If you are standard costed, why are all of these different costs?
edit never mind, it’s because you are shipping directly from the jobs.
Can you find the GL tran column (you may have to unhide it, it’s labeled “tran”) and do a right click open with and see the GL transaction?
So, If I fix the Running Total, that should fix the other issues?
Fixing your inventory is always a good idea. How you fix it, depends on a lot of things.
Well, this part should always have a running total of zero. How would you approach this?
First look at time phase, and see if anything is open that just hasn’t been finished yet. (Like @ckrusen said earlier) if you can do the any reciepts to inventory from jobs, that’s the best way to fix it. But if the jobs are already closed and gone, then an inventory adjustment. You will have a GL transaction follow that when you do it, but, again like @ckrusen said, it’s probably already in variance anyways.
Can you look at the part tracker on this job and look at what the costs are? And double check and see if this is a standard costed part?
Also, please look at the GL tran like I wrote before. You want to double check to make sure that part transaction actually hit the GL.
A Qty Adj will zero out the QOH, but will then create a hit to a variance account.
It is STD cost. I’ve never heard of GL Tran. All I see is GL Tran Matching or GL Tran Type. Here is the time Phase for this part.
question for @Banderson -
As we don’t use STD costing, I’m not that familiar with all the details. But is the following correct:
A mfg’d part setup to use STD costing, receipts into Inventory always happen at the STD cost. If the job’s cost differed, the difference becomes a MFG-VAR.
If the part is to be shipped from a job, then the STD cost is used to for the hit to COS (Cost Of Sales), and again the diff goes to a variance account.
If there is QOH of a STD costed part, and a Cost Adjustment is done, inventory (or Finished Goods) will be changed by the difference between the new unit cost and the prior one. And a variance account will hold the offsetting amount.
Does doing a Cost Roll-up of a STD with QOH, end up doing the same as #3 above?
I did that and it says No TranGLC entries were found for this PartTran for GL Book Main Book. I did this on the Tran Number for the Cost Rollup -2625.
I would have to test. We average cost basically everything here too, and I’m not in accounting. It’s one of the things on my list to work through so that I know exactly what’s going on.
I thought standard cost would do what you said in #1, but I would have to look at the GL tran to make sure I guess. I’m surprised that it shows what it does in part tran. I would have expected to see the amount to follow the standard. But apparently it doesn’t.
The inventory, if standard costed, should adjust the inventory amount. it will make a GL transaction. Which accounts is dependent on how you have your system set up.
Again, I would have to run some tests to make sure this all correct. You’re more of an accountant than I am! haha.
Do you know if capture has been run since you did this?
I don’t know how (or even if) negative QOH’s affect STD costed parts, but they do throw a wrench into things for AVG costed parts.
I was told it was. Is there a way to check this? And what do I need to read to being myself up to par with these things? I am VERY happy you both have the opportunity to help me, but I’d like to read up on it and learn as well.
Honestly, if I were in your position, and with some of the things that I’ve read about going on in your company, I would really push to get a consultant in to get some training on how Epicor works. It’s an extremely complicated product with lots of moving parts.
Are you going to insights? That’s a great way to get a lot of information quickly.
Also, Can you post of screen shot of the current cost on this part?
Yes, I will be there. I plan on getting as much info as I can! I have figured out some other areas well but the financial side is where I struggle a little bit. I agree with the consultant bit.
The Labor is off, something else I am tracking down. Since the Roll Up a lot of things have come to the surface making my life not so much fun right now! LOL!
sign up with your CAM do an Epicor Value Exchange workshop. It’s free and they do a quick (2 day) review of your processes and see how you are using Epicor, then make suggestions for improvements.
There’s your 11K 4.3851 * 2625 = $11,506. You went from 0 to this. Cost adjust back to $0 and it will undo the adjustment.
Thanks! I will do so!
