Good Luck.
If your still have problems, you may want to start looking at shorter
periods, i.e. day, week, two weeks, etc. Once you have been able to
identify and address the variances you can resume a routine monthly process.
Edward F. Fox, Jr., CPA
Controller
Maxson Automatic Machinery Company
Phone: 401-596-0162 x110
Fax: 401-596-1050
www.maxsonautomatic.com
-----Original Message-----
From: Ludwig, Rick [mailto:RickL@...]
Sent: Wednesday, February 26, 2003 3:43 PM
To: 'vantage@yahoogroups.com'
Subject: RE: [Vantage] Capture/Post WIP
Edward-
Thanks for the response. I will try and do a "quick close" at the end of
the day by making sure all A/R batches are posted, then running the Sales
Gross Margin Report and the Inventory/WIP Reconciliation report, however, I
still have a gut feeling that these reports will still be off (using our
average gross margin, I backed into the COGS figure and added it to the COGS
per with Inv/WIP Recon report as was still off by $52k - I wouldn't expect
that these would match exactly, but be within $1,000 or so of each other).
Sales $, on the other hand, are within $1,000 of match...
Thanks!
Rick Ludwig
-----Original Message-----
From: Edward F. Fox, Jr. [mailto:efox@...]
Sent: Wednesday, February 26, 2003 2:28 PM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Capture/Post WIP
Rick,
I have not had the same problems.
One thing I noted is manufactured items are issued to material are handled
differently on both reports. On the WIP/Inventory Rec these are included as
Material costs and on the Gross Margin Report the are "redistributed" to
their original classification, i.e. material, labor and overhead.
I started using the Inventory interface last January and I am very happy
with the results. I have no problems reconciling to my detail reports to
control a/c's each month.
I do have small variances between the two reports, and I have faith in the
WIP/Inv because all my G/L accounts reconcile.
I believe the unposted invoices will cause a problem for you. The Gross
Margin report only includes posted invoices and WIP/Inv Reek based on
shipments.
Edward F. Fox, Jr., CPA
Controller
Maxson Automatic Machinery Company
Phone: 401-596-0162 x110
Fax: 401-596-1050
www.maxsonautomatic.com
-----Original Message-----
From: Ludwig, Rick [mailto:RickL@...]
Sent: Wednesday, February 26, 2003 1:59 PM
To: 'vantage@yahoogroups.com'
Subject: RE: [Vantage] Capture/Post WIP
I realize that I am a few weeks late in asking this question as I just ran
across this string....
Beginning in December, we turned on the inventory interface and implemented
the WIP Capture/Post routine. I have been running it several weeks after
month-end to ensure all jobs/labor postings are corrected, and not after
I've run the Inventory/WIP Reconcilation Report a couple of times to see
where the transactions are coming from/going to.
My question is this:
On Monday, our company president noticed that if you run the Sales Gross
Margin Report and compare its TOTAL COST to the Inventory/WIP Account
Reconciliation report's COST OF GOODS SOLD total postings, it is no where
close to being the same! For instance, when I ran both reports on 2/24
within minutes of each other, the Sales Gross Margin Report had a total cost
of $326,291.44 and the postings to the COST OF GOODS SOLD account per the
Inventory/WIP Account Reconcilation report was only $140,266.67 - a
difference of $180,024.77! Now, we had three batches of A/R invoices NOT
posted (2/20, 2/21 & 2/24), but I was told that neither report would include
these in its calculations since the batches were not posted.
I am now re-thinking my decision to turn on the inventory interface as I
have lost some confidence in my numbers!
Any help or explanation would be appreciated!
Thanks!
Rick Ludwig
Vice President of Finance & Administration
Metal Spinners, Inc.
Angola, IN 46703
Vantage 5.1 Patch 131
-----Original Message-----
From: Stephanie Geary [mailto:sageary25@...]
Sent: Thursday, February 06, 2003 11:42 AM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Capture/Post WIP
That would be what I would think but a representative from Vantage is the
one that said it did Lock Down the numbers. I haven't really tested it and
I wouldn't want to run capture more often -- but I do wonder about the Gross
Margin Report. "Wilmoth, Deb" <Deb@...> wrote:I run Inv/WIP
often.........hadn't seen any thing get locked down, but
hadn't specifically looked either. Do you have a test data base? Would
seem incongruous to lock down numbers when they haven't been Posted. Posting
is supposed to be the trigger for "freezing" or "locking down" data.
