When you launch Blackpurl, setting the correct opening balances for your Unit Inventory and Parts Inventory in your accounting package is a critical step. Getting this right ensures your accounting package General Ledgers match the inventory valuations imported into Blackpurl at activation, so your records are aligned from day one.
Why Setting Opening Balances Is Important
Setting opening balances for your Unit Inventory and Parts Inventory General Ledgers ensures that your accounting package matches the data valuation imported into Blackpurl at activation. The activation import is based on the unit and parts data your dealership provided to Blackpurl. If the opening balances are not set correctly, your accounting package and Blackpurl will show different inventory values from the very start.
What Information Your Activation Specialist Will Provide
Shortly after launch, your Blackpurl Activation Specialist will provide you with an opening balance summary for your Unit Inventory and Parts Inventory. This summary represents the journal entry that has been made on your behalf in your accounting package.
The summary will look similar to the following example:
BP Category | QBO GL | Debits | Credits | Description |
Parts Sales | 1300.bp BP Parts Inventory | $125,986.25 | Opening Balance | |
New Units Sales | 1310.bp BP New Unit Inventory | $486,523.00 | Opening Balance | |
Used Units Sales | 1311.bp BP Used Unit Inventory | $153,689.00 | Opening Balance | |
Opening Balance Equity Account | $766,198.25 | Opening Balance |
The following is an example of how this journal entry appears in QuickBooks Online.
Once this journal has been entered, run a Stock Unit Valuation and a Part Inventory Valuation by category in Blackpurl. The totals should match the relevant General Ledgers in your accounting package.
Use these articles to run the relevant valuations in Blackpurl:
Reporting - Stock Unit Valuation (no longer available)
Reporting - Part Inventory Valuation (no longer available)
Going forward, make a point of regularly checking that these Inventory General Ledgers in your accounting package match Blackpurl. Use these articles to help with those reconciliations:
Reporting - Reconciliations - Part Inventory Accounts (no longer available)
Reporting - Reconciliations - Unit Inventory Accounts (no longer available)
Important Information
If there is a discrepancy between the Unit Inventory Valuation or Part Inventory Valuation from your previous accounting package, contact your accountant.
The journal amounts your Activation Specialist uses for the Unit Inventory and Parts Inventory opening balances are based on the activation data your dealership provided to Blackpurl — that is, the list of units and parts submitted for import at the time of activation.
All other opening balances from your previous accounting package are the dealership's responsibility to enter into your new accounting package. If you are unsure how to do this, contact your accountant. For further guidance, see Opening Balances and Conversion Balances — Setup Guide.