Visual EstiTrack. Understanding Inventory Reconciliation (Supplement) November 2005
|
|
- Malcolm Waters
- 5 years ago
- Views:
Transcription
1 Visual EstiTrack Understanding Inventory Reconciliation (Supplement) November 2005
2 OVERVIEW: Methods of Reconciling Inventory Values Most companies that maintain raw material, work in process and finished goods inventories post net changes to these asset accounts on a monthly basis. The net changes posted to these accounts represent the change in value from one month to another. Not every business uses the same method for calculating inventory values and net changes. Some businesses simply perform physical inventory counts each month for each item within each of the three inventory classifications (i.e., Raw Material (RM), Work in Process (WIP) and Finished Goods(FG)) to determine month ending values of these inventories. They then compare the current month s values to the previous month s values to determine the net changes in these inventory accounts and use the general journal to post the net changes calculated. There are a wide variety of methods that businesses use to calculate actual inventory value. This includes using actual cost, standard cost or at times a percentage of the item s selling price. Actual cost is typically used on valuation of raw material (i.e., directly purchased items) because this cost can be easily determined by the purchased cost of the item. What is more complicated for businesses is the determination of WIP and FG values when manufactured added value and overhead expenses are added to the cost of the raw materials. Many companies want to calculate their work in process and finished goods cost at actual value but lack the discipline to accurately account for each added value cost and overhead components. Only through the very detailed tracking and reporting of each added value and overhead component can an accurate cost value be derived. The four major component costs tracked in Visual EstiTrack includes material, labor, burden/overhead and other (outside processes and miscellaneous costs). The shop order is the container for recording these component costs. It is only through the accurate capturing of these component costs that an accurate actual value is calculated and assigned to the WIP and FG items being produced. This means all labor hours for the shop order must be accurately reported; both employee labor and workcenter burden/overhead rates must be accurately defined and maintained. In addition, all raw material and manufactured components must be accurately consumed and all other costs entered and assigned to the appropriate shop order to get a complete and accurate actual cost. If a business fails to completely capture and enter any of the actual cost details (i.e., material, labor, burden/overhead and other costs) the calculated actual cost of an item will be inaccurate thus distorting the final WIP and FG inventory valuations. Visual EstiTrack provides a formalized method for tracking actual job costs through shop order time and materials reporting. Visual EstiTrack s Inventory Monthly Reconciliation screen provides the bookkeeper an interactive worksheet designed to summarize actual cost details in order to generate the monthly net changes accounting entry for RM, WIP and FG inventory values. In addition, the Inventory Monthly Reconciliation screen will calculate the movements of cost of goods sold (i.e., absorption of costs into WIP and recognizing the costs of goods shipped/sold). If a business lacks the discipline to accurately record shop order component costs then the Visual EstiTrack s Monthly Inventory Reconciliation screen cannot be used and an alternative manual accounting method for Raw Material, WIP and FG valuations must be used. Henning Industrial Software, Inc. Page 1 Visual EstiTrack 11/2005
3 Alternative manual inventory accounting methods include using a standard cost for finished good items, using a standard cost for work in process items based on a percentage of completion or using a percentage of the selling price of an item. In the end, there are a wide variety of methods used by businesses to valuate inventory and it is your responsibility to determine which method works best for your company. The remainder of this document describes Visual EstiTrack s formalized Inventory Monthly Reconciliation method of calculating actual inventory values and cost of goods sold and the different options available. PROCEDURES: Monthly Inventory/Cost of Goods (COG) Adjustments To accurately reflect profit and loss on the Income Statement it is important that you make appropriate monthly adjustments to move expenses back and forth between the Income Statement and the Balance Sheet. The goal is to have the expenses that are reflected in cost of goods occurring during the same fiscal period as the sales of the goods sold. While many accountants choose to calculate and enter these monthly adjustment entries manually, Visual EstiTrack s Inventory Reconciliation Screen provides the means to calculate and generate the necessary monthly adjustment entries directly via the general journal so that it can be posted to the general ledger. The following outlines the typical monthly procedure used to make inventory and cost of goods general ledger adjustments. These monthly adjustments are used to absorb expenses from the Income statement to the Balance sheet s WIP account for shop orders that are in process. Visual EstiTrack s shop orders track all WIP component costs (i.e., direct labor, burden/overhead, material and other subcontracting/miscellaneous costs) that occur during the life of the shop order. These summarized component costs are used to move costs from the Balance sheet inventory accounts (i.e., either FG if you are using FG inventory or WIP if you are not using FG Inventory) to the Income Statement s cost of goods sold accounts when FG items are shipped/sold or when a WIP to COGS shop order is closed to match these expenses with the shipment/sales of items actually sold during the month. In Visual EstiTrack these adjustment entries must be made as monthly general journal entries. Visual EstiTrack supports a wide variety of inventory accounting methods. It is important that you determine your type of business operation to determine which inventory accounting method applies to you. For example, some businesses don t track Raw Material or Finished Good inventory. They simply buy directly to WIP (i.e., shop orders) and then ship directly from WIP without reporting a finished good item. In this case, costs are reported directly to WIP via the shop order and then moved directly to cost of goods sold from WIP when the item is shipped/sold or when the shop order is closed. In other cases, businesses formally track Raw Material, WIP and FG inventory and all the movements between each inventory account. While other businesses use a combination of both of these methods. Let s take a closer look at Visual EstiTrack s Inventory Reconciliation criteria screen and options. Henning Industrial Software, Inc. Page 2 Visual EstiTrack 11/2005
