Making the transition of viewing detailed report information in the Accounting Platform vs LOCATE can be simplified by understanding what it is you are used to running in the Accounting Platform vs what reports will give you identical if not more detailed information in LOCATE.
LOCATE Users may see it as a lack of transaction detail being posted from LOCATE to the Accounting Platform, but this is because LOCATE is specifically designed to provide summarized accounting data as this allows the Accounting Platform to do what it does best; manage your accounting, but when it comes to the details of Sales and Purchasing, plus the accuracy of your Inventory; LOCATE is best at managing that.
LOCATE does not populate detailed information into the Accounting Platform because it utilizes Summarized Batch Accounting. LOCATE was specifically designed to utilize summarized batch accounting because Inventory Companies were constantly running into issues with having “too much data” in their accounting platform causing it to bloat or become unreliable. CPA’s, Accountants or Bookkeepers handling the books expressed that in most cases they didn’t need all that detail to manage the accounting, therefore removing the details kept from overloading the platform with information that is readily available in the Inventory platform, as to help the accounting platform’s performance over time. To learn more about how LOCATE is working with your Accounting Platform, please visit: How does LOCATE Accounting work with the Accounting Platform? To learn more about how Summarized Batch Accounting works, please visit: What is Summarized Batch accounting?.
LOCATE Users can benefit from using LOCATE reporting, rather than going line by line through the Reports like they might have been used to. And there is really no need to compare what is in the Accounting Platform to what is in LOCATE, because LOCATE is pushing the summary of the detailed information from LOCATE to the Accounting Platform.
Below are some LOCATE recommendations is to help LOCATE Users become more familiar with LOCATE reporting, and better use it to their advantage.
First, transaction detail is available in a number of reports. Some of the more popular detailed reports are:
Secondly, reports that have the word “Margin” in them are a great resource for Sales Margin information. Running Margin reports by Order Source is a helpful way to review your sales by the various e-Commerce services (shopping cart platforms) integrated with LOCATE.
Third, here are the most commonly used reports (excluding the reports generated as documents for individual orders):
- Sales Order Summary
- Current Inventory
- Part Fulfillment Summary
- Historical Inventory
- Production Demand
Lastly, LOCATE offers insight as to what reports will help accounting staff manage the accounting more effective and efficiently both in the Accounting Platform and LOCATE. Navigate to Which Accounting reports should be run in LOCATE, and which should still be run in the Accounting Platform? for more information. Below is a list of the most commonly used Accounting reports:
- Payment Summary by Network
- Offset Account Reconciliation
- Shipping Accrual Account Reconciliation
- Unearned Revenue Account Reconciliation
- Tax Gap
Link Reports to Modules, Create Profiles and Schedule Reports!
- Most Modules in LOCATE have a Reports Tab where you can run reports on the fly, right on that page/record. Navigate to the How do I associate or link a Report to a Module Record? page for more details.
- LOCATE makes it easy to store various Report Profiles that save your Parameters and Display Options so you don’t have to select this information every time you run the report. Navigate to the How to create a New Report Profile for more details.
- Don’t have time to log in and constantly run the same report every day/week/month? LOCATE can help with that too! Create your report profile then Schedule the report to get delivered to your email as preferred. Navigate to the Report Schedule page to learn more about Creating Report Schedules.
What if you still can’t find what you are looking for? Contact your LOCATE Support Partner!
- Provide the details on the specific outcomes you are trying to accomplish with reports. Try to answer these questions when providing details:
- “What exactly are we trying to see with the report?”
- “What specific information are we looking for?”
- “Why do we need this information?”
- Asking specific questions so your Support Partner can assist you more effectively, as these details can lead to a creative solution in LOCATE.