Employee Business Expenses/Reimbursements

Typically when you process an employee business expense, the reimbursement is made payable directly to the employee. In MarketingPilot, checks are make payable to the contact “Company” rather than the contact’s first and last name. As such, to write or print a check directly to an employee  you must first create a Vendor account for each employee. Note that this is in addition to the employee’s MarketingPilot user contact record.

Step 1: Create a Vendor account for the employee.

  1. Click “Contact” in the Quick link bar at the top left of the page. (Alternatively expand Vendors in the navigation bar, click Contacts, and then click New.)

    Adding a new Contact

  2. Enter the employee’s full name in the Company field. Leave First Name and Last Name blank.
  3. Optional: Choose Remit to as the Role.This will make the record easier to identify.

    Enter employee's name in Company field and choose Role

  4. Check the Vendor box to indicate Group, and click Submit.

    Select Vendor group

Step 2:  Create an Expense using the Employee’s vendor record as the Vendor.

  1. Expand Financial, click Expenses, and click New.
  2. In Vendor, begin typing the employee’s name and select their Vendor record(if you entered Remit To as the Role, you will see it in after the employee’s name).

    Choose the newly added Employee record as the Vendor

  3. Complete the remainder of the Expense.

Step 3: Process Accounts Payable.

Step 4: Print the Check. The employee’s name will appear as the Pay To.

Good to Know: An option is to have the employee create a Purchase Order. As a point of managerial review, either the employee’s manager or Accounting can then review the Purchase Order prior to converting it to an expense.

Component Inventory Management Transactions

Component Inventory Management is an exciting new functionality available with the Enterprise edition of Release 9. Used in conjunction with MarketingPilot’s existing Component Management function, Inventory Management is designed for those who want to manage promotional items and collateral materials that are used over time and for multiple events, campaigns and programs.

You can buy items (forms, brochures, envelopes, paper, pens, mugs, etc.) and use them in your marketing projects and/or sell them to your clients. With MarketingPilot’s Inventory Management you can:

  1. Keep track of the COST of items purchased and keep track of the monetary VALUE of your inventory.
  2. Keep track of the QUANTITY of items purchased, used, sold and remaining.

The article provides a how-to on common Component Inventory Management transactions.

Implementing Inventory Management

To use Inventory Management an Administrator must first enable the functionality.

  1. In the Shortcut bar, click Site. Scroll down and check Advanced Financial Inventory. Click Save.
  2. Click Site and then click Users. For each User, turn on the Inventory Manager role, and click Save.

Defining Items (Your Inventory)

There are two ways to add items: (1) first make a Component and then select the Component when making an inventory Item, or (2) first make and item and then select either an existing Component or make a new one.

  1. Click Financial. Click Items/Services. Click New. A pop up box appears.
  2. In Item Type, select the appropriate Inventory Item option (Inventory Item New/Existing Component). In Item Name, type or select name of the Item.
  3. Complete the fields in the Add Inventory Item screen. Click Save.1 Add inv item
  4. Add a Price/Rate (what you charge Clients) and/or a Cost (what you pay Vendors when you purchase the item). In this example, we charge (Price/Rate) clients $5 per mug, and we purchase (Cost) the mug from our suppliers at $2. Click Submit.2

Transaction 1: Buying Inventory Items.

You receive 100 Red Mugs that you purchased for $2. Essentially you need to add an expense in MarketingPilot and select “Red Mug” as the Item/Service.

Adding the Inventory Expense

  1. Go to Expenses. Click New. Complete the Expense header information and click Save.
  2. In the Expense Items grid, click New.
  3. Select the Item/Service (“Red Mug” in this example). Notice that the Account and Unit Cost default in.
  4. Adjust the Quantity (in this case 100). 3
  5. Click Submit.

Viewing the results

  1. To see the “Quantity” of Inventory available, go to Financial, Items/Services. [Hint: add the “Qty in Inventory” column with the Customize Columns wrench icon.] 4
  2. To see the “Value” of Inventory available, go to Financial, Chart of Accounts, and select the desired Inventory account. 5

Transaction 2: Using Inventory.

You use 200 Red Mugs at a company-sponsored networking event (recall that the purchase cost of the mugs was $2). In this example, the usage of mugs will be tied directly with an Event in the system (inventory use can also be tied to campaigns, jobs, etc.)

Adding the Inventory Use

  1. Optional: Go to the project to tie the event to. In this case, an Event. 
  2. Click the Expenses tab (or Financial, Expenses).
  3. Click the New Inventory Use icon. 6
  4. Complete the Expense header information as desired. Click Save.
  5. In the Expense Items grid, click New.
  6. Select the Item/Service and enter the Quantity (Red Mug/20). Click Save to calculate the Unit Cost and Total. 7
  7. Click Submit twice.

Viewing the results

  1. To see the “Quantity” of Inventory available, go to Financial, Items/Services. Previously 100. the quantity is now 80 in this example. 8
  2. To see the “Value” of Inventory available, go to Financial, Chart of Accounts, and select the desired Inventory account. The previous value of $200 has been reduced by the cost of the 20 mugs used ($40). Red Mug inventory is now valued at $160. 9

Transaction 3: Selling Inventory.

You sell 10 Red Mugs to a Client at a Price of $5 each. Create an invoice, specifying the appropriate Item.

Creating the Invoice

  1. Optional: Go to the project to tie the event to. In this case, an Event.  
  2. Click the Invoices tab (or Financial, Invoices).
  3. Click the New .
  4. Complete the Invoice header information as desired. Click Save.
  5. In the Invoice Items grid, click New.
  6. Select the Item/Service. Notice that the Unit Cost defaults in. Enter the Quantity (Red Mug/10). Click Save to calculate the Unit Cost and Total.10
  7. Click Submit twice.

Viewing the results

  1. To see the “Quantity” of Inventory available, go to Financial, Items/Services. Previously 80. the quantity is now 70 in this example.11
  2. To see the “Value” of Inventory available, go to Financial, Chart of Accounts, and select the desired Inventory account. The previous value of $160 has been reduced by the cost of the 10 mugs sold ($20). Red Mug inventory is now valued at $140.12

Transaction 4: Adjusting Inventory.

You may need to adjust either the unit cost or quantity of your inventory for a variety of reasons such as damage, miscounts, errors in receiving, client or vendor returns.

In this example, an inventory count resulted in finding five chipped mugs, making them unusable. They must be destroyed from inventory.

Making the Inventory Adjustment

  1. Go to Financial, Inventory Adjustments. Click New.
  2. Select the Type. In this example, Decrease Quantity.
  3. Select the Item, and enter the Adjustment Quantity (Red Mug/5).
  4. Select the Account if prompted.
  5. Click Save. The transaction is now read-only. 13

Viewing the results

  1. To see the “Quantity” of Inventory available, go to Financial, Items/Services. Previously 70. the quantity is now 65 in this example. 14
  2. To see the “Value” of Inventory available, go to Financial, Chart of Accounts, and select the desired Inventory account. The previous value of $140 has been reduced by the cost of the 5 mugs destroyed ($10). Red Mug inventory is now valued at $130. 15

Good to Know:

  • Weighted Average Cost and First in, First out (FIFO) inventory valuation methods are supported.
  • Create the following in your Chart of Accounts: Inventory – Current Asset, Cost of Goods Sold.
  • On the site page, enable “Advanced (Financial)” Inventory.
  • Component Management must also be enabled in User role security.

Prerequisites:

  • Component Inventory Management is available with the Enterprise Edition, Releases 9 and higher.