4 Inventory Reconciliation Criteria Fields and Options defined The Reconciliation Criteria tab allows the user to define the accounting fiscal period, business specific options to customize the cost accounting methods and specific general account numbers used to generate the general journal monthly entries. What follows is a description of each field and option. Accounting Month and Year Provides selection of the Account Month and Year to reconcile inventory and generate the appropriate General Journal entry. Accounting Division / Accounting Department Provides selection of the specific Accounting Division / Department to reconcile inventory and generate the appropriate Division / Department General Journal entry. These fields are available upon checking the Adjust Inventory by Division / Department and/or the Adjust Cost of Goods Sold by Division / Department checkboxes. Selecting a Division and Department will calculate using transactions assigned to the selected Division / Department combination. Selecting a Division only will calculate using transactions assigned to the selected Division and all Departments of the Division. Selecting a Department only will calculate using transactions assigned to the selected Department and all Divisions the Department belongs to. And leaving both fields blank (right-click on the field to clear) will calculate all transactions of the company. This provides the ability to generate Division / Department entries when the accounts for each Division / Department have different account numbers. The Accounting Division and Departments are entered in Visual Books via the Tables submenu. Default General Ledger Account Numbers Henning Industrial Software, Inc. Page 3 Visual EstiTrack 11/2005
5 Provides one time entry of standard account numbers used to generate the General Journal Entries. Each Division / Department combination will have its own default account numbers. You can use the same account numbers in multiple default entries to combine the account types into the same general ledger account number. Adjust Inventory Accounts by Division / Department Check if you want to reconcile each Division/Department separately. This allows selection of an account Division / Department to post the Inventory accounts to. The Raw Material and Finished Goods item s Inventory Division / Department combination is defined by the Product code assigned to each Inventory item. The Work in Process item s Inventory Division / Department combination is defined by the Product code assigned to each Shop Order. Each product code is in turn assigned to an accounting Division / Department. Adjust Cost of Goods Sold by Division / Department Check if you want to make reconcile each Division/Department separately. This allows selection of an account Division / Department to post the Cost of Goods Sold to. The Raw Material and Finished Goods item s Cost of Goods Sold Division / Department combination is defined by the Product code assigned to each Inventory item. The Work in Process item s Cost of Goods Sold Division / Department combination is defined by the Product code assigned to each Shop Order. Each product code is in turn assigned to an accounting Division / Department. Post Raw Material Inventory by Distribution Codes Check if you separate the Raw Material account into multiple sub-accounts. This option posts to Raw Material based on the item s Distribution code. Each Distribution code can be assigned a Raw Material account number. If the Distributions code s Raw Material account number is blank that item s transactions are posted to the default Raw Material account number entered on the Reconciliation Criteria screen. Multiple Distribution codes can have the same Raw Material account number. Post Finished Goods Inventory by Product Codes Check if you separate the Finished Goods account into multiple sub-accounts. This option posts to Finished Goods based on the item s Product code. Each Product code can be assigned a Finished Good account number. If the Product code s Finished Goods account number is blank that item s transactions are posted to the default Finished Goods account number entered on the Reconciliation Criteria screen. Multiple Product codes can have the same Finished Goods account number. Post Cost of Goods Sold by Product Codes Check if you separate the Cost of Goods Sold component accounts into multiple sub-accounts. This option posts to the Cost of Goods Sold components (Direct Materials, Direct Labor, Burden / Overhead and Other) based on the item s Product code. Each Product code can be assigned Cost of Goods Sold account numbers for Materials, Labor, Burden and Other. If the Product code s Cost of Goods Sold component account number(s) is blank that item s transactions are posted to the default Cost of Goods Sold component account number(s) entered on the Reconciliation Criteria screen. Multiple Product codes can have the same Cost of Goods Sold account numbers. Exclude Inventory Purchases portion of entry Check if you directly buying to the inventory accounts on the vendor invoice. This options excludes the Materials Purchase Receipts portion of the General Journal entry to avoid double posting the material receipts of the Distribution code s Purchases (Uninvoiced) account number is the inventory account instead of using a formal purchases account or uninvoiced material receipts account. Henning Industrial Software, Inc. Page 4 Visual EstiTrack 11/2005
6 Exclude Direct Work In Process portion of entry Check this if you are posting cost of goods sold via the customer invoice and sales journal (option in the company table in Visual Books). This option excludes the Cost of Goods Sold components portion of the General Journal entry to avoid double posting the sales/shipped component costs of the Product code s Cost of Goods Sold component costs (Material, Labor, Burden and Other) that are posted via the Customer Invoice. Post Rework to Rework Cost of Goods Sold Accounts Check if you are posting rework shop orders to separate rework cost of goods sold accounts. If a shop order is a rework order, indicated by checking the Rework checkbox on the shop order, the generated General Journal entry will use the Rework Cost of Goods Sold components account numbers entered on the Reconciliation Criteria screen under this checkbox instead of the standard Cost of Goods Sold component account numbers. Henning Industrial Software, Inc. Page 5 Visual EstiTrack 11/2005
7 Henning Industrial Software, Inc. Page 6 Visual EstiTrack 11/2005
8 Henning Industrial Software, Inc. Page 7 Visual EstiTrack 11/2005
9 Henning Industrial Software, Inc. Page 8 Visual EstiTrack 11/2005
10 Let s take a closer look at the components of Inventory Reconciliation. Henning Industrial Software, Inc. Page 9 Visual EstiTrack 11/2005
