Bruce-
What are you considering "journal adjustments"? I make approximately 30
"standard" journal entries (monthly payroll, accrual entries, etc.) and
about 40 "adjusting" journal entries (various "true up" entries,
including wiping out intercompany sales, adjusting G/L to inventory
reports (stock status/WIP), material/manufacturing variance account true
ups, correcting keying errors, and other misc. entries). We are set up
with 3 companies (truly divisions) within one database - this setup,
alone, creates about 10 "adjusting" journal entries for me (getting each
company's income statement & balance sheet to be correct).
Hope this helps!
Thanks!
Rick Ludwig
-----Original Message-----
From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf
Of Bruce Butler
Sent: Friday, March 10, 2006 8:33 AM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Accounting questions
I usually shy away from the accounting side of things primarily due to
the fact our controller is excellent. However, I did ask him the
question. He noted that there are certain adjustments he makes every
month. We don't use Vantage for payroll so he dumps that figure in
every month. He brought back the question of;
What does the group consider as a lot of Journal Adjustments (5, 25,
100)?
Bruce Butler
IT Manager
Knappe & Koester, Inc.
_____
From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf
Of Julie Lehmann
Sent: Thursday, March 09, 2006 11:49 AM
To: vantage@yahoogroups.com
Subject: Re: [Vantage] Accounting questions
Todd:
That's how I feel too. And actually as we are looking at the G/L and
the entries, most everything looks just fine. Unfortunately, I wasn't
aware of some of the adjusting journal entries that were taking place,
and I could have made config changes to fix them, but now of course,
they question other things. And I do agree that when it comes to
costing of inventory we may need to make adjustments, but I'd rather fix
the problem than not use the information! Part of it is we are required
to keep the G/L and costs set up as close to our parent company as
possible and they have an entirely different system, so in trying to
manipulate that, I think some things got hosed.
In our old system we did what Todd C. talked about - we ran dozens of
reports to get the numbers to enter into the G/L, and there were
accounts that we ignored altogether because they didn't "fit". It was a
huge disaster and alot of extra work, plus we always questioned if the
numbers were right. That's why when we went to Vantage we wanted to
have it all set up correctly from the beginning and post it all. And I
want to keep it that way. That's why I'm looking for opinions from
others - I understand accounting, but I'm no accountant!
Thanks for your thoughts - it'll help!
Julie
What are you considering "journal adjustments"? I make approximately 30
"standard" journal entries (monthly payroll, accrual entries, etc.) and
about 40 "adjusting" journal entries (various "true up" entries,
including wiping out intercompany sales, adjusting G/L to inventory
reports (stock status/WIP), material/manufacturing variance account true
ups, correcting keying errors, and other misc. entries). We are set up
with 3 companies (truly divisions) within one database - this setup,
alone, creates about 10 "adjusting" journal entries for me (getting each
company's income statement & balance sheet to be correct).
Hope this helps!
Thanks!
Rick Ludwig
-----Original Message-----
From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf
Of Bruce Butler
Sent: Friday, March 10, 2006 8:33 AM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Accounting questions
I usually shy away from the accounting side of things primarily due to
the fact our controller is excellent. However, I did ask him the
question. He noted that there are certain adjustments he makes every
month. We don't use Vantage for payroll so he dumps that figure in
every month. He brought back the question of;
What does the group consider as a lot of Journal Adjustments (5, 25,
100)?
Bruce Butler
IT Manager
Knappe & Koester, Inc.
_____
From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf
Of Julie Lehmann
Sent: Thursday, March 09, 2006 11:49 AM
To: vantage@yahoogroups.com
Subject: Re: [Vantage] Accounting questions
Todd:
That's how I feel too. And actually as we are looking at the G/L and
the entries, most everything looks just fine. Unfortunately, I wasn't
aware of some of the adjusting journal entries that were taking place,
and I could have made config changes to fix them, but now of course,
they question other things. And I do agree that when it comes to
costing of inventory we may need to make adjustments, but I'd rather fix
the problem than not use the information! Part of it is we are required
to keep the G/L and costs set up as close to our parent company as
possible and they have an entirely different system, so in trying to
manipulate that, I think some things got hosed.
In our old system we did what Todd C. talked about - we ran dozens of
reports to get the numbers to enter into the G/L, and there were
accounts that we ignored altogether because they didn't "fit". It was a
huge disaster and alot of extra work, plus we always questioned if the
numbers were right. That's why when we went to Vantage we wanted to
have it all set up correctly from the beginning and post it all. And I
want to keep it that way. That's why I'm looking for opinions from
others - I understand accounting, but I'm no accountant!
Thanks for your thoughts - it'll help!
