How Often Do You Reconcile Your Parts Inventory?
The appropriate answer to the above question should be monthly, especially if this is a significant part of your dealership. If not monthly, then you should be reconciling it, at a minimum, on a...
View ArticleUsed Vehicle Write Downs for Dealerships
January is typically a very busy month for the accounting department at an automotive dealership. As you probably already know, closing the prior year’s books and getting ready for your CPA is time...
View ArticleLIFO Vs. FIFO for Dealerships
Deciding whether to use LIFO or FIFO as an accounting method to value your unsold vehicles can be a tough decision! Either method has its advantages and disadvantages. Let’s start by explaining each...
View ArticleParts Inventory Counts
Taking inventory of parts at any dealership can be a very tedious task! This may be the underlying reason for why most dealers only take a count on parts at year-end. But do you think one count a...
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