11 (A) ABSORBING COSTS TO Work In Process (WIP) for Open/Active Shop Orders 1) DIRECT BUY MATERIALS (Items bought directly to the Shop Order) a. You should tie the purchase order line item to the Shop Order and Cost of Goods directly by entering the appropriate shop order number and COGS account number into the line item of the Purchase Order. Be sure to select a non-inventory Distribution Code. b. Use the receiving screen to receive in the lines items of a Purchase Order. c. Vendor invoices are directly tied to the received PO Line Items through the Get Receipts button found on the Vendor Invoice maintenance screen. This marks the receipt records as being invoiced and defaults the received quantity and appropriate COGS account number into the vendor invoice to prepare it for posting to the general ledger. d. The WIP account net change is adjusted through Inventory Reconciliation. 2) INVENTORIED RAW MATERIAL a. You should NOT tie the purchase order line items to the shop order but directly tie the line item to the Uninvoiced Receipts GL account. Be sure to select an inventory type Distribution Code. b. Use the receiving screen to receive in the line items of the purchase order. c. Vendor invoices are directly tied to the received PO Line Items through the Get Receipts button found on the Vendor Invoice maintenance screen. This marks the receipt records as being invoiced and defaults the Uninvoiced Receipts account number into the vendor invoice to prepare it for posting to the general ledger. d. The Raw Materials account net change is adjusted through Inventory Reconciliation. 3) MOVING COSTS FROM RAW MATERIAL or FINISHED GOODS TO WIP a. Movements of costs from RAW MATERIAL or FINISHED GOODS to WIP are based on shop order job card inventory usage activity during the month. b. Use the Inventory Journal Report selecting the Used in Production transaction type and either the RAW MATERIAL or FINISHED GOODS inventory type to calculate the amount of material that needs to be credited (decreased) from the RAW MATERIAL or FINISHED GOODS GL accounts and debited (increased) to the WIP inventory account. c. Make a general journal entry to Credit (reduce) either the RAW material GL account or the Finished Good account and Debit (Increase) the WIP Inventory Account. 4) LABOR (Direct Labor on Shop Orders) a. Direct Labor payroll is typically directly expensed out on Income Statement through the posting of the Payroll journal but then offset (removed as an expense) back to the WIP inventory account on the Balance sheet based on all the Job Card direct labor activity occurring during the month. b. Most clients achieve this movement by setting up a LABOR ABSORPTION account. The absorption account is used to move direct labor expenses off the income statement to the balance sheet s WIP account. c. Calculate the total WIP Direct Labor by running the Production Costs report for job cards that were executed during selected month. d. The total direct labor number will then be used to reduce total labor expenses by crediting (reducing) the labor absorption account and debiting the WIP account. Henning Industrial Software, Inc. Page 10 Visual EstiTrack 11/2005
12 e. The net effect of this is to reduce the payroll expense that occurred during the month by the direct labor that was performed on active shop orders thus moving those direct labor expenses from the income statement to WIP on the balance sheet. 5) BURDEN a. Burden (Overhead such as office salaries, rent) is typically directly expensed out on Income Statement but then offset (removed as an expense) back to WIP inventory account on the Balance sheet for the all Job Card activity occurring during the month. b. Most clients set up a BURDEN ABSORPTION account to move burden expense off the income statement to the balance sheet s WIP account. c. Calculate the total WIP Burden expense by running the Production Costs report for job cards that were executed during selected month. d. The total Burden number will then be used to reduce total burden expenses by crediting (reducing) the Burden absorption account and debiting the WIP account. e. The net effect of this is to reduce the burden expense that occurred during the month by the burden that was carried on active shop orders thus moving those Burden expenses from the income statement to WIP on the balance sheet. 6) OUTSIDE (SUBCONTRACTED) a. You should tie the purchase order line item to the Shop Order and Cost of Goods GL account directly by entering the appropriate shop order number and COGS account number into the line item of the Purchase Order. b. Use the receiving screen to receive in the lines items of a Purchase Order. c. Vendor invoices are directly tied to the received PO Line Items through the Get Receipts button found on the Vendor Invoice maintenance screen. This marks the receipt records as being invoiced and defaults the appropriate COGS account number into the vendor invoice to prepare it for posting to the general ledger. d. The WIP account net change is adjusted through Inventory Reconciliation. (B) MOVING FROM WIP TO COG (EXPENSES) Many clients do not use finished goods inventory but rather ship directly out of WIP. The following procedure outlines the required procedure for moving costs out of WIP on the balance sheet back to the cost of goods sold on the Income statement. Make sure that ALL costs are against the shop order before closing the shop order. PLEASE NOTE: If you need to split parts out of an existing shop order to get them shipped out faster, you should use the Split Shop Order screen to separate the parts and the costs that you are finishing out into its own shop order. In this way you can complete the processing of the split shop order and close it so you can ship the parts so the cost of the goods sold will be updated appropriately. The original shop order would remain in WIP until it is completed. When the Shop Order is closed and the items are shipped you should then move the summarize component costs out of the WIP account and back to the cost of goods accounts. Use the Cost of Sales analysis report or one of the Work in Process Reports to determine the component costs (i.e., labor, burden, material and other) of the shop orders that closed during the month. Once the total costs and component costs have been determined use these numbers to: Henning Industrial Software, Inc. Page 11 Visual EstiTrack 11/2005
13 1) Credit (decrease) WIP for the total costs of the shop orders closed during the month and debit (increase) the appropriate COG expense accounts on the Income Statement (i.e., Debit Material, Labor and Burden). This adjustment aligns the cost of goods with the actual sales of the goods. (C) MOVING FROM WIP TO FINISHED GOODS If you make to stock and then sell from your finished good inventory then you will need to make a monthly adjustment to move costs from your WIP asset account to your FINISHED GOODS asset account. The following procedure outlines the required procedure for moving costs out of WIP on the balance sheet to Finished Goods on the Balance sheet. Make sure that ALL costs are against the shop order before closing the shop order. PLEASE NOTE: If you need to split parts out of an existing shop order to get them shipped out faster, you should use the Split Shop Order screen to separate the parts and the costs that you are finishing out into its own shop order. In this way you can complete the processing of the split shop order and close it so you can ship the parts so the cost of the goods sold will be updated appropriately. The original shop order would remain in WIP until it is completed. When the Shop Order is closed you should then move the summarize component costs out of the WIP account to the Finished Goods account. Use the Cost of Sales analysis report or one of the Work in Process Reports to determine the component costs (i.e., labor, burden, material and other) of the shop orders that closed during the month. Once the total costs and component costs have been determined use these numbers to: 1) Credit (decrease) WIP for the total costs of the shop orders closed during the month and debit (increase) FINISHED GOODS inventory for the same amount. 2) The net effect of this transaction is that all costs stay on Balance sheet they simply move from one asset account to another (i.e., from the WIP inventory account to the Finished Good inventory account) (D) MOVING FROM FINISHED GOODS TO COG (Expenses) If you sell directly out of Finished Goods inventory it is important that you calculate the costs of the Finished goods sold during the month so that you can credit (reduce) the finished goods inventory account and increase (debit) the appropriate cost of goods accounts. When finished good items are sold 1) Use the show component costs on the Inventory Journal report filtering by the Sale/Shipped transaction type to determine the total and component costs of the goods sold during the month. 2) Use these summarized costs to credit (reduce) Finished Good inventory on Balance Sheet and debit (increase) COG expenses on Income Statement by debiting the values of Labor, Burden and Material. 3) The net effect of this adjustment is to reduce finished goods and increase the cost of goods expenses so the appropriate expense are in same fiscal period as the actual Sales of those items. (E) TEMPORARY LIABILITY ACCOUNT Henning Industrial Software, Inc. Page 12 Visual EstiTrack 11/2005
