Reference: Month End Reports for ERRM Users

  Back to Month-End Accounting Guide

Use this reference if your company uses Enhanced Real-time Revenue Management (ERRM) and you need to understand the month-end reports used for reconciliation.

This article explains what each ERRM month-end report is used for and what each report should be compared to during month-end review.

For the full month-end close workflow, start with RFMS Month-End Close: Steps, Reports, and Reconciliation.

Before You Begin

Before running or comparing month-end reports:

• Confirm that your company uses ERRM.
• Run reports for the same accounting period or date range.
• Confirm that all applicable month-end activity has been posted.
• Confirm which standard account codes your company uses for A/R, A/P, inventory, WIP, accrued inventory, accrued labor, and unbilled A/R.
• Review your company’s close procedures before making journal entries or corrections.

 Note: This article is a report reference. It does not replace your month-end close checklist.

ERRM Month-End Reports

Use the table below to identify which report to run and what the report should reconcile to.

Report	Balances to	Included in report when	Removed from report when	Notes
A/R Report	A/R standard account code	An order is billed or job costed and no money has been posted to the order.	The order is paid in full.	Use this report to review accounts receivable balances for ERRM month-end.
A/P Report	A/P standard account code	An A/P invoice is posted.	The A/P invoice is paid in full.	Use this report to review vendor payable balances for ERRM month-end.
Accrued Inventory Report	Accrued Inventory standard account code	Material is received from a bill of lading.	The material is costed.	Use this report to review received inventory that has not yet fully cleared through costing.
Accrued Labor Report	Accrued Labor standard account code	A provider record is posted.	The provider record is paid through payroll.	The accrued labor account in the journal is debited during payroll, so there may be a timing difference between the report balance and the journal balance.
Unbilled A/R Report	A/R Unbilled standard account code	An order is job costed but has not been billed.	The order is billed.	Use this report to review job-costed activity that has not yet moved through billing.
WIP Material Report	WIP Material standard account code	A delivery ticket is printed and the lines move to delivered status.	The order is booked or job costed.	WIP means Work in Progress. In RFMS, WIP generally refers to material or labor amounts on jobs that are not fully completed, delivered, job-costed, or final billed.
WIP Labor Report	WIP Labor standard account code	A provider record is posted for labor associated with a job still in progress.	The order is booked or job costed.	Use this report to review labor WIP activity for ERRM month-end.
Inventory Balance Report	Inventory standard account code	Inventory is received and included in inventory value as of the selected report date.	Inventory is sold, adjusted, or otherwise removed from available inventory based on RFMS inventory activity.	See Inventory Balance Report calculation notes below.
Booked Not Job Costed Report	Related job cost or WIP review accounts used by your company	An order is booked but has not yet been job costed.	The order is job costed.	Use this report to identify booked orders that may need review before month-end close.

Inventory Balance Report calculation notes

The Inventory Balance Report uses inventory received dates and available quantities to calculate inventory value.

For roll inventory:

Value = Cost × Available amount

For item inventory:

Value = Cost × Available amount

Available amount is calculated as:

Available amount = Amount available + Amount reserved

For uncosted roll or item inventory with no invoice date on or before the report date, inventory value is calculated as:

Value = Cost × Quantity received

For more information, see Month-End Inventory Balance Report — ERRM.