Recalculating Inventory Value

Recalculating the value of your inventory, which is often referred to as running the Calc and Post, helps you determine whether the total of your inventory subledger accounts equals the value of the general ledger’s inventory accounts. If there are differences between the subledger and general ledger, you need to make adjusting journal entries.

TireMaster can make the entries automatically, or you can make them manually. For TireMaster to perform the journal entries automatically, the following conditions must be true:

You must be assigned the Automatic Calc & Post JE permission.
Your inventoriable items must be assigned inventoriable GL codes.

Note: If TireMaster detects that any noninventoriable GL codes are assigned to inventoriable items, you will be prompted to print a list of such items. You can use the information on that list to either modify your GL codes or assign different GL codes to the affected items. Then you can generate the Inventory Calculation Report again.

To recalculate the value of your inventory

1. From the Closing menu, select Inventory Calc & Post. A confirmation message appears.

2. Click Yes. The Report Window appears and displays the Inventory Calculation Report.

3. Click Print. Review the Inventory Calculation Report.

4. Click Close. TireMaster prompts you to automatically post the figures.

Note: This message for posting the figures appears only if you’re assigned the Automatic Calc & Post JE permission and your inventoriable items are assigned inventoriable GL codes.

5. Define how you want to post the entries:

If you want TireMaster to make the entries for you, click Yes. TireMaster prompts you to define the fiscal year, number, and period that the entries will post to.
If you want to make the entries yourself, click No. A confirmation message with a reminder to make journal entries appears.

6. Click OK.