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Strategies for Keeping Variance Accurate in PartsRec and Ensuring Confidence in Your Numbers

 

Managing your PartsRec effectively is crucial for accurate variance tracking and maintaining confidence in your financial numbers. Follow these strategies to streamline your processes:

  1. Keep Unmatched GL Report at Zero!
    • Reconcile your unmatched GL report daily. Strive to keep the report at zero, as this significantly reduces discrepancies in your variance.
    • Rules to follow:
      • Do NOT post anything to the parts GL account(s) unless the invoice/memo is complete in PartsRec.
      • Need to post journal entries with the exact invoice number that’s in PartsRec as your journal reference number.
  2. Complete Action Items Daily
    • Ensure all factory invoices and credits are uploaded promptly into PartsRec. Everything else should have a PO written for it; including credits and credit card purchases.
    • Keep need assistance invoices as low as possible – your goal should be under 20.
    • Review any new variance errors using the variance calendar. Add notes, categorize if applicable, and assign – goal should be 80% green calendar by close of month.
    • Post Complete Invoices - Accounting should export and post all new complete factory invoices and memos daily. POs should still be posted through the DMS, Parts Manager should make sure the PO is complete in PartsRec before finalizing in the DMS and ensure GL coding matches exactly what is in PartsRec.
  3. Regularly Review of Aging Unmatched Transactions
    • Review unmatched transactions aged over 30 days once per week. Pay extra attention to received, returns, dirty cores, and parts billed not received tabs. Everything should have an invoice or credit to match to, or an offsetting transaction if done in error.
  4. Regularly Review of Complete Unposted Invoices
    • Monitor complete invoices not posted over 30 days once per week or at a minimum at month end to prevent bottlenecks.
  5. Utilize Memos
    1.  
      • Create and complete month end memos for Appreciation/Depreciation, Plus/Minus, PNC, and Cost Overrides.
      • Create and complete memos for anything that won't be matched to an invoice/credit. I.e. scrap parts
      • Assign invoice to accounting to post or accounting can export complete to post.
  6. Daily Posting of Corrections for Invoice Errors
    • Address invoice errors promptly by posting corrections daily. This practice ensures that discrepancies are swiftly rectified, and that variance stays as low as possible.