This article will go through why setting the opening balance for your Unit Inventory and Parts Inventory in your Accounting Package at the time of launch is very important
Why is it Important
This will ensure that the balance of your Unit Inventory and Part Inventory General Ledgers in your Accounting Package match the data valuation that was imported into your Blackpurl at Activations from the Units and Parts data the Dealership provided to us
This will mean at the time of activations the relevant Unit Inventory and Part Inventory General Ledgers in your Accounting Package and Blackpurl will match
What information will be provided to the Dealership
Shortly after launch, your Blackpurl Activation Specialist will provide you with an opening balance summary for your Unit Inventory and Part Inventory which will represent the journal that we have done on your behalf in your Accounting package
Similar to this
Example of QuickBooks Online journal
At this time, if you run a Stock Unit Valuation and Part Inventory Valuation by category in Blackpurl, it should now match your relevant QuickBooks Online General Ledgers
These are the links to the relevant articles in Blackpurl
Reporting - Stock Unit Valuation
Reporting - Part Inventory Valuation
Going forward, the Dealership should make a point of ensuring that these Inventory General Ledgers match to Blackpurl at regular intervals. These are the relevant articles that will assist you in these reconciliations:
Reporting - Reconciliations - Part Inventory Accounts
Reporting - Reconciliations - Unit Inventory Accounts
Important Information
- If there is a discrepancy between the Unit Inventory Valuation and Part Inventory Valuation from your old Accounting Package, please contact your Accountant
- Remember that the journal amounts that your Activation Specialist has based the Unit Inventory and Part Inventory Open Balances on, are from the activation data that the Dealership has given to Blackpurl at the time of Activation ie list of Units for importing into Blackpurl / list of Parts for importing into Blackpurl
- All other opening balances from your old Accounting Package is the responsibility of the Dealership to enter into your new Accounting Package - if in doubt, please contact your Accountant
For further information on Opening Balances, please review our article - Entering Opening Balances / Conversion Balances in your Accounting Package (QuickBooks / Xero)