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Overview

The End of Month Estimator Tool simplifies the month-end reporting process by accommodating different timings of physical inventory counts. It ensures accurate and efficient estimation when counts occur before, or after the period end.

Requirements

A user is required to input all Sales & Purchases (invoices) in the time since the last audit date and the end of the month.

For example:

If a user audits a client on Sept 27th, and at the end of the month is asked to provide an End of Month Inventory report. A user would do the following.

1. Collect all invoices from the 28th, 29th, & 30th of the month
2. Collect all sales data from the 28th, 29th, & 30th of the month
3. Edit / Change the Date Range of the Audit under finalize to be Sept 30th
4. Add all data into the Audit Date Range
5. Navigate to REPORTS –> E.O.M. Estimate

BEFORE EOM

Physical Count Occurred BEFORE the “Period End” report needed
(easiest method)

1. Import Sales Data: Load the detailed sales report into the new open audit period, covering the gap between the physical count and the period end date.
2. Manage Invoices: Import or enter all invoices for the gap period after the count until the period end.
3. Generate Reports: Download detailed and summary Month End Estimate reports as Excel files. For R365 clients, ensure the “Do Not display UOM” option is selected in the report settings.

For R365 clients, make sure in report settings that you check the box to Do Not display UOM

AFTER EOM

Physical Count Occurred AFTER the “period end” report needed.

1. Replace Sales Data: Import detailed sales data using the “Replace Sales” option for the entire audit period up to the period end date.
2. Adjust Invoices: Temporarily move all invoices from the current audit period up to the period end date to a previous period.
3. Generate Reports: Download the detailed and summary Month End Estimate reports as Excel files, utilizing the initial count from before the period end.

F.A.Q.

Does it work with both “before the first” and “after the first” physical count scenarios?

It works in both scenarios as long as you enter the sales and invoices up to the date you need to generate the report for.

Does it know to either “add” inventory or “subtract” inventory, depending on when the count was made?

It ignores the inventory completed in that period. It uses the previous count, purchases and sales to estimate the current on-hand.