NEW
VEHICLE
LIFO INVENTORY INDEX REPORTS
FOR AUTO DEALERS
LEAVE ALL THE DETAILS TO US
• You'll never have to look at
another invoice again.
• Our "input-ready" package can be assembled by a
clerk at the dealership or by your assistant.
• Our LIFO Index Reports are user-friendly and simple to
understand.
• Each report contains summaries - as well as detail
schedules - by pool, reflecting all LIFO Reserve and inflation index
calculations, ending inventory composition by make/model/body style,
analyses of the underlying invoices and dealer cost information. See below for
all detailed reports.
• There are no special charges
for peak period processing nor any other start-up or one-time (file creation)
fees. At no charge, we compute average beginning of the year unit costs
in the first year.
• Our preliminary estimate for processing will be the
actual cost if the ending inventories are reasonably close to the number of
units you estimate and the information we need is received
"input-ready."
• Make/model detail and price information is provided for ALL
models, whether or not it is specifically needed for this year's repricing
calculations. This information will be especially useful next year for a dealer
who has vehicles/"items" in ending inventory but no corresponding
units in beginning inventory.
COPIES OF YEAR-END INVOICES
One of the responsibilities
a dealer has is to "maintain and retain...copies of the actual purchase
invoice for each vehicle used in the computation."
The copies of the year-end vehicle invoices you send to us
for our processing will be retained by us as part of our client files. These
invoices will not be returned to you and they will not be retained indefinitely
by us.
Be sure the dealership makes at least one additional copy of
each invoice that is retained by the dealership for tax substantiation and
corporate record purposes.
ALL WE NEED IS YOUR "INPUT-READY" PACKAGE
Our actual charges and turnaround time in computing indexes
depend on the "condition" in which you send us the invoices and
General Ledger control information. Sometimes, what we receive are not the final
adjusted control figures and/or we do not receive copies of all the invoices the
first time. This results in clerical time and expense that is avoidable if
everything is tied out at the dealership before it is sent to us.
To save time and money at your end and ours, we do not begin
processing until we have received a completed checklist along with the invoices
and other information.
Our estimate for the preparation of your LIFO Index Reports assumes that you
will provide us with an "Input-Ready" Package. Our "Input-Ready"
Checklist below shows you
what we need to process your reports.
If you send a deposit of 100% of the estimated processing charge along with
the invoices and a completed "Input-Ready"Checklist, we will prepare on
a priority basis two copies of the LIFO Index Reports and reserve
computations and send them along with our statement for services with the
understanding that payment of the balance due will be made, in full, within 10
days.
If you prefer not to send an initial deposit, then when we have completed the
LIFO Index Reports we will call you and fax a copy of our billing. Under this
alternative, upon receipt of payment of the entire processing charge, our
Reports will be sent to you by UPS or Federal Express.
REWARD YOURSELF... YOUR TIME IS MORE
VALUABLE...
OUR SOFTWARE
IS MORE POWERFUL.
DETAIL REPORTS
LIFO (LAST-IN, FIRST-OUT) INVENTORY INDEX REPORT
FOR THE (FISCAL) YEAR ENDED_____________
ALTERNATIVE LIFO METHOD
NEW AUTOMOBILES AND LIGHT-DUTY TRUCKS (INCLUDING DEMONSTRATORS)
DOLLAR- VALUE; LINK-CHAIN, INDEX METHODOLOGY
REPORT
NUMBER
REPORT CONTENTS
1
CALCULATION OF ANNUAL LIFO INVENTORY AND RESERVE CHANGES - NEW AUTOS POOL #1
2
CALCULATION OF ANNUAL LIFO INVENTORY AND RESERVE CHANGES - NEW LIGHT-DUTY
TRUCKS POOL #2
3
ANALYSIS OF LIFO RESERVES - NEW AUTOS POOL #1
4
ANALYSIS OF LIFO RESERVES - NEW LIGHT-DUTY TRUCKS POOL #2
5
REPORT SUMMARY BY MAKE, BY POOL, AND BY POOL INDEX
6
REPORT SUMMARY BY MAKE, MODEL AND POOL INDEX
7
DETAIL INDEX CALCULATION BY ITEM CATEGORY - NEW AUTOS POOL #1
8
DETAIL INDEX CALCULATION BY ITEM CATEGORY - NEW LIGHT-DUTY TRUCKS POOL #2
9
NEW ITEMS REPRICED AT 1.000
10
DETAIL INDEX CALCULATION BY NEW VEHICLE INVOICE AND COMPUTATION OF ENDING INVENTORY AVERAGE VEHICLE COST BY ITEM CATEGORY - NEW AUTOS POOL #1
11
DETAIL INDEX CALCULATION BY NEW VEHICLE INVOICE
AND COMPUTATION OF ENDING INVENTORY AVERAGE VEHICLE COST BY ITEM CATEGORY - NEW
LIGHT-DUTY TRUCKS POOL #2
"INPUT-READY PACKAGE" TRANSMITTAL CHECKLIST TO BE COMPLETED
AND ATTACHED TO YEAR - END INVOICES SENT FOR PROCESSING
(DEALERSHIP)
__________________________________
(YEAR-END NEW VEHICLE INVENTORY AS OF)
__________________________________
YES
NO
1.
We have read and understood your year-end reminder memorandum.
_____
_____
2.
Legible copies of all invoices are enclosed.
_____
_____
3.
Invoices have been matched to detailed inventory schedule printout.
_____
_____
4.
Invoices are in same order as listing in detailed inventory schedule
printout.
_____
_____
5.
Copy of detailed inventory schedule printout for all vehicles on LIFO is
enclosed OR GL cost for each vehicle is written on each invoice.
_____
_____
6.
Total amounts, by pool, for control purposes are:
UNITS
DOLLARS
POOL #1 New Automobiles, including demos
_______
$ __________
POOL #2 New Light-Duty Trucks, including demos
_______
$ __________
Combined Totals
_______
$ __________
YES
NO
7.
Adding machine tape total of all vehicles is enclosed and matches the total
listed on line 6 above.
_____
_____
8.
Writedowns or other estimated market valuation adjustments have been
reversed or eliminated from carrying values in general ledger, so that all
vehicles are at cost.
_____
_____
9.
Invoices for all demonstrator vehicles have been submitted and they are
included in the general ledger figures at cost.
_____
_____
10.
Vehicles in transit are included in the year-end inventory total and
invoices are enclosed.
_____
_____
11.
Invoices are enclosed for all conversion packages. These invoices are
stapled behind the invoice for the vehicle to which they were added.
_____
_____
12.
We have retained a separate copy of each invoice for our own tax
substantiation files.
13.
Has any manufacturer changed the holdback amount or % or the placement of
the holdback on the invoice? If so, what were the changes?
__________________________
_____
_____
14.
Payment option selected for LIFO index reports:
_____ 100% of estimated cost is enclosed OR call us with an estimate and
we will send 100% payment.
_____ No deposit is enclosed; call us when reports are ready. (Payment in
full prior to release of LIFO index reports.)
Contact Information