Visual Cash Focus - User Tip 32

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1 Visual Cash Focus - User Tip 32 How do I model Work in Progress and Finished Goods? How to model WIP in service based organisations How to model WIP and Finished Goods for manufacturers and producers The Scenarios 1. We are a Chartered Accounting firm that generates continuous WIP but only invoice our clients on the completion of the work. 2. We make Honey and Wine. There is a seasonal harvesting and production process but sales occur all year round. 3. We run a continuous Mining Operation and stock pile raw material before it s processed and then later sold as a finished product. How do you model these different scenarios in VCF? Background Like the CA firm, Mining companies, Manufacturers, all Growers and Producers have in common a production cycle that s different to the product selling cycle. In some cases the timing difference is small but in others it can be several months or seasons. In the case of growers like wineries, fruit, honey, and other horticulture and agricultural producers there are seasonal growing and production periods followed by harvesting and then sales. The issue in common to these industries is the timing difference between incurring direct production and processing expenses and generating the respective revenues and margin recognition. To correctly match revenue streams with the cost of products sold all direct costs are transferred to a balance sheet WIP (inventory) holding account. WIP and finished goods are released via Cost of Sales to match the revenue streams. Let s look at two scenarios. Scenario 1: How to accumulate Direct Expenses in WIP and reduce WIP via Cost of Sales Scenario 2: How to accumulate Direct Expenses in WIP then transfer them to Finished Goods and reduce Finished Goods via Cost of Sales The transfer and accumulation of WIP costs is the same for both scenarios

2 The Solution How to accumulate Direct Expenses in WIP This scenario applies to all service providers, manufacturers and producers. Step 1 Group all Direct Expenses Add a folder and group all the items directly associated with the revenue generation. In the case of the CA/Legal firm this would include all the Salaries and Wages of all employees and partners etc except for those dedicated to Administrative tasks. In the case of a winery there would be separate folders for Wine Making, Vineyard Expenses and External Purchases. Step 2 - Add a new line called Transfer costs to WIP In the picture below for a Honey producer we grouped numerous Harvesting Costs. The transfer line is called Harvest Costs Capitalised to WIP. A CA/Legal firm could call this line Transfer direct costs to WIP.

3 Step 3 Amend the Budget Set Up for the transfer line. From the Budget Setup tab Select the budget option % Expense or COS (variable on other Expense/COS) Click Change and select all the related Direct Costs, in this case we selected all the Harvesting costs. What this set up does is Automate the calculation and expense total transfer to WIP i.e. when ever a direct expense is updated VCF will recalculates the transfer amount to WIP Remove the profit impact of the selected Direct Expenses. The margin on Sales will be calculated via a Cost of Sales account. Tip - note that I have put a space in front of all the Direct expense account descriptions. This makes it easy to distinguish between Direct and Overhead Expenses when selecting the Change button. (See the following picture). With the space they are automatically listed in a block at the top of the selection. Another advantage is that they will also be listed in a block on the Cash Flow Statement. Another way to easily identify the Harvest Costs would be to put HC in front of all Harvest Cost expenses, WC for Winery Costs, VC for Vineyard costs etc.

4 Step 4 Enter the budget % Enter the budget % as -100%. The effect of this negative budget % is to subtract the total of the direct expenses selected so that they have a nil profit impact. Note that the expense lines will still appear in the cash flow. The transfer will not. Step 5 Add a new Cash Flow profile Right click the default Cost of Sales expense profile and choose Add New Give the new profile the same name as the transfer account description. In this case the profile is called Harvest cost Capitalised. In the CA/Legal firm scenario this could be called Transfer costs to WIP. Change the profile to read 100% to period 99 and Cr WIP Inventory as illustrated below.

5 Note that I have already been to the balance sheet inventory area and renamed the default inventory account to WIP as shown (refer Step 6). Step 6 WIP account setup Exit Direct Expenses and go to Balance Sheet Inventory accounts. Either rename the default Inventory account description or add a new inventory account called WIP. Tip - If you rename the default inventory account to WIP the A/P link in the Transfer profile above will change automatically. If you have added a new WIP account go back to direct costs and edit the transfer profile and change the A/P link to your new WIP account. Under Inventory Edit the Budget Setup for the WIP account and select Purchase Target Specified from the four options. Go to the budget per period tab and click in the budget window to confirm a purchase budget of zero. Note - You need to click on at least one zero to confirm it. The reason for the zero budget is to turn off any unwanted inventory purchases. This is because Cash Focus will automatically purchase negative inventory balances. The purpose of the WIP account is to just hold the net result of balances being transferred in and out. An activation error will occur if there are any negative WIP account balances. This situation will only happen if WIP is over recovered (i.e. you make a profit on it). Step 7 Cost of Sales The final step is to create a new Cost of Sales account. Click New to add a cost of goods sold account Under Account Properties link the COS account the WIP account. Here we see a COS account for each product type. Note that it is linked to the WIP account.

