Accounting Implementation Resources
Yellow Dog Software captures multiple inventory accounting transactions during the life cycle of your product. These transactions are captured throughout the standard reports that can sorted and grouped then exported into various formats including .csv, excel, pdf, text, and SMTP. For an even more automated solution, Yellow Dog offers customized export files of the various inventory transaction that can then be imported directly into your native accounting software.
Supported Inventory Transaction Types
Below are the Inventory transaction types Yellow Dog captures. Anything outside of this is either not available or would require custom development and would require a quote from our sales team.
Receipts – If your company utilizes an accrued payable account before the finalized invoice is submitted. The export will create a journal entry to increase inventory and to credit accrued payable. Once the receipt is converted to an invoice then the accrued payable account is cleared and recorded under accounts payable.
Invoice – Committed invoices will be exported with any related invoice information. The export will create a bill to increase inventory and to credit accounts payable. Each business codes bills differently, and Yellow Dog will reflect your business’s specific gl accounts.
Return to Vendors (credits) – Committed RTV’s will be exported with any related document information. The export will create a credit to decrease inventory and to debit accounts payable.
Transfers – Inner store transfers from one location to another will need to be recorded if the inventory account will change depending on the location that the item lives. The export will reduce inventory via the inventory asset account in the from store and increase inventory with the correlating account at the to store once the transfer is accepted.
Expenses (Manual Adjustments)
Manual Adjustments – Anytime you need to adjust the on-hand value of an inventory item outside of purchasing, sales, and physical counts, you will perform a manual adjustment either positive or negative. This requires the user to choose an accounting reason for the adjustment that would correlate to a gl account. The export will reduce or increase the inventory account and credit or debit the correlating expense account related to the transaction.
Cost Of Goods Sold – Using a perpetual accounting, cost of the inventory is recorded once the item is sold. Yellow Dog does not capture financial specific information such as Tender and Revenue due to PCI compliance. However, we do capture the quantity of product sold and correlating value. The export will be a reduction of inventory and increase in Cost of Good Sold.
Physical Inventories – Once a physical inventory count is performed you will have a variance between the theoretical on hand value and the actual count. This variance needs to be adjusted in the inventory value. The export will reduce or increase the inventory accounts depending on the variance value and then credit or debit the correlating adjustment account.