Understanding Operational Transaction Status Update

After you record tank dip readings, you need to compare all incoming and outgoing transactions in the system since the last reconciliation with the physical stock levels in each tank. Then, you can update the transaction status and approve the transactions for reconciliation.

In the comparison, the system includes only transactions with the document types you specify in the processing options. The system also includes those transactions that have a last reconciliation status equal to the last reconciliation status you specify in the processing options. You must reconcile any differences prior to recording any operational gains or losses.

After you reconcile the operational transactions, you update the transaction status to send the reconciliations to the next step in the process. Depending on the status codes set up for operational reconciliations and those you specify in the processing options, the update process moves the reconciliations to either an additional approval step or the Update Operational Reconciliations program.

Some companies prefer to include an additional approval step to enable a manager to approve the reconciliations before running the Update Operational Reconciliations program. In this case, a person with the proper authority approves the reconciliations from the Review/Approve Variances form and updates the transaction status and moves the transactions to the Update Operational Reconciliations program. If you want to approve and update the transaction status in a separate step, you must set the current and next status processing options differently, and set the processing option to approve reconciliations in a separate step. This action creates two different versions of the Operational Reconciliations program.

The Operational Reconciliations program displays values in standard volume, ambient volume, and weight. Standard volume appears in the accounting unit of measure. Ambient volume appears in the volume unit of measure set up for the item. When resolving discrepancies, use the ambient volume.

If the variance in the comparison is not correct, perform these steps to correct the variance, and then resume the reconciliation:

1. Access the transaction details forms to review incomings and outgoings, and determine if a transaction is missing or a reading is incorrect.

   Select Incomings or Outgoings from the Row menu to access the appropriate detail form.

2. Exit the Operational Reconciliations program and correct any variance if the cause is known.

After you approve the reconciliations, you can print the operational reconciliations reports.