Deb Wilmoth
Controller
Reeder & Kline Machine Company, Inc.
Vantage 5.0
-----Original Message-----
From: Stephanie Geary [mailto:sageary25@...]
Sent: Thursday, February 06, 2003 11:27 AM
To: vantage@yahoogroups.com
Subject: Re: [Vantage] Capture/Post WIP
We only run capture once a month as well. We post a day or two after the
end of the month. The more you run the report the less accurate cost will
be on work orders that are shipped from manufacturing. As soon as capture
is ran those cost values freeze for invoices pulled, so that any adjustment
after would not be corrected on those invoices. Any pur-adj, or labor
adjustment or just additional cost not posted to the job at the time would
not be reflected on those transactions. So we wait till the end of the
month and run it once. I was also told that running Inv/Rec would also
freeze cost. Does anyone know this to be false that it doesn't freeze cost.
I was also told that running Gross Margin Report freezes cost and I would
like to run that more frequently than at the end of the month. Stephanie
---------------------------------
Do you Yahoo!?
Yahoo! Mail Plus - Powerful. Affordable. Sign up now
[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
Your use of Yahoo! Groups is subject to 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
Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.
---------------------------------
Do you Yahoo!?
Yahoo! Mail Plus - Powerful. Affordable. Sign up now
[Non-text portions of this message have been removed]
------------------------ Yahoo! Groups Sponsor ---------------------~--> Get
128 Bit SSL Encryption!
http://us.click.yahoo.com/LIgTpC/vN2EAA/xGHJAA/PhFolB/TM
---------------------------------------------------------------------~->
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
Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
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
Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
------------------------ Yahoo! Groups Sponsor ---------------------~--> Get
128 Bit SSL Encryption!
http://us.click.yahoo.com/FpY02D/vN2EAA/xGHJAA/PhFolB/TM
---------------------------------------------------------------------~->
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
Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
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
Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
If your still have problems, you may want to start looking at shorter
periods, i.e. day, week, two weeks, etc. Once you have been able to
identify and address the variances you can resume a routine monthly process.
Edward F. Fox, Jr., CPA
Controller
Maxson Automatic Machinery Company
Phone: 401-596-0162 x110
Fax: 401-596-1050
www.maxsonautomatic.com
-----Original Message-----
From: Ludwig, Rick [mailto:RickL@...]
Sent: Wednesday, February 26, 2003 3:43 PM
To: 'vantage@yahoogroups.com'
Subject: RE: [Vantage] Capture/Post WIP
Edward-
Thanks for the response. I will try and do a "quick close" at the end of
the day by making sure all A/R batches are posted, then running the Sales
Gross Margin Report and the Inventory/WIP Reconciliation report, however, I
still have a gut feeling that these reports will still be off (using our
average gross margin, I backed into the COGS figure and added it to the COGS
per with Inv/WIP Recon report as was still off by $52k - I wouldn't expect
that these would match exactly, but be within $1,000 or so of each other).
Sales $, on the other hand, are within $1,000 of match...
Thanks!
Rick Ludwig
-----Original Message-----
From: Edward F. Fox, Jr. [mailto:efox@...]
Sent: Wednesday, February 26, 2003 2:28 PM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Capture/Post WIP
Rick,
I have not had the same problems.
One thing I noted is manufactured items are issued to material are handled
differently on both reports. On the WIP/Inventory Rec these are included as
Material costs and on the Gross Margin Report the are "redistributed" to
their original classification, i.e. material, labor and overhead.
I started using the Inventory interface last January and I am very happy
with the results. I have no problems reconciling to my detail reports to
control a/c's each month.
I do have small variances between the two reports, and I have faith in the
WIP/Inv because all my G/L accounts reconcile.
I believe the unposted invoices will cause a problem for you. The Gross
Margin report only includes posted invoices and WIP/Inv Reek based on
shipments.