6 Under Budget Setup select % variable on Sales Enter the cost per dollar of sales as a %. Note that there are no timing assumptions required for Cost of Sales accounts. In the case if the CA firm (1-COS) % is the expected margin per dollar of sales. In the case of the Honey producer, the COS% will be based on a detailed product costing. Step 8 Activate and confirm the results WIP should accumulate based on the level of direct expenses and decrease depending on the level of sales and resultant COS. A continual increase in WIP indicates greater expense transfer into WIP than the Cost of Sales. Negative WIP indicates Revenues and COS is greater than the expenses being incurred.

7 Scenario 2: How to transfer WIP to Finished Goods and reduce Finished Goods via Cost of Sales Let s extend the above scenario by first looking at how to transfer WIP to Finished Goods and then secondly how to link the Finished Goods accounts to Cost of Goods Sold. The transfer from WIP to finished goods is usually done according to a production budget. The production method is used by Wineries, Mining Operations, Processors and other Manufacturing companies. The methodology is as follows. 1. Direct production expenses are transferred to WIP, i.e. Dr WIP, Cr Direct Expenses (as in scenario 1 above) 2. WIP is transferred to Finished Goods according to a production/processing budget, i.e. Dr Finished Goods, Cr WIP 3. Finished Goods are sold via a COGS account i.e. Dr COGS, Cr Finished Goods We will use the Honey producer to illustrate this methodology Steps 1 8 are as above in scenario 1 Step 9 Finished Goods In the Inventory area add the required Finished Goods account(s). See in our Honey example below there is a Finished Goods account for each grade of Honey produced and our previously created WIP. The consumables account was created for the purpose of holding an opening balance. Step 10 Select Purchase Target Specified Change the Budget Setup of all Finished Goods accounts to Purchase Level Specified

8 Step 11 Enter a production or processing budget Enter a production budget. This budget is the $ cost of honey produced for each grade entered into the respective production periods. This budget amount could be driven/based on the number of tones x quantity from the Non Financial Driver area. Note that the production/processing budget illustrated is based on a seasonal pattern peaking in December and January. Other manufacturers like Wineries may have a continuous flat processing budget representing the transfer of Bulk wine to bottles as required for resale or a seasonal transfer from say WIP to Bulk red or White Wines.

9 Step 12 Add a new Cash Flow Profile The default inventory setting for VCF is to automatically purchase/replace inventory as it is sold. This setup allows flexibility to determine when the purchase takes place relative to sales and when to pay for the goods (CO) relative to their purchase (PU). The trigger for the purchase and payment journals is the credit entry from COGS. Because Finished Good purchases are to be taken from our WIP account(s) we will add a new Cash Flow profile for the Finished Goods account and change the default link from Accounts Payable to WIP. Add a new Cash Flow profile called Transfer from WIP Edit the Transfer to WIP profile and change the profile to read 100% period 99 with the CO line reading Bank and WIP as illustrated below. Ignore the PU line. This line is not used because we are specifying the (PU) purchase amounts. The PU line is only used by the default purchases calculated method. Note that the 99 makes this a non cash transaction. Uncheck the show A/P accounts only option to select the WIP inventory account. Close the profile and right click to copy to all periods Step13 Cost of Sales The final step is to create a new Cost of Sales account. Click New to add a cost of goods sold account Under Account Properties link the COS account to the respective Finished Goods account.

10 Here we see a COS account for each product type. Note that it is linked to Finished Goods for 5+ Under Budget Set up link the Cost of Sales account to the driver for units sold or a % of sales Under Budget per period enter the $Amount per unit sold or Cost of Sales % Step 14 Activate and confirm the results Here we can see for Finished Good account 10+ the opening balance from the period before plus Purchases from WIP less Cost of Goods sold. Note that negative Finished Good balances indicate a product either being over sold or there are insufficient production expenses. The solution would be to increase the purchase/production budget from WIP, Sell less or purchase the short fall from other External suppliers.

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