FAQ | End of Financial Year Procedures

ARMS will recognise that this is the End of Year Financial Year. Please address the following suggestions and then run End of Period as usual.

It is recommended that you print detailed reports including: stock sales, stock level, non stock, debtors, account rendered (include all transactions) and GST so as to have ‘hard copies’ before you roll over end of year.

Stocktake

It is important that you can provide information showing how you arrived at your stock valuation and that a stocktake was performed at the end of the financial year. The stock in the ARMS system is divided into two different types of parts:

1) Accessories - These are usually new items that are sold via genuine partnumber. They are held on an Accessory stock card and are divided into groups, ie; Belts, Bearings, Seals etc. These parts are not specifically from one make and model of vehicle, eg; Bearings or spark plugs may fit a wide range of vehicles. A separate Accessories module is provided in the ARMS software to handle these types of parts.

2) Other Parts - These are secondhand or new parts that are from specific models of vehicles. They may be itemised or bin items. This type of part is handled by the Stock Module.

Reports

1) To produce a value of all stock you will need to produce a stock level report in both the Stock Module and the Accessories Module. The combined value of these two reports will be the total value of your stock.
2) Performing a stocktake. The Stock Module and Accessories module both have a specific Stocktake function.

Stock Module

1) Select the Stocktake option within the Stock Module.
2) Press the F12 key to view the help screen associated with this function.
3) Once the stocktake has been performed you should produce an itemised stock level report. This report will list all items of stock (except accessories) showing the items cost price, quantities etc. This report should be retained as a record of your stock holding at the end of the financial year.

Accessories

1) Print a stocktake report for the location or locations that you wish to check. Perform a physical stock check of these items noting the quantities of each part.
2) Enter these details into the stocktake function.
3) Print an itemised report listing all accessory stock lines.
4) This report should be retained as a record of your stock holding at the end of the financial year. If you don’t wish to use the stocktake functions to perform the check you can simply print an itemised report showing all items of stock and then do a physical check of these items noting any discrepancies on the report.

Note: You should ensure that all vehicles that have been entered and dismantled have been costed. If this is not done then any parts that have been sold from these vehicles will not have been deducted from the vehicles cost on the stock level reports. This will produce a higher stock valuation figure than what you actually have.



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