Edward F. Fox, Jr., CPA
Controller
Maxson Automatic Machinery Company
Phone: 401-596-0162 x110
Fax: 401-596-1050
www.maxsonautomatic.com
-----Original Message-----
From: Ludwig, Rick [mailto:RickL@...]
Sent: Wednesday, February 26, 2003 1:59 PM
To: 'vantage@yahoogroups.com'
Subject: RE: [Vantage] Capture/Post WIP
I realize that I am a few weeks late in asking this question as I just ran
across this string....
Beginning in December, we turned on the inventory interface and implemented
the WIP Capture/Post routine. I have been running it several weeks after
month-end to ensure all jobs/labor postings are corrected, and not after
I've run the Inventory/WIP Reconcilation Report a couple of times to see
where the transactions are coming from/going to.
My question is this:
On Monday, our company president noticed that if you run the Sales Gross
Margin Report and compare its TOTAL COST to the Inventory/WIP Account
Reconciliation report's COST OF GOODS SOLD total postings, it is no where
close to being the same! For instance, when I ran both reports on 2/24
within minutes of each other, the Sales Gross Margin Report had a total cost
of $326,291.44 and the postings to the COST OF GOODS SOLD account per the
Inventory/WIP Account Reconcilation report was only $140,266.67 - a
difference of $180,024.77! Now, we had three batches of A/R invoices NOT
posted (2/20, 2/21 & 2/24), but I was told that neither report would include
these in its calculations since the batches were not posted.
I am now re-thinking my decision to turn on the inventory interface as I
have lost some confidence in my numbers!
Any help or explanation would be appreciated!
Thanks!
Rick Ludwig
Vice President of Finance & Administration
Metal Spinners, Inc.
Angola, IN 46703
Vantage 5.1 Patch 131
-----Original Message-----
From: Stephanie Geary [mailto:sageary25@...]
Sent: Thursday, February 06, 2003 11:42 AM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Capture/Post WIP
That would be what I would think but a representative from Vantage is the
one that said it did Lock Down the numbers. I haven't really tested it and
I wouldn't want to run capture more often -- but I do wonder about the Gross
Margin Report. "Wilmoth, Deb" <Deb@...> wrote:I run Inv/WIP
often.........hadn't seen any thing get locked down, but
hadn't specifically looked either. Do you have a test data base? Would
seem incongruous to lock down numbers when they haven't been Posted. Posting
is supposed to be the trigger for "freezing" or "locking down" data.
Deb Wilmoth
Controller
Reeder & Kline Machine Company, Inc.
Vantage 5.0
-----Original Message-----
From: Stephanie Geary [mailto:sageary25@...]
Sent: Thursday, February 06, 2003 11:27 AM
To: vantage@yahoogroups.com
Subject: Re: [Vantage] Capture/Post WIP
We only run capture once a month as well. We post a day or two after the
end of the month. The more you run the report the less accurate cost will
be on work orders that are shipped from manufacturing. As soon as capture
is ran those cost values freeze for invoices pulled, so that any adjustment
after would not be corrected on those invoices. Any pur-adj, or labor
adjustment or just additional cost not posted to the job at the time would
not be reflected on those transactions. So we wait till the end of the
month and run it once. I was also told that running Inv/Rec would also
freeze cost. Does anyone know this to be false that it doesn't freeze cost.
I was also told that running Gross Margin Report freezes cost and I would
like to run that more frequently than at the end of the month. Stephanie
---------------------------------
Do you Yahoo!?
Yahoo! Mail Plus - Powerful. Affordable. Sign up now
[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
Your use of Yahoo! Groups is subject to 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
Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.
---------------------------------
Do you Yahoo!?
Yahoo! Mail Plus - Powerful. Affordable. Sign up now
[Non-text portions of this message have been removed]
------------------------ Yahoo! Groups Sponsor ---------------------~--> Get
128 Bit SSL Encryption!
http://us.click.yahoo.com/LIgTpC/vN2EAA/xGHJAA/PhFolB/TM
---------------------------------------------------------------------~->
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
Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
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
Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
------------------------ Yahoo! Groups Sponsor ---------------------~--> Get
128 Bit SSL Encryption!
http://us.click.yahoo.com/FpY02D/vN2EAA/xGHJAA/PhFolB/TM
---------------------------------------------------------------------~->
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
Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
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
Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/