Reports to be utilized in the accounting platform:

  • Accounts Receivable Reports (Open AR or AR): The accounting platform still owns the management of AR, therefore this should always be reported on in the Accounting Platform.
  • Accounts Payable Reports (Open AP or AP): The accounting platform still owns the management of AP, therefore this should almost always be reported on in the Accounting Platform.
    • The caveat here is going to be dependent on the definition of AP or Open AP. Most companies, just like LOCATE define this as Bill creation, and balances moving from the Inventory Offset (inventory not yet reconciled/billed) to the Accounts Payable account. Therefore any state prior to Bill creation would be housed in LOCATE. See below for more details.
  • Company Profit & Loss Reports: While most of our companies Profit comes from their inventory, not all of their Loss does. Therefore to get the complete company overview of all P&L items, the accounting platform is still the best place to find/report on all the information.
    • LOCATE will for the most part house/own the COGS = cost of doing business (goods and supplies used up by creating sales).
    • The Accounting Platform will for the most part house/own the Expenses = cost of being in business (rent, utilities, etc).

Reports to be utilized in LOCATE:

  • Pre-payment Reconciliation (aka AR that will not be pushed over, but is to be reconciled with bank deposits):
    • Account Detail – Used for trying to find any variances or differences in what shows in the accounting platform and what is in LOCATE. This is more so for deep dive auditing purposes.
    • Batch Detail – Will show the details of the Batch Summary, and this would be used to more daily use of seeing what came over via clearing accounts to reconcile with bank deposits.
    • Payment Summary by Network – If the Payment Methods have been properly mapped, then running the Batch Detail report by Clearing Account will be sufficient for reconciling the clearing accounts with the bank deposits. If the Payment Methods have not been mapped, or for the first day when they were getting created/mapped, the Payment Summary by Network will be best to use to clean up the clearing accounts and to reconcile with the bank deposits.
  • Unearned Revenue Reconciliation:
    • Unearned Revenue Account Reconciliation – This report will show what is in the queue for orders/sales, this can also help to indicate any old orders that are in an unusual state that need to be resolved.
  • Inventory and Non-Inventory Offset (inventory not yet reconciled/billed) Reconciliation:
    • Offset Account Reconciliation – This report should be used very regularly to determine what can/needs to be reconciled, or to discover any issues with receipts/reconciliations.
  • Shipping Accrual Reconciliation:
    • Shipping Accrual Account Reconciliation – This is a liability account that is a holding account so that the money does not hit the P&L or AP. This account will be debited when the product is sold. The balance is going to keep building over time, so ideally this report should be reviewed every quarter. This is the account to post the expenses of landed cost freight, in lieu of a COGS account.

Other reports worth mentioning:

Part Custom Account Mapping – If customized or granular mapping has been programmed into LOCATE, then this report will show all the parts and what their custom mapping is.

Costing Layers – Costing layers for individual parts can easily viewed in the UI however the Costing Layers report can help to identify issues at a glance. Very helpful if reviewed regularly for incorrect entries or cost issues with certain parts/vendors.