14 It is quite common that goods are received into inventory (i.e., Raw Material and WIP inventory) prior to the actual receipt of the Vendor Invoice. Many clients want to reflect that future liability on the general ledger even though the liability is not yet reflected in Accounts Payable. You can achieve this adjustment by running the Receiving Log report for all uninvoiced receipts. The number that is shown can be used to update a temporary liability account. Inventory Reconciliation - Processing costs using materials out of inventory Be sure to define your default G/L chart of accounts numbers. Keep in mind that you MUST define a Standard Cost in Finished Good Inventory. The system uses Standard Cost when calculating the finished goods into inventory. Upon closing the Shop Order the system will recalculate using the Actual Cost and show the adjustment in another month, if applicable. Henning Industrial Software, Inc. Page 13 Visual EstiTrack 11/2005
15 Let s begin with 0 balances. Visual EstiTrack Understanding Inventory Reconciliation I ve created job cards to complete the first operation. Costs moved into WIP, out of raw materials and burden, labor were absorbed. Let s now take a look at the G/L Entries. Henning Industrial Software, Inc. Page 14 Visual EstiTrack 11/2005
16 Next I created a purchase order for heat treating and received it in. Notice the change in WIP and Other Direct Costs Absorption. Henning Industrial Software, Inc. Page 15 Visual EstiTrack 11/2005
17 Next I finished the job making and completing finished goods into inventory. Notice the costs being moved from WIP into Finished Goods at the Standard Cost. This is what the G/L Entries would look like if we posted now. Henning Industrial Software, Inc. Page 16 Visual EstiTrack 11/2005
18 I will now create a shipment and close the shop order. This recalculates the FIN costs from Standard to Actual and then moves expenses to COG. Let s look at the G/L Entries. Henning Industrial Software, Inc. Page 17 Visual EstiTrack 11/2005
19 This is the break down. Debit Credit Sales COSTS OF GOODS Cost of Goods Sold Inventory WIP Inventory Raw Materials Direct Labor Absorption Burden/OH Absorption Other Direct Costs Absorption TOTALS: Profit (Loss) Processing costs without using materials out of inventory, but buying directly to the job. Henning Industrial Software, Inc. Page 18 Visual EstiTrack 11/2005
20 Let s begin with 0 balances. I created a purchase order for materials to go directly to a specific job and received it. Henning Industrial Software, Inc. Page 19 Visual EstiTrack 11/2005
21 If you look at the G/L Entries you will see WIP Debited and Direct Costs Absorption Credited. Upon receiving the Vendor Invoice you will be Debiting Purchases in Cost of Goods and Crediting Accounts Payable. Debit Credit WIP (Asset) Direct Costs Absorption (COG) Direct Purchases (COG) AP (Liability) I next created job cards to complete produce these parts. Costs moved through WIP and then to Finished Goods. Henning Industrial Software, Inc. Page 20 Visual EstiTrack 11/2005
22 Let s now take a look at the G/L Entries. Since I did not post transactions until the end of the month the first line item will not occur. Also note that the Finished Goods is based on Standard Cost. Debit Credit WIP (Asset) Direct Costs Absorption (COG) Direct Purchases (COG) AP (Liability) FIN (Asset) WIP (Asset) Absorptions (COGS) Henning Industrial Software, Inc. Page 21 Visual EstiTrack 11/2005
23 I will now create a shipment and close the shop order. This recalculates the FIN costs from Standard to Actual and then moves expenses to COG. Let s look at the G/L Entries. Henning Industrial Software, Inc. Page 22 Visual EstiTrack 11/2005
24 Since I did not post transactions until the end of the month the only entry remaining open will be Purchases and Payroll. Debit Credit WIP (Asset) Direct Costs Absorption (COG) Direct Purchases (COG) AP (Liability) FIN (Asset) WIP (Asset) Absorptions (COGS) COGS Absorption COGS Absorption This is how it would look in the GL: Debit Credit Sales COSTS OF GOODS Materials Purchased Actual Payroll Labor Absorption Burden/OH Absorption Direct Costs Absorption (materials) TOTALS Profit/Loss Henning Industrial Software, Inc. Page 23 Visual EstiTrack 11/2005
Pentagon 2000 Software. Month End Closing Procedures. Version 8.0
PENTAGON2000 Software, Inc. QUICK REFERENCE GUIDE Pentagon 2000 Software Month End Closing Procedures Version 8.0 Pentagon 2000 Software, Inc. 15 West 34 th Street 5th Floor New York, NY 10001 Important:
More informationCHAPTER 7A MATERIAL MANAGEMENT
CHAPTER 7A MATERIAL MANAGEMENT Chapter 7A Material Management...1...4 Inventory Management...5 Overview...7 Inventory Maintenance Tabulation Function Overview...8 Inventory Maintenance Toolbar Overview...9
More informationFinancial Transfer Guide DBA Software Inc.
Contents 3 Table of Contents 1 Introduction 4 2 Why You Need the Financial Transfer 6 3 Total Control Workflow 10 4 Financial Transfer Overview 12 5 Multiple Operating Entities Setup 15 6 General Ledger
More informationJob Processing 2 Processing Job Expenses
Job Processing 2 Processing Job Expenses Presented By: Carolyn Johnson Table of Contents Job Expenses... 3 Part Expenses... 4 Labor Expenses... 6 Commission Expenses... 8 Miscellaneous Expenses... 9 Job
More informationPENTAGON2000 Software, Inc.
1 Accounting Introduction PENTAGON2000 Software, Inc. The Pentagon Financials is an Accrual Based accounting system, by which every Sale or Purchase flows via Accounts Receivable and Accounts Payable.
More information1. What lists can be imported from Excel spreadsheets, when setting up a QuickBooks Online company?
QuickBooks Online Practice Test (with answers) 1. What lists can be imported from Excel spreadsheets, when setting up a QuickBooks Online company? A) Locations, Classes, Products and Services, and Vendors
More informationCHAPTER 2: WORKING WITH GENERAL LEDGER ACCOUNTS
Chapter 2: Working with General Ledger Accounts CHAPTER 2: WORKING WITH GENERAL LEDGER ACCOUNTS Objectives Introduction The objectives are: Identify different posting groups and outline their purpose.
More informationActivant Prophet 21. Perfecting Your Month and Year End Closing Routines
Activant Prophet 21 Perfecting Your Month and Year End Closing Routines This class is designed for System Administrators Operation Managers Accounting Managers Objectives Suggested month end and year end
More informationWelcome to the topic on purchasing items.
