Accounting
FX EAM provides debit and credit records for maintenance work, allowing you to track the costs associated with the movement of MRO (Maintenance, Repair, and Operations) inventory and the labor performed on equipment.
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The accounting provided by FX EAM is limited in scope and complements rather than replaces a full accounting system. |
| FX EAM does not track accounting for Labor. |
Setup
FX EAM requires some basic setup to function:
Chart of Accounts
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Create a basic chart of accounts to track where to apply costs, maintain the value of MRO inventory, retain a record of purchase order liabilities, and the value of InterWarehouse transfers.
G/L Variables
G/L Variables provide a means of tracking similar costs by different cost centers. They are similar to subledgers or subaccounts in accounting systems.
Equipment items, Warehouses, and Work Orders may be assigned up to four different G/L Variables.
Assign G/L Accounts and G/L Variables
Once created, assign G/L Accounts and G/L Variables to:
| Area | G/L Account | Action or Description | ||
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Warehouses |
Inventory Balance |
Asset account to debit for value of MRO Inventory. The balancing credit is to the Warehouse’s Liability account. |
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Inventory Write Off |
Expense account to use for inventory adjustment transactions.
Balancing offset is to the Inventory Balance G/L Account |
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Payables Liability |
Liability account to credit for Purchase Order amounts at receipt. Debit is to the Inventory Balance G/L account on the Warehouse for the Purchase Order at time of receipt. |
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InterWarehouse Transfers |
Contra asset account for InterWarehouse transfers
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Equipment |
Expense account to debit for costs associated with work orders. Credit is to the Inventory Balance account(s) for the Warehouse(s) used to provide the MRO inventory for the work orders. |
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Work Orders |
Expense account to debit for work order inventory costs.
Credit is to the Warehouse’s Inventory Balance account. |
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