Julie
----- Original Message -----
From: Todd Hofert
To: vantage@yahoogroups.com
Sent: Thursday, March 09, 2006 10:32 AM
Subject: RE: [Vantage] Accounting questions
Julie,
We have had the inventory interface turned on since day one of our
Vantage implementation (Sept. 1997). In my opinion (IT Guy, not an
accountant) if you have taken care in configuring Vantage properly for
your business, there is no real reason to not have the interface
turned
on and no reason not to automatically post your WIP/COS. Most manual
entries can be eliminated with a proper configuration. We make very
few
manual entries to the GL, and the ones we make are necessary as there
is
no way for Vantage to handle them.
I have trained our accounting staff to notify me when they encounter
issues that require a manual entry and in most cases these instances
can
be tied to something being awry in Vantage. Once you identify it and
correct it, the need for the manual entry goes away.
We have been burned too many times in the past where an over zealous
accountant starts making manual entries to try to 'fix' something and
later down the road the real reason rears it's head and typically
requires a write off to correct the books. Requiring manual entries to
be reviewed has eliminated those festering issues that every so often
mis-state the P&L.
I am sure there are accountants out there that might argue
differently,
but it is working very well for us. No point doing it manually when it
isn't necessary.
Todd Hofert
IT Director
Spartan Graphics, Inc.
________________________________
From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On
Behalf
Of Julie Lehmann
Sent: Thursday, March 09, 2006 10:21 AM
To: vantage@yahoogroups.com
Subject: [Vantage] Accounting questions
Clear DayHi Group:
We are trying to evaluate some of our accounting processes and want to
ask the group this:
Does everyone run the "Capture COS/WIP Activity"? If so, does
everyone
Post to G/L and Post Cost of Sales/Mfg variance? We currently run
the
Capture and check it to do both posts, but are wondering what harm
there
may be in not posting? For what we can see, the account transactions
would still continue, but they could be posted manually to the G/L.
Since we modify the entries anyway, we thought possibly it would be
easier to make the modification and then the manual entry. Can anyone
shed any light on issues we might have with that? Would there be
other
ramifications with not posting?
Then a 2nd part of that question - in the Company configuration - we
currrently have the "inventory" interface checked to use, but what
would
happen if we chose not to use that? Again, what all would we lose by
not using
the inventory interface? I personally would be reluctant to shut
these
things off, as I think we need to use Vantage to it fullest potential,
so I need to know if anyone has good reasons why we shouldn't mess
with
how this is set up now.
And a 3rd question - this is regarding accruals. Specifically,
payroll
expenses/accruals. For example, our payroll week-ending 2/24/06 is
technically February expenses, yet since it is paid in March, all the
expenses and accruals hit the G/L in March. Is there a way (short of
making journal entries) of setting it up so that Vantage puts the
expenses in the right time period?
(I hope I am asking these questions correctly, since it is the
Controller from our home office that is investigating all of these
things about Vantage!)
Thanks for any help - I really appreciate it!
Julie
Mercury Minnesota Inc.
507-332-1149
[Non-text portions of this message have been removed]
Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must
have already linked your email address to a yahoo id to enable access.
)
(1) To access the Files Section of our Yahoo!Group for Report Builder
and Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
<http://groups.yahoo.com/group/vantage/files/>
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links
SPONSORED LINKS
Manufacturing software
<http://groups.yahoo.com/gads?t=ms&k=Manufacturing+software&w1=Manufactu
ring+software&w2=Membership+database+software&w3=Database+mortgage+softw
are&w4=Pda+database+software&w5=Database+management+software&w6=Database
+marketing+software&c=6&s=188&.sig=OG5F3819UOUOg63i0bu6kA>
Membership database software
<http://groups.yahoo.com/gads?t=ms&k=Membership+database+software&w1=Man
ufacturing+software&w2=Membership+database+software&w3=Database+mortgage
+software&w4=Pda+database+software&w5=Database+management+software&w6=Da
tabase+marketing+software&c=6&s=188&.sig=N5BGdur84p-jyuOomcQdbQ>
Database mortgage software
<http://groups.yahoo.com/gads?t=ms&k=Database+mortgage+software&w1=Manuf
acturing+software&w2=Membership+database+software&w3=Database+mortgage+s
oftware&w4=Pda+database+software&w5=Database+management+software&w6=Data
base+marketing+software&c=6&s=188&.sig=8rvcSQnCqJhTCZu-0Si39A>
Pda database software
<http://groups.yahoo.com/gads?t=ms&k=Pda+database+software&w1=Manufactur
ing+software&w2=Membership+database+software&w3=Database+mortgage+softwa
re&w4=Pda+database+software&w5=Database+management+software&w6=Database+
marketing+software&c=6&s=188&.sig=u3KQrTRPAQfsWIT39aHDkg>
Database
management software
<http://groups.yahoo.com/gads?t=ms&k=Database+management+software&w1=Man
ufacturing+software&w2=Membership+database+software&w3=Database+mortgage
+software&w4=Pda+database+software&w5=Database+management+software&w6=Da
tabase+marketing+software&c=6&s=188&.sig=R3CF3ODPY4gwjDZjykQYvw>
Database marketing software
<http://groups.yahoo.com/gads?t=ms&k=Database+marketing+software&w1=Manu
facturing+software&w2=Membership+database+software&w3=Database+mortgage+
software&w4=Pda+database+software&w5=Database+management+software&w6=Dat
abase+marketing+software&c=6&s=188&.sig=lmBkRUiBtvHI1u5dkymDcw>
________________________________
YAHOO! GROUPS LINKS
* Visit your group "vantage
<http://groups.yahoo.com/group/vantage> " on the web.