Welcome to the topic on purchasing items. 1 In this topic, we will perform the basic steps for purchasing items. As we go through the process, we will explain the consequences of each process step on inventory
More informationMonth End Closing Procedures
Month End Closing Procedures Overview Throughout the month journal entry transactions are created by processing of accounts payable, accounts receivable, billing, cash receipts, etc. The following is a
More informationMonth End Closing Procedures
Overview: Month End Closing Procedures Throughout the month journal entry transactions are created by processing of accounts payable, accounts receivable, billing, cash receipts, etc. The following is
More informationWinNetStar provides for an option to mark up your core charges. In this example we are selling an inventory item with a manufacturer core charge of
Core Charges WinNetStar provides for an option to mark up your core charges. In this example we are selling an inventory item with a manufacturer core charge of $150.00 that has been marked up through
More informationChapter 3 Inventory. Objectives. QuickBooks Tools for Tracking Inventory
Chapter 3 Inventory Objectives After completing this chapter, you should be able to: Activate the Inventory function (page 47). Set up Inventory Items in the Item list (page 48). Use QuickBooks to calculate
More informationTable of Contents. Job Deposits Deposit Received Prior to Customer Creation New Job Creation... 22
Table of Contents Job Costing Accounting Methods... 4 Job Setups... 6 Financial Setups... 6 Job Management Setup Processing... 6 Install Company... 8 Job Type... 9 Non-Financial Setups... 10 Job Tasks...
More informationSAGE ACCPAC. Sage Accpac ERP. Converting from Simply Accounting by Sage
SAGE ACCPAC Sage Accpac ERP Converting from Simply Accounting by Sage 2008 Sage Software, Inc. All rights reserved. Sage Software, Sage Software logos, and all Sage Accpac product and service names are
More informationActivant Prophet 21. Month/Year End Processing
Activant Prophet 21 Month/Year End Processing This class is designed for System Administrators Operation Managers Accounting Managers Objectives Suggested month end and year end procedures This course
More informationSage Accpac ERP 5.6A What's New (Extracted Version)
Sage Accpac ERP 5.6A What's New (Extracted Version) Changes and New Features in System Manager Easier and more efficient program installation and activation. A new License Manager that lets you maintain
More informationLegacy Financials Conversion Guide DBA Software Inc.
Contents 3 Table of Contents 1 Who Is this Guide for? 4 2 Using a Mainstream Accounting Package 5 3 Accounting Package Selection 8 4 Setup - Financial Accounting System 9 5 Setup - Chart of Accounts 10
More informationCredit Card Invoices and Purchase Transfers
Credit Card Invoices and Purchase Transfers There are two different types of transfers, Purchase Transfer and Invoice Transfer. However, the credit card vendor must first be identified as a Credit Card
More informationFind out the answers to the 9 most frequently asked questions about multi-company, which is available only in ajeracomplete.
Quick reference? Just the FAQs about multi-company in ajeracomplete Find out the answers to the 9 most frequently asked questions about multi-company, which is available only in ajeracomplete. Contents
More informationSimilarities Between Job-Order and Process Costing
Similarities Between Job-Order and Process Costing 4-1 Both systems assign material, labor, and overhead costs to products and they provide a mechanism for computing unit product costs. Both systems use
More informationPROCEDURES AND PAPERFLOW
PROCEDURES AND PAPERFLOW I. Purchasing A. Purchase Orders 3 1. Special Orders 3 2. Stock Order 3 3. Printing 3 4. Monitoring 4 5. Acknowledging 4 II. Inventory Movement 5 A. Inventory Receiving Worksheet
More informationForrest Terrace, Abbotsford, BC V2S 1G7 Tel: Fax: Website:
203-34334 Forrest Terrace, Abbotsford, BC V2S 1G7 Tel: 604-504-7936 Fax: 604-504-7976 Website: www.kcsi.ca Email: sales@kcsi.ca SIMMS Inventory Management System General Ledger Manual Table of Contents
More informationActivant Prophet 21. Getting Started with Voucher Creation
Activant Prophet 21 Getting Started with Voucher Creation This class is designed for Accounts Payable personnel in charge of Manual Voucher Creation, Convert PO to Voucher, and Pre-Pay Vouchers. Overview
More informationMonth End Closing Best Practices
Month End Closing Best Practices CRGroup Connections 2017 Agenda: Common Challenges Typical Month End Steps Reconciliations How to automate the process with GP Brief Demonstration Questions Common Challenges
More informationPURCHASING AND JOB COSTING FOR CONTRACTORS. Leslie Shiner Owner, Principal of The ShinerGroup
PURCHASING AND JOB COSTING FOR CONTRACTORS Leslie Shiner Owner, Principal of The ShinerGroup Leslie Shiner The ShinerGroup - Owner and Principal Financial & Management Consultant for Contractors MBA in
More informationWelcome to the topic on Opening Balances.
Welcome to the topic on Opening Balances. 1 In this topic, you will learn the various options for entering beginning balances for business partners, inventory, and G/L accounts. You will also learn how
More informationSAP Business One. A Single System to Streamline Your Entire Business
SAP Business One A Single System to Streamline Your Entire Business LBSi Whistle Stop Tour Regional SAP User Group Meeting 1. Welcome Introductions 2. Kick-off to SAP Business One User Group is Whistle
More informationEnhancements for Last Updated: January 9, 2018
Enhancements for 14.23 Last Updated: January 9, 2018 Status: Released New Branding Changes AP BI BI EK HR IC JC PR PR PR PR PR SDX AP Multi-Cost Center Inter Post Clean Up Rebuild Data Warehouses New Data
More informationSage 500 ERP Year-end Closing Procedures
Sage 500 ERP Year-end Closing Procedures The following tips and tricks will help you get ready to close out the old year (2017) in Sage 500 and ring in the New Year (2018)! First a word of caution about
More informationActivant Prophet 21. Preparing for Go Live
Activant Prophet 21 Preparing for Go Live This class is designed for System Administrators Go Live Team Accountants Objectives Load General Ledger accounts Enter inventory counts Enter open Accounts Receivables
More informationInventory Cost Accounting Tips and Tricks. Nick Bergamo, Senior Manager Linda Pei, Senior Manager
1 Inventory Cost Accounting Tips and Tricks Nick Bergamo, Senior Manager Linda Pei, Senior Manager 2 Disclaimer The material appearing in this presentation is for informational purposes only and is not
More informationHow to Configure the Initial Settings in SAP Business One
SAP Business One How-To Guide PUBLIC How to Configure the Initial Settings in SAP Business One Applicable Release: SAP Business One 8.8 European Localizations English July 2009 Table of Contents Introduction...
