periods will be by month, and all months will automatically start on the 1st, so there isn’t any manual resetting of dates.

IMPORTANT: We recommend that a Full Admin-user at your company closes each accounting period month in PartsManager shortly after the end of that specific month. Then, do a standard review to ensure it’s right before inputting it into an accounting system.

Closing periods in PartsManager will not affect your accounting systems or integrations, and you will need to close those manually.

 

Why this Accounting Periods Update?

You should see reduced Cost Basis Errors that result from backdating items. This is because closed accounting periods can’t be edited.

How to Close an Accounting Period Month

  1. On the Navigation Bar, click Admin
  2. Then click Acc. Periods
  3. Click the period you want to open to display a list of the Accounting Period Months.
  4. Click the Lock icon next to the relevant Accounting Period Month.
  5. Click Confirm.
  6. Then, do a standard review to ensure it’s right before inputting it into an accounting system.

    IMPORTANT: We recommend that a Full Admin-user at your company closes each accounting period month in PartsManager shortly after the end of that specific month. Then, do a standard review to ensure it’s right before inputting it into an accounting system.

    Closing periods in PartsManager will not affect your accounting systems or integrations, and you will need to close those manually.

    PartsLedger_-_Accounting_Month_Close.gif

How to Manually Add an Accounting Period

  1. On the Navigation Bar, click Admin
  2. Then click Acc. Periods
  3. Click Add Year After.
  4. This will create a new Accounting Period, Accounting periods will be by month and all months will automatically start on the 1st, so there isn’t any manual resetting of dates.

 

Direct Returns

Direct Returns allow you to return certain parts and items directly to your vendor without having to first unfulfill inventory. This is faster for users, and has the added benefit of returning that item at the exact cost from the shipment receipt, regardless of what might be in inventory. This works for any Purchase Order item received directly to a Sales Order (ServiceTrade Job).

Why Direct Returns?

Before Direct Returns, all returns from inventory took the provided quantity out of stock at the unit cost provided by cost basis (using either FIFO or Average costing). The item could be a different unit cost from your most recent shipment receipt.

Returns from inventory take the provided quantity out of stock at the unit cost provided by cost basis (using either FIFO or Average costing). This may be a different unit cost from your most recent shipment receipt.

We know that sometimes you need to return an item at a the cost that matches the shipment receipt or at a cost decided by the vendor. That cost may not match cost basis or the shipment receipt. In these cases, we've recommended you post stock adjustments out of inventory.

Returns for items purchased directly for a job, like MTLs, do not touch inventory or cost basis. Their unit costs go directly to the Sales Order.

Direct Returns will allow you to work faster and make cost more exact.

How to Direct Return

  1. Find the relevant Purchase Order, with items received with a Direct Purchase for Sales Order selected that you want to return. Note the warehouse selected on this warehouse. You will need this information on Step 7.
  2. On the line item you want to return, click the blue Sales Order link to navigate to the Sales Order to which this item was fulfilled.
  3. Click the Unfulfill tab.
  4. Scroll to the right to locate the Actions column.
  5. Click the 3-dot icon for the line item you want to return.
  6. Click the Return button to open the Return Stock Menu.
    Returns.png
  7. On the Return Stock Menu, Enter the DatePosted DateWarehouseAdjustment Ledger Account, and the Quantity you want to return.
    • The Warehouse should match the exact warehouse that was on the original Purchase Order.
  8. Click Submit when done.

 

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