Received But Not Invoiced Tie Out

Yahoo Archive
1
test 3:02pm



-----Original Message-----
From: Ludwig, Rick [mailto:RickL@...]
Sent: Tuesday, January 11, 2005 3:07 PM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Received But Not Invoiced Tie Out


Edward-

Thanks for your response. I think the piece I need to instill is that once
I run the WIP/Capture Post routine there are to be NO backdated receipts. I
will have them enter them in the current month (as I had assumed was already
occurring) and let me know about it so that I can determine if a manual
accrual entry is needed to account for the receipt.

Thanks!



Rick Ludwig



-----Original Message-----
From: Edward F. Fox, Jr. [mailto:efox@...]
Sent: Tuesday, January 11, 2005 3:37 PM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Received But Not Invoiced Tie Out


Give Shirley a call.

I make sure everyone is wrapped up the day before month end. Then the
next
day I tell them to hold off until I give them the green light. After
that
all activity is the next month.

-----Original Message-----
From: Ludwig, Rick [mailto:RickL@...]
Sent: Tuesday, January 11, 2005 3:34 PM
To: Vantage@yahoogroups.com
Subject: [Vantage] Received But Not Invoiced Tie Out



For all the accountants...

We are inventory interfaced (i.e. when an item is received, the system
automatically makes an entry in the WIP/Account Reconcilation Report to
Debit Inventory/Expense and Credit Unvouchered Payables).

My tie out of my Unvouchered Payables (Received but Not Invoiced) this
month
(of all months!) was short by $15k+. After spending most of the
afternoon
searching, I discovered that somebody in purchasing received items AFTER
I
ran the WIP Capture/Post routine on 12/1 for the November transactions
(although there was a little over $12k in unposted receipts, I believe
this
to be the culprit). My current process is to allow everybody the
morning of
the first day of the new month to wrap up any final issues/receipts,
labor
entry, job closings, etc. as long as they back date them to the last day
of
the previous month (NO CURRENT MONTH ACTIVITY). After that, they all
give
me the "ALL CLEAR", upon which, I run and print the WIP/Account
Reconcilation report and perform a quick tie out of my inventory
accounts.
Once completed, I run the WIP Capture/Post routine. After it is
completed,
I let everyone know it is O.K. to proceed with the current month's
transactions.

QUESTION: For those interfaced and using the WIP Capture/Post routine,
how
do you handle this? I have ASSUMED that receipts after the post did not
occur, and if they did, were not significant. As I look back, there
have
been other months where this has occurred, but nothing as signficant as
this
month. DO I NEED TO BORROW SHIRLEY's WHIP TO ENSURE THIS DOESN'T HAPPEN
AGAIN??

Sincerely,

Rick Ludwig, C.P.A.

Vice President of Finance & Administration
Metal Spinners, Inc.
Angola, IN 46703
DIRECT (260) 665-2158 x25
FAX (260) 665-9452




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










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


* To visit your group on the web, go to:
http://groups.yahoo.com/group/vantage/


* 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
2
For all the accountants...

We are inventory interfaced (i.e. when an item is received, the system
automatically makes an entry in the WIP/Account Reconcilation Report to
Debit Inventory/Expense and Credit Unvouchered Payables).

My tie out of my Unvouchered Payables (Received but Not Invoiced) this
month (of all months!) was short by $15k+. After spending most of the
afternoon searching, I discovered that somebody in purchasing received
items AFTER I ran the WIP Capture/Post routine on 12/1 for the November
transactions (although there was a little over $12k in unposted
receipts, I believe this to be the culprit). My current process is to
allow everybody the morning of the first day of the new month to wrap up
any final issues/receipts, labor entry, job closings, etc. as long as
they back date them to the last day of the previous month (NO CURRENT
MONTH ACTIVITY). After that, they all give me the "ALL CLEAR", upon
which, I run and print the WIP/Account Reconcilation report and perform
a quick tie out of my inventory accounts. Once completed, I run the WIP
Capture/Post routine. After it is completed, I let everyone know it is
O.K. to proceed with the current month's transactions.

QUESTION: For those interfaced and using the WIP Capture/Post routine,
how do you handle this? I have ASSUMED that receipts after the post did
not occur, and if they did, were not significant. As I look back, there
have been other months where this has occurred, but nothing as
signficant as this month. DO I NEED TO BORROW SHIRLEY's WHIP TO ENSURE
THIS DOESN'T HAPPEN AGAIN??

Sincerely,

Rick Ludwig, C.P.A.

Vice President of Finance & Administration
Metal Spinners, Inc.
Angola, IN 46703
DIRECT (260) 665-2158 x25
FAX (260) 665-9452
3
Give Shirley a call.