* To unsubscribe from this group, send an email to:
vantage-unsubscribe@yahoogroups.com
<mailto:vantage-unsubscribe@yahoogroups.com?subject=Unsubscribe>
* Your use of Yahoo! Groups is subject to the Yahoo! Terms of
Service <http://docs.yahoo.com/info/terms/> .
________________________________
This e-mail and any attachments may contain confidential and
privileged
information. If you are not the intended recipient, please notify the
sender immediately by return e-mail, delete this e-mail and destroy
any
copies. Any dissemination or use of this information by a person other
than the intended recipient is unauthorized and may be illegal.
[Non-text portions of this message have been removed]
Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must
have already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder
and Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
<http://groups.yahoo.com/group/vantage/files/>
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links
SPONSORED LINKS Manufacturing software Membership database software
Database mortgage software
Pda database software Database management software Database
marketing software
------------------------------------------------------------------------
------
YAHOO! GROUPS LINKS
a.. Visit your group "vantage" on the web.
b.. To unsubscribe from this group, send an email to:
vantage-unsubscribe@yahoogroups.com
c.. Your use of Yahoo! Groups is subject to the Yahoo! Terms of
Service.
------------------------------------------------------------------------
------
[Non-text portions of this message have been removed]
Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must
have already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder
and Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
<http://groups.yahoo.com/group/vantage/files/>
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links
SPONSORED LINKS
Manufacturing software
<http://groups.yahoo.com/gads?t=ms&k=Manufacturing+software&w1=Manufactu
ring+software&w2=Membership+database+software&w3=Database+mortgage+softw
are&w4=Pda+database+software&w5=Database+management+software&w6=Database
+marketing+software&c=6&s=188&.sig=OG5F3819UOUOg63i0bu6kA>
Membership database software
<http://groups.yahoo.com/gads?t=ms&k=Membership+database+software&w1=Man
ufacturing+software&w2=Membership+database+software&w3=Database+mortgage
+software&w4=Pda+database+software&w5=Database+management+software&w6=Da
tabase+marketing+software&c=6&s=188&.sig=N5BGdur84p-jyuOomcQdbQ>
Database mortgage software
<http://groups.yahoo.com/gads?t=ms&k=Database+mortgage+software&w1=Manuf
acturing+software&w2=Membership+database+software&w3=Database+mortgage+s
oftware&w4=Pda+database+software&w5=Database+management+software&w6=Data
base+marketing+software&c=6&s=188&.sig=8rvcSQnCqJhTCZu-0Si39A>
Pda database software
<http://groups.yahoo.com/gads?t=ms&k=Pda+database+software&w1=Manufactur
ing+software&w2=Membership+database+software&w3=Database+mortgage+softwa
re&w4=Pda+database+software&w5=Database+management+software&w6=Database+
marketing+software&c=6&s=188&.sig=u3KQrTRPAQfsWIT39aHDkg>
Database management software
<http://groups.yahoo.com/gads?t=ms&k=Database+management+software&w1=Man
ufacturing+software&w2=Membership+database+software&w3=Database+mortgage
+software&w4=Pda+database+software&w5=Database+management+software&w6=Da
tabase+marketing+software&c=6&s=188&.sig=R3CF3ODPY4gwjDZjykQYvw>
Database marketing software
<http://groups.yahoo.com/gads?t=ms&k=Database+marketing+software&w1=Manu
facturing+software&w2=Membership+database+software&w3=Database+mortgage+
software&w4=Pda+database+software&w5=Database+management+software&w6=Dat
abase+marketing+software&c=6&s=188&.sig=lmBkRUiBtvHI1u5dkymDcw>
_____
YAHOO! GROUPS LINKS
* Visit your group "vantage
<http://groups.yahoo.com/group/vantage> " on the web.
* To unsubscribe from this group, send an email to:
vantage-unsubscribe@yahoogroups.com
<mailto:vantage-unsubscribe@yahoogroups.com?subject=Unsubscribe>
* Your use of Yahoo! Groups is subject to the Yahoo! Terms of
Service <http://docs.yahoo.com/info/terms/> .
_____
[Non-text portions of this message have been removed]
Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must
have already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder
and Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links
Yahoo! Groups Links