More informationABC Company Recommended Course of Action
ABC Company Recommended Course of Action ABC Company has been utilizing Vantage by Epicor for several months. During the monthly close for November 1999, it was discovered that the G/L accounts for inventory,
More informationMicrosoft Dynamics GP. Project Accounting Accounting Control Guide
Microsoft Dynamics GP Project Accounting Accounting Control Guide Copyright Copyright 2010 Microsoft. All rights reserved. Limitation of liability This document is provided as-is. Information and views
More informationINTEGRATION GUIDE. Learn about the benefits of integrating your Denali modules
INTEGRATION GUIDE Learn about the benefits of integrating your Denali modules Integration Guide Copyright Notification At Cougar Mountain Software, Inc., we strive to produce high-quality software at reasonable
More informationWork4Me Managerial Accounting Simulations. Problem Two
Work4Me Managerial Accounting Simulations 1 st Web-Based Edition Problem Two Job-Order Costing Elmwood Manufacturing, Incorporated Page 1 INTRODUCTION Elmwood Manufacturing, Incorporated operates in a
More informationMicrosoft Dynamics SL
Microsoft Dynamics SL 2015 Year-End Close Procedures The information contained herein is the property of MIG & Co. and may not be copied, used or disclosed in whole or In part to any third party except
More informationAccounts Payable Setup & Processing
SedonaOffice Users Conference San Francisco, CA January 21 24, 2018 Accounts Payable Setup & Processing Presented by: Lisa Gambatese & Kaitlyn Denninger This Page Intentionally Left Blank Page 2 of 30
More informationHow do I Reconcile MCPS Invoices?
How do I Reconcile MCPS Invoices? Overview Purpose This document explains how schools can reconcile Montgomery County Public School (MCPS) invoices to requisitions charged to their cash account and to
More informationWelcome to the procurement process topic.
Welcome to the procurement process topic. 1 In this session, we will look at an overview of the procurement process. At the end, you will be able list the steps in the procurement process and purchase
More informationSummit A/P Voucher Process
Summit A/P Voucher Process Copyright 2010 2 Contents Accounts Payable... 4 Accounts Payable Setup... 5 Account Reconcile Protection.... 5 Default Bank Account... 5 Default Voucher Method - Accrual Basis
More informationSage Accounting. Year End Guide
Sage Accounting Year End Guide 1 Reconciliation and Year End Processing Reconciliation and Year End Processing This guide will assist you with the running of your Year End in Sage Accounting. It is quite
More informationFind out the answers to the 11 most frequently asked questions from outside accountants and Certified Public Accountants who use Ajera.
Quick reference AJST10 Just the FAQs? for outside accountants and CPAs Find out the answers to the 11 most frequently asked questions from outside accountants and Certified Public Accountants who use Ajera.
More informationUsing Data Analytics in Audits
Using Data Analytics in Audits Data Analytics is the process of inspecting, cleansing, transforming and modelling raw data with the purpose of discovering useful information, drawing conclusions and supporting
More informationWelcome to the topic on purchasing services.
Welcome to the topic on purchasing services. In this session, we will discuss the options for purchasing services. We look at two ways services are handled in purchasing with and without purchase orders.
More informationPEACHTREE COMPLETE 2009 Workshop 7 The Paint Place
PEACHTREE COMPLETE 2009 Workshop 7 The Paint Place Mini Practice Set Working With a Perpetual Inventory System In this final workshop you will review key concepts for a perpetual inventory system by exploring
More informationQUICKBOOKS PRO 2008 WORKSHOP 6 THE CORNER DRESS SHOP
QUICKBOOKS PRO WORKSHOP 6 THE CORNER DRESS SHOP Mini Practice Set Reviewing the Accounting Cycle for a Merchandise Company This workshop will help you review the key concepts of a merchandise company by
More informationMiscellaneous Charges Setup Manual
Miscellaneous Charges Setup Manual 400 Technology Park Lake Mary, FL 32746 Ph 407-695-7300 Fax 407 696 8001 info@autopower.com www.autopower.com 2017 2018 AutoPower Corporation. All Rights Reserved. Copyright
More informationMunis Purchase Card Processing
Munis Purchase Card Processing Procedural Documentation For more information, visit www.tylertech.com. Purchase Card Statement Processing Objective This document illustrates the steps taken to process
More informationAlphabetical TrulinX Program List
Alphabetical TrulinX Program List Agent Order Commission Receipt by Sales Rep Report Agent Order Commission Receipt Report Adjust FMD Process Agent Orders Agent Order Line Maintenance Agent Order Maintenance
More informationRelease 11 Feature Highlights
Release 11 Feature This document summarizes a handful of top-level features of each module and component. Module / Component Common / Overall Feature Multi-user and multi-company Robust & Reliable - Microsoft
More informationBillQuick Peachtree Integration
Time Billing and Business Management Software Built With Your Industry Knowledge BillQuickPeachtree Integration Integration Guide BQE Software, Inc. 2601 Airport Drive Suite 380 Torrance CA 90505 Support:
More informationModule 9 Business Process and ADempeire
Module 9 Business Process and ADempeire By Wipawii Jaraswarapan Business Consultant, ecosoft wipawii@gmail.com ADempiere ERP 1 2 Module Objectives Overall ADempiere Go through purchase cycle Purchase module
More informationQT9 ERP Job Management Software. Compliance. Paperless. User Friendly. Powerful.