I make sure everyone is wrapped up the day before month end. Then the next
day I tell them to hold off until I give them the green light. After that
all activity is the next month.

-----Original Message-----
From: Ludwig, Rick [mailto:RickL@...]
Sent: Tuesday, January 11, 2005 3:34 PM
To: Vantage@yahoogroups.com
Subject: [Vantage] Received But Not Invoiced Tie Out



For all the accountants...

We are inventory interfaced (i.e. when an item is received, the system
automatically makes an entry in the WIP/Account Reconcilation Report to
Debit Inventory/Expense and Credit Unvouchered Payables).

My tie out of my Unvouchered Payables (Received but Not Invoiced) this month
(of all months!) was short by $15k+. After spending most of the afternoon
searching, I discovered that somebody in purchasing received items AFTER I
ran the WIP Capture/Post routine on 12/1 for the November transactions
(although there was a little over $12k in unposted receipts, I believe this
to be the culprit). My current process is to allow everybody the morning of
the first day of the new month to wrap up any final issues/receipts, labor
entry, job closings, etc. as long as they back date them to the last day of
the previous month (NO CURRENT MONTH ACTIVITY). After that, they all give
me the "ALL CLEAR", upon which, I run and print the WIP/Account
Reconcilation report and perform a quick tie out of my inventory accounts.
Once completed, I run the WIP Capture/Post routine. After it is completed,
I let everyone know it is O.K. to proceed with the current month's
transactions.

QUESTION: For those interfaced and using the WIP Capture/Post routine, how
do you handle this? I have ASSUMED that receipts after the post did not
occur, and if they did, were not significant. As I look back, there have
been other months where this has occurred, but nothing as signficant as this
month. DO I NEED TO BORROW SHIRLEY's WHIP TO ENSURE THIS DOESN'T HAPPEN
AGAIN??

Sincerely,

Rick Ludwig, C.P.A.

Vice President of Finance & Administration
Metal Spinners, Inc.
Angola, IN 46703
DIRECT (260) 665-2158 x25
FAX (260) 665-9452




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
4
Edward-

Thanks for your response. I think the piece I need to instill is that
once I run the WIP/Capture Post routine there are to be NO backdated
receipts. I will have them enter them in the current month (as I had
assumed was already occurring) and let me know about it so that I can
determine if a manual accrual entry is needed to account for the
receipt.

Thanks!



Rick Ludwig



-----Original Message-----
From: Edward F. Fox, Jr. [mailto:efox@...]
Sent: Tuesday, January 11, 2005 3:37 PM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Received But Not Invoiced Tie Out


Give Shirley a call.

I make sure everyone is wrapped up the day before month end. Then the
next
day I tell them to hold off until I give them the green light. After
that
all activity is the next month.

-----Original Message-----
From: Ludwig, Rick [mailto:RickL@...]
Sent: Tuesday, January 11, 2005 3:34 PM
To: Vantage@yahoogroups.com
Subject: [Vantage] Received But Not Invoiced Tie Out



For all the accountants...

We are inventory interfaced (i.e. when an item is received, the system
automatically makes an entry in the WIP/Account Reconcilation Report to
Debit Inventory/Expense and Credit Unvouchered Payables).

My tie out of my Unvouchered Payables (Received but Not Invoiced) this
month
(of all months!) was short by $15k+. After spending most of the
afternoon
searching, I discovered that somebody in purchasing received items AFTER
I
ran the WIP Capture/Post routine on 12/1 for the November transactions
(although there was a little over $12k in unposted receipts, I believe
this
to be the culprit). My current process is to allow everybody the
morning of
the first day of the new month to wrap up any final issues/receipts,
labor
entry, job closings, etc. as long as they back date them to the last day
of
the previous month (NO CURRENT MONTH ACTIVITY). After that, they all
give
me the "ALL CLEAR", upon which, I run and print the WIP/Account
Reconcilation report and perform a quick tie out of my inventory
accounts.
Once completed, I run the WIP Capture/Post routine. After it is
completed,
I let everyone know it is O.K. to proceed with the current month's
transactions.

QUESTION: For those interfaced and using the WIP Capture/Post routine,
how
do you handle this? I have ASSUMED that receipts after the post did not
occur, and if they did, were not significant. As I look back, there
have
been other months where this has occurred, but nothing as signficant as
this
month. DO I NEED TO BORROW SHIRLEY's WHIP TO ENSURE THIS DOESN'T HAPPEN
AGAIN??

Sincerely,

Rick Ludwig, C.P.A.

Vice President of Finance & Administration
Metal Spinners, Inc.
Angola, IN 46703
DIRECT (260) 665-2158 x25
FAX (260) 665-9452




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










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


* To visit your group on the web, go to:
http://groups.yahoo.com/group/vantage/


* 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]