Featuring: Chuck Hartle’ - PartsEdge

Air Date: August 25, 2022

1pm Eastern/ 12pm Central / 11am Mountain / 10am Pacific

Program Length: 60 minutes 

SKU DRH4

 

Why it is vitally important… How differences originate… How to Balance the Books and
Avoid Hiding Significant Losses.
​
It's no secret that when it comes to the Parts Department, the dealership runs two sets of books.
 

One set is kept and controlled by the Parts Manager and is geared toward inventory management… keeping the right parts on the shelves to satisfy the Service Department's needs and avoiding obsolescence. It's mostly about the physical parts themselves. Are they there and valued properly
 

The other set of books is kept and controlled by Accounting. The General Ledger is the financial blueprint for the enterprise, but in this instance it is primarily concerned with the dollar value of the parts department's assets and liabilities. It is about verifying and then protecting the dollar value of the investment.
 

Sometimes, the imbalance can point to very real problems and potential losses. Therefore, as up do wen balancing your personal checkbook, you need to isolate the differences and reconcile regularly. 
 

This workshop is an in-depth look at strategies to help balance the 2 sets of books, and/or identify problems needing solutions.
 

You will learn:

 

• Primary causes for inventory valuation disputes between Parts and Accounting​

• Strategies for identifying and "balancing" reasonable and routine differences

• How the 2 sets of books can help hide serious problems and potential losses

• Solutions for inventory shortages and overages.

• How Parts & Accounting can work together to balance the 2 sets of books