Accounting question - AP Advance Billing

Yahoo Archive
1
We figured it out -



We created a Debit Memo and then an advanced billing line.



It bought up the balance for this vendor on the advanced billing of $18.



However, we found that when the original advanced billing took place it
credited our AP account and debited our prepaid account for $86.



Parts were received and the invoiced process - it debited AP and credited
our prepaid for $68.



Our AP aging has been off by $18 since this happened.



Just an FYI - if you are trying to reconcile your AP account to the aging.







From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of
Manasa Reddy
Sent: Friday, July 12, 2013 5:02 AM
To: 'vantage@yahoogroups.com'
Subject: RE: [Vantage] Accounting question - AP Advance Billing





It been a long time since I had to do this and another person on the list
showed me a cool way to "write this off".

Something about creating a dummy invoice for the last $18 and then writing
it off when you create the dummy check.

And if you actually call the invoice "dummy" it stands out to you.

HTH,
Manasa

From: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
[mailto:vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com> ] On
Behalf Of Cathy
Sent: Thursday, July 11, 2013 5:28 PM
To: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Accounting question - AP Advance Billing

We cannot back this receipt out - it has been invoiced and paid through
Advance Billing.

Just trying to find out how we can rid of the $18 in Advanced Payment and
the $18 in the Advanced Payment account.

Thanks,

Cathy

From: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> [mailto:vantage@yahoogroups.com
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>] On
Behalf Of
Miguel Santillan
Sent: Thursday, July 11, 2013 3:03 PM
To: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Accounting question - AP Advance Billing

In our case, we create a PO for .34 @2000
WE rec the inventory of 2000 @ .34
We then get invoiced .43 @2000 from the supplier.
Accounting notices the discrepancy and notifies Purchasing.

Purchasing un-receives material, noting the date it was rec'd.
Changes the PO pricing.
Receives the material again with the back date.

When I went to Insights, there was a Price Variance module in Vantage 8. It
would show the price variance and then let you either adjust the QTY or
Price. Nice tool...but either I don't have that feature or it is not in 9.X

From: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
[mailto:vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com> ] On
Behalf Of cathyattechnologicsys
Sent: Thursday, July 11, 2013 1:58 PM
To: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
Subject: [Vantage] Accounting question - AP Advance Billing

A PO was created and the buyer added a unit price of .34.

The quantity is 2,000 so the total PO price is $68.

However, the real price was .43 for a total of $86 for the line.

Accounting process the advanced billing for this line for a total of $86.
This is the correct amount.

The PO was received and the PUR-STK was the .34 for the unit price and $68
for all 2,000.

When running the Advance Payment report we have $18 showing on the report.

Does anyone have a procedure for a case let this or provide direction on how
to fix this?

Thanks,
Cathy

[Non-text portions of this message have been removed]

[Non-text portions of this message have been removed]

[Non-text portions of this message have been removed]





[Non-text portions of this message have been removed]
2
A PO was created and the buyer added a unit price of .34.

The quantity is 2,000 so the total PO price is $68.

However, the real price was .43 for a total of $86 for the line.

Accounting process the advanced billing for this line for a total of $86. This is the correct amount.

The PO was received and the PUR-STK was the .34 for the unit price and $68 for all 2,000.

When running the Advance Payment report we have $18 showing on the report.

Does anyone have a procedure for a case let this or provide direction on how to fix this?

Thanks,
Cathy
3
In our case, we create a PO for .34 @2000
WE rec the inventory of 2000 @ .34
We then get invoiced .43 @2000 from the supplier.
Accounting notices the discrepancy and notifies Purchasing.

Purchasing un-receives material, noting the date it was rec'd.
Changes the PO pricing.
Receives the material again with the back date.

When I went to Insights, there was a Price Variance module in Vantage 8. It would show the price variance and then let you either adjust the QTY or Price. Nice tool...but either I don't have that feature or it is not in 9.X

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of cathyattechnologicsys
Sent: Thursday, July 11, 2013 1:58 PM
To: vantage@yahoogroups.com
Subject: [Vantage] Accounting question - AP Advance Billing



A PO was created and the buyer added a unit price of .34.