Compliance. Paperless. User Friendly. Powerful. SOFTWARE FEATURES Email Alerting Configure email alerts for inventory level of both your raw materials and your finished goods Outlook Integration Create
More informationNew for 2009! Detecting and Correcting with the Client Data Review Feature
Chapter 17 New for 2009! Detecting and Correcting with the Client Data Review Feature Introduction: Features and Benefits Starting a Client Data Review Customizing the Client Data Review Center Account
More informationSAGE ACCPAC. Sage Accpac ERP. Project and Job Costing 5.5A. Update Notice
SAGE ACCPAC Sage Accpac ERP Project and Job Costing 5.5A Update Notice 2008 Sage Software, Inc. All rights reserved. Sage Software, Sage Software logos, and all Sage Accpac product and service names are
More informationQuickBooks Online Student Guide. Chapter 10. Inventory
QuickBooks Online Student Guide Chapter 10 Inventory Chapter 2 Chapter 10 In this chapter, you ll learn how QuickBooks handles inventory. You can use QuickBooks to track the items you keep in inventory
More informationPEACHTREE COMPLETE 2009 WORKSHOP 6 THE CORNER DRESS SHOP
PEACHTREE COMPLETE 2009 WORKSHOP 6 THE CORNER DRESS SHOP Mini Practice Set Reviewing the Accounting Cycle for a Merchandise Company This workshop will help you review the key concepts of a merchandise
More informationAccounts Payable. Is a liability account Will normally have a credit balance
Accounts Payable Is the money a company owes to a supplier or vendor for goods purchased on credit many small companies use accountants to handle accounts payable large companies typically have an accounts
More informationCHAPTER 4B SHOP ORDER MAINTENANCE
CHAPTER 4B SHOP ORDER MAINTENANCE Chapter 4B Shop Order Maintenance...1 Orders...3 Shop Order & Release Maintenance...4 Creating a New Shop Order...5 Creating a New Shop Order directly in Shop Order Maintenance...5
More informationEagle Business Management System - Manufacturing
Eagle Business Management System - Manufacturing Table of Contents INTRODUCTION...1 Technical Support...1 Overview...2 CREATING A BATCH...5 Creating a Simple Manufacturing Batch...5 Using Inventory Components
More informationChapter 4. Systems Design: Process Costing. Types of Costing Systems Used to Determine Product Costs. Job-order Costing.
4-1 Chapter 4 Systems Design: Process Costing Types of Costing Systems Used to Determine Product Costs Process Costing Job-order Costing F Many units of a single, homogeneous product flow evenly through
More informationRecording Over the Counter Sale Invoices
Recording Over the Counter Sale Invoices SuccessWare21 allows entry of an invoice for counter sale purposes without going through the process of inserting a new job, recording call progress, completing/closing
More informationEND-USER GUIDE. The Procure-to-Pay Process
END-USER GUIDE The Procure-to-Pay Process Version 1.1 June 30, 2016 Contents 1 The E-Procurement Process... 2 2 Creating Requests... 4 2.1 Shopping Catalogs... 4 2.2 Shop Off-Catalog... 7 2.3 Shopping
More informationProfessional Software, Inc. MAS 90 / MAS 200 VERSION 4.4 CLASS OUTLINE April 20, 2010
Professional Software, Inc. MAS 90 / MAS 200 VERSION 4.4 CLASS OUTLINE April 20, 2010 The Business Framework evolution is nearly complete. Modules that are Business Framework ready: General Ledger (4.0)
More informationThe Purchasing Function:
ACCT 100 - Intro to Acct. Chapter 8 - Accounting for Purchases, A/P, and Cash Payments Prof. Johnson Where we have been: Last time we started our discussion for merchandising entities and focused on the
More informationAccounting 1 Instructor Notes
Accounting 1 Instructor Notes CHAPTER 6 ACCOUNTING FOR MERCHANDISING BUSINESS Accounting for a merchandising business is much more complex than a service business. This is because a service business sells
More informationSetting up inventory
LESSON 10 Setting up inventory 10 Lesson objectives, 278 Supporting materials, 278 Instructor preparation, 278 To start this lesson, 279 Turning on the inventory feature, 279 Entering products into inventory,
More informationCalculation Schema. Setting up the calculation schema in beas. Beas Tutorial. Boyum Solutions IT A/S
Calculation Schema Setting up the calculation schema in beas Boyum Solutions IT A/S Beas Tutorial TABLE OF CONTENTS 1. INTRODUCTION... 3 2. PROCESS... 3 2.1. Master Data Tab... 5 2.2. Overhead Costs Tab...
More informationProfitMaker to ASI Smartbooks Report Cross References
ProfitMaker to ASI SmartBooks Report Cross Reference Table of Contents ProfitMaker to ASI Smartbooks Where Do I Find?: Open Orders Report 3 Book/Billed Order Comparison 3 Order Costing Report 3 Monthly
More informationAIMS Version 6.3. Feature presentation
AIMS Version 6.3 Feature presentation AIMS System 6.3 Standard overlay forms all forms are laser ready with your logo New E-Commerce module on-line ordering from your web page Dashboard rewrite of company
More informationSolar Eclipse Information System (EIS) Release 8.7.9
Solar Eclipse Information System (EIS) Release 8.7.9 Disclaimer This document is for informational purposes only and is subject to change without notice. This document and its contents, including the viewpoints,
More informationCustom Manufacturing Guide DBA Software Inc.
Contents 3 Table of Contents 1 Introduction 4 2 Why You Need Custom Manufacturing 5 3 Total Control Workflow 8 4 Custom Manufacturing Sequence of Events 10 5 Advance Setup - Standard Processes 12 6 Advance
More informationRelease Notes Build 390
Release Notes Build 390 Attn: System Administrator DO NOT UPDATE UNTIL YOU READ THESE RELEASE NOTES! SETUP TASKS ARE REQUIRED. Be sure to review the System Administrator Task List because there are several
More informationAviation Specialties Unlimited 1. Contract (Fixed Price Contract)
Aviation Specialties Unlimited 1. Contract (Fixed Price Contract) Overview Key Setup Setup Customer Setup Quote Create Sales Order Setup Contract (Project) Setup Advance Billing (Deposit) Acquire Inventory
More informationThe Construction Manager. Reports Catalog
The Construction Manager Reports Catalog The Construction Manager Reports Catalog Published November 2004 Geac Commercial Systems, a division of Geac Enterprise Solutions, Inc. makes no warranty of any
More informationEscapia VRS. Month End Close and Audit Procedures
Escapia VRS Month End Close and Audit Procedures Month end close and audit procedures: 1. Review Bank Deposits program ACCOUNTING> BANKING> RECONCILE BANK ACCOUNT Make sure there are no un-deposited checks
More informationCA Abhijit Sanzgiri.
CA Abhijit Sanzgiri. Inventory - idle stock of physical goods. Contains economic value. Held in various forms by an organization in its custody awaiting packing, processing, transformation. For use or
More informationMISys Manufacturing 6.4 Integration with Intuit QuickBooks FAQ 3/26/2018. What versions of QuickBooks is MISys Manufacturing compatible with?
What versions of QuickBooks is MISys Manufacturing compatible with? MISys Manufacturing 6.4 is compatible with all US editions of QuickBooks Pro, Premiere and Enterprise 2016, 2017 and 2018. It is also
More informationHOW INTEGRATION WORKS...
Contents INTRODUCTION... 1 How to Use This Guide... 1 Software Editions Supported... 2 HOW INTEGRATION WORKS... 3 INTEGRATION RULES... 4 SYNC SETTINGS... 7 General Settings... 7 Send Settings... 8 Get
More informationBrandon s Cabinet Shop
Brandon s Cabinet Shop 1 st Web-Based Edition Module 2 Transactions For June 10-16 Page 1 Heads Up: In this module you will be required to record: (1) unearned revenue and (2) a sales return of merchandise
More informationMISys Manufacturing 6.0 Integration with Sage Accpac ERP FAQ 8/7/20128/7/2012. What versions of Sage Accpac is MISys Manufacturing compatible with?
What versions of Sage Accpac is MISys Manufacturing compatible with? MISys Manufacturing 6.0 is compatible with Sage Accpac ERP 5.4, 5.5, 5.6 and 6.0. How does MISys Manufacturing integrate with Accpac?
More informationSedonaOffice Users Conference. San Francisco, CA January 21 24, Job Management. Presented by: Carolyn Johnson and Mellissa Robinson
SedonaOffice Users Conference San Francisco, CA January 21 24, 2018 Job Management Presented by: Carolyn Johnson and Mellissa Robinson This Page Intentionally Left Blank Page 2 of 39 Table of Contents
More informationInventory: Part 1 & 2
SedonaOffice Users Conference San Francisco, CA January 21 24, 2018 Inventory: Part 1 & 2 Presented by: Mellissa Robinson, Matt Howe & Wayne O Keefe This Page Intentionally Left Blank Page 2 of 69 Table
More information2010 Users Conference. Job Management. Training Guide
2010 Users Conference Job Management Last Updated: January 02, 2010 Table of Contents Job Management I 3 Track 1 - Job Costing Setup 3 Job Management-Overview 4 Setup Tables & Options 5 Install Company
More informationQ U IC K BOOKS 2016 STUDEN T GUIDE. Lesson 2. Setting Up
Q U IC K BOOKS 2016 STUDEN T GUIDE Lesson 2 Setting Up Copyright Copyright 2016 Intuit, Inc. All rights reserved. Intuit, Inc. 5100 Spectrum Way Mississauga, ON L4W 5S2 Trademarks 2016 Intuit Inc. All
More informationQ U IC K BOOKS 2017 STUDEN T GUIDE. Lesson 2. Setting Up
Q U IC K BOOKS 2017 STUDEN T GUIDE Lesson 2 Setting Up Copyright Copyright 2017 Intuit, Inc. All rights reserved. Intuit, Inc. 5100 Spectrum Way Mississauga, ON L4W 5S2 Trademarks 2017 Intuit Inc. All
More informationOneStep. Accounting 4.0. User Guide. Enable Computing
OneStep Accounting 4.0 User Guide Enable Computing 2 Table of Contents 1 Introduction... 5 2 Getting Started... 7 2.1 2.2 2.3 2.4 2.5 2.6 2.7 Installation... 7 Starting OneStep Accounting...7 Opening The
More informationCustomizing Materials Management Processes in SAP. ERP Operations
Akash Agrawal Customizing Materials Management Processes in SAP ERP Operations Bonn Boston Contents at a Glance 1 Introduction... 21 2 SAP Organizational Structure... 33 3 Master Data... 55 4 Procurement
More informationClosing Accounting Periods Delivered Basis
Page 1 of 5 Month-End Closing Overview Two programs require a minimal month end closing procedure. These are the: Inventory Control System Accounts Payable Module Please be sure to make a complete backup
More informationFinance Month End. Deltek Maconomy Deltek, Inc. Deltek proprietary, all rights reserved.
Finance Month End Deltek Maconomy Copyright Information While Deltek has attempted to make the information in this document accurate and complete, some typographical or technical errors may exist. Deltek,
More informationSetting up company preferences
Quick lesson Setting up company preferences part 1: general, accounting, projects, and billing Goal: Set up important preferences for the way you work in Ajera. You set up company preferences to define:
More informationWAYNESBORO AREA SCHOOL DISTRICT CURRICULUM ACCOUNTING I
COURSE NAME: Accounting I UNIT: Service Business Organized as a Proprietorship NO. OF DAYS: 70 KEY LEARNING(S): Analyzing, journalizing, and posting transactions; preparing financial reports; analyzing
More informationIntacct Inventory & Stock Sync
Bridge Between Hands-On Inventory Management And Cloud Accounting QR Inventory - Intacct Integration Using integrated QR Inventory - Intacct solution you can track inventory and assets in the field using
More informationTable of Contents. PriceBook... 1 Objectives... 1 What is the PriceBook?... 1 PriceBook Composition... 2
Table of Contents PriceBook... 1 Objectives... 1 What is the PriceBook?... 1 PriceBook Composition... 2 PriceBook Composition... 2 Categories... 4 Groups... 4 Items... 5 Pricing (Mark Up) Formulas... 6
More informationNATIVE ACCOUNTING. You can set up your G/L defaults from the GlobalBake main menu select Ledger > G/L Setup.
NATIVE ACCOUNTING Native accounting is three modules; general ledger, accounts payable and cashbook. This covers the financial side of your business. This manages your balance sheets and profit and loss
More informationActivant Prophet 21. Manual Invoice Creation and Adjustment
Activant Prophet 21 Manual Invoice Creation and Adjustment This class is designed for.. Accounts Receivable personnel in charge of manual invoice creation and invoice adjustments or maintenance Objectives
More informationOverview. Who Should Use This Chapter. Flexible Account Structure. General Ledger
Overview The General Ledger (GL) maintains all aspects of your business accounting process. It contains the primary financial data from which all the financial reports are prepared. Who Should Use This
More informationActivant SDI Daily Transactions and Balancing your INVALUE report to the General Ledger
Activant SDI Daily Transactions and Balancing your INVALUE report to the General Ledger Balancing Your INVALUE Report to your GL suite course 2 of 3 This class is designed for Accountants or Bookkeepers
More information