The quantity is 2,000 so the total PO price is $68.

However, the real price was .43 for a total of $86 for the line.

Accounting process the advanced billing for this line for a total of $86. This is the correct amount.

The PO was received and the PUR-STK was the .34 for the unit price and $68 for all 2,000.

When running the Advance Payment report we have $18 showing on the report.

Does anyone have a procedure for a case let this or provide direction on how to fix this?

Thanks,
Cathy



[Non-text portions of this message have been removed]
4
We cannot back this receipt out - it has been invoiced and paid through
Advance Billing.



Just trying to find out how we can rid of the $18 in Advanced Payment and
the $18 in the Advanced Payment account.



Thanks,

Cathy



From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of
Miguel Santillan
Sent: Thursday, July 11, 2013 3:03 PM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Accounting question - AP Advance Billing





In our case, we create a PO for .34 @2000
WE rec the inventory of 2000 @ .34
We then get invoiced .43 @2000 from the supplier.
Accounting notices the discrepancy and notifies Purchasing.

Purchasing un-receives material, noting the date it was rec'd.
Changes the PO pricing.
Receives the material again with the back date.

When I went to Insights, there was a Price Variance module in Vantage 8. It
would show the price variance and then let you either adjust the QTY or
Price. Nice tool...but either I don't have that feature or it is not in 9.X

From: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
[mailto:vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com> ] On
Behalf Of cathyattechnologicsys
Sent: Thursday, July 11, 2013 1:58 PM
To: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
Subject: [Vantage] Accounting question - AP Advance Billing

A PO was created and the buyer added a unit price of .34.

The quantity is 2,000 so the total PO price is $68.

However, the real price was .43 for a total of $86 for the line.

Accounting process the advanced billing for this line for a total of $86.
This is the correct amount.

The PO was received and the PUR-STK was the .34 for the unit price and $68
for all 2,000.

When running the Advance Payment report we have $18 showing on the report.

Does anyone have a procedure for a case let this or provide direction on how
to fix this?

Thanks,
Cathy

[Non-text portions of this message have been removed]





[Non-text portions of this message have been removed]
5
It been a long time since I had to do this and another person on the list showed me a cool way to "write this off".

Something about creating a dummy invoice for the last $18 and then writing it off when you create the dummy check.

And if you actually call the invoice "dummy" it stands out to you.

HTH,
Manasa










From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of Cathy
Sent: Thursday, July 11, 2013 5:28 PM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Accounting question - AP Advance Billing



We cannot back this receipt out - it has been invoiced and paid through
Advance Billing.

Just trying to find out how we can rid of the $18 in Advanced Payment and
the $18 in the Advanced Payment account.

Thanks,

Cathy

From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> [mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>] On Behalf Of
Miguel Santillan
Sent: Thursday, July 11, 2013 3:03 PM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Accounting question - AP Advance Billing

In our case, we create a PO for .34 @2000
WE rec the inventory of 2000 @ .34
We then get invoiced .43 @2000 from the supplier.
Accounting notices the discrepancy and notifies Purchasing.

Purchasing un-receives material, noting the date it was rec'd.
Changes the PO pricing.
Receives the material again with the back date.

When I went to Insights, there was a Price Variance module in Vantage 8. It
would show the price variance and then let you either adjust the QTY or
Price. Nice tool...but either I don't have that feature or it is not in 9.X

From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
[mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com> ] On
Behalf Of cathyattechnologicsys
Sent: Thursday, July 11, 2013 1:58 PM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
Subject: [Vantage] Accounting question - AP Advance Billing

A PO was created and the buyer added a unit price of .34.

The quantity is 2,000 so the total PO price is $68.

However, the real price was .43 for a total of $86 for the line.

Accounting process the advanced billing for this line for a total of $86.
This is the correct amount.

The PO was received and the PUR-STK was the .34 for the unit price and $68
for all 2,000.

When running the Advance Payment report we have $18 showing on the report.

Does anyone have a procedure for a case let this or provide direction on how
to fix this?

Thanks,
Cathy

[Non-text portions of this message have been removed]

[Non-text portions of this message have been removed]



[Non-text portions